Word: loosening
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Dates: during 1930-1939
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Genial Banker Jones, at home on his Texas heath, wasted no time in laying this canard: "I have been introduced as a conservative. I am a liberal." Thereupon, taking his usual line that U. S. banks would have to loosen up "or else," he said: "We should all remember that it is the borrower who makes the mare go. He buys and hires and builds. He sometimes makes mistakes, but even so, he should still be encouraged...
Three courses seemed to lie before this President who, after having his hold on the country tightened in three successive elections, now suddenly felt that hold loosen, 1) He could press ahead with his legislative reforms, forcing issues to bring about the national Liberal v. Conservative realignment he had undertaken. 2) He could acquiesce in the new independence of Congress and let it work out its own solutions to controversial problems like Labor law and Social Security revision, railroad rehabilitation, while he led on toward larger, less controversial goals such as national Rearmament and security for the Western Hemisphere...
These remarks brought to light a behind-the-scenes fight between Mr. Eccles and the Treasury. The Federal Reserve Chairman would relax restrictions on bank investments and use bank regulations and examinations as the Federal Reserve uses its reserve requirements: loosen them in depressions, tighten them in booms. Stoutly opposed to this are Acting Comptroller of the Currency Marshall Diggs, and former Comptroller J. F. T. O'Connor who resigned three months ago to run for Governor of California. Both Mr. O'Connor and Mr. Diggs prefer to consider investment and loan restrictions, as well as bank examinations...
...Alexander Eraser to do his portrait or a bit of native scenery, his heirs somehow managed to keep the picture in the family and few have had to be sold to buyers like Sir Joseph Duveen or Sotheby's of London. The canny private owners were induced to loosen up and loan their paintings for this year's display...
...obvious political fact that the Administration has no more intention of letting a runaway bear market develop now than it had to see a bull market get out of hand last spring. At that time the Federal Reserve Board was bearing down on credit. Fortnight ago it started to loosen up, persuading the Treasury to release $300,000,000 worth of "sterilized gold" (TIME, Sept. 20). As a stockmarket hypodermic, the gold news was notably weak, for it reminded Wall Street that almost anything can happen, but it again showed that the Administration not only possesses vast power over...