Word: manhattans
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Dates: during 1970-1979
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...least three people turned down the top Fed job: David Rockefeller of the Chase Manhattan Bank, A.W. Clausen of Bank of America and Robert Roosa of Brown Brothers Harriman & Co. investment bankers. The final choice came down to Volcker and Bruce MacLaury, president of Brookings. When Carter phoned Volcker last Tuesday, the banker's main concern was to make sure that he and the President agreed on the independent role of the Federal Reserve. "I am satisfied on the basis of my conversations with the President that he has a good understanding of the problems," Volcker said later...
Volcker, who was graduated summa cum laude from Princeton and took his master's degree in political economy at Harvard, is an avid deep-sea fisherman. Before his two children grew up and he moved with his wife to a co-op on Manhattan's Upper East Side, he was a dedicated gardener at his New Jersey home, and he once tried growing grapes to produce his own wine. His report on Château Volcker grand cru: "It came out like shellac." He is from a middle-class family-his father was city manager of Teaneck...
That generation dwarfs the small and ordinary managers of today. Roosevelt and his successors could harness immense resources of economic wealth, political power and military might for the state. The New Deal, Lend-Lease, World War II mobilization, the Manhattan Project, the Marshall Plan, the building of the nuclear arsenal and the civil rights legislation of the mid-'60s?all were the work of presidential leaders who used taxation, legislation, executive orders and persuasion to enlist enormous latent resources...
...nothing which calls their kinds of talents and energies automatically into the public sector. They have available chairs of classics at Brown University and directorships at Gulf Oil, what have you." A Southern Governor agrees: "It was probably much easier for David Rockefeller to be chairman of the Chase Manhattan Bank, a powerful position in which he exercised leadership and control, than to weather the strains of public office, as did his brother Nelson...
Perhaps so. But Psychiatrist Arthur K. Shapiro of Manhattan's Mt. Sinai Medical Center points out that the placebo effect may also be influenced by attitudes of patient and doctor toward drugs and, perhaps more important, toward each other. In fact, says Shapiro, who has collected hundreds of the "useless" nostrums over the years, patient confidence in a physician may be a kind of placebo too, increasing chances of improvement...