Word: martin
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...Outright Inflation." Bill Martin replied quietly, lucidly, in a prepared statement. The job of the Federal Reserve Board, said he, is "to determine the volume of credit that needs to be made available in order to keep the economy running in high gear-but without overstrain. Too much credit would intensify upward pressures on prices. Too little could needlessly starve some activities . . . Creating more money will not create more goods. It can only intensify demands for the current supply of labor and materials. That is outright inflation." No sooner had Martin finished his statement than the politically potent questions began...
...Federal Reserve's credit policy responsible for muffling the housing boom? Said Martin: additional home-building credit will not create more houses, but would increase the demand for already scarce labor and materials and therefore drive up prices...
What about rising interest rates? This, replied Martin, was "one of the problems of prosperity" which are often more difficult than the "problems of adversity." The Federal Reserve "wants interest rates to be as low as it is possible to have them without producing inflationary pressures. Our discount rate has tended to follow the market, not to lead the market...
...Does Martin think the "fiscal policy of the U.S. should be carried on exclusively for the interests of the banks?" "Certainly...
...Federal Reserve's policy is aimed against inflation, how does Martin explain the fact that the cost of living is at an all-time high? "We have never said our policy has been 100% effective and we never will . . . But the real test is how much higher those prices would have risen if the law of supply and demand in the market place had not been permitted to operate to dampen somewhat the rate of spending and proceed to move in the direction of increased savings...