Word: martin
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Dates: during 1950-1959
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Viewing the statistics, some businessmen contend cheerfully that a constantly increasing population, the vast new opportunities unlocked by the atom, and the whole new field of electronics all help to assure continued high employment and demand for goods. But Martin contends that the risk of boom and bust is too dangerous, since the FRB is powerless to reverse full-scale depression. It takes more than easy credit to persuade a businessman to turn out goods for which there is no market. Argues Martin: "The Federal Reserve cannot turn the economy off and on like a faucet. But we can minimize...
...Next Door. Bill Martin is a boyish, ruddy-cheeked, rangy (5 ft. 11 in.) man, with greying brown hair and good-humored eyes behind gold-rimmed glasses. Looking, as one longtime friend remarked recently, like "the boy next door-35 years later," he has turned the Fed, after a ten-year interlude (1941-51) as a puppet of the Treasury, back into an independent and effective custodian of the nation's money. Republican officials sometimes question Democrat Martin's judgment, notably after he boosted the discount rate last spring, at a time when many experts thought that...
...brick Georgian mansion in northwest Washington, where he lives with his wife Cynthia (a daughter of Davis Cup Donor Dwight Davis) and three children (Cynthia, 12; William McC. Ill, 9; Diana, 7), Martin spends his evenings poring over the financial reports that sprout in 2-ft. stacks on his mahogany desk and bookshelves at the Fed. Punctually at n o'clock, Martin goes...
...Martin is as unruffled under public criticism as he is in the quiet of his own home. He can hardly make a move without provoking tantrums in some political sector, where worry springs eternal that something he does will cost votes. Nevertheless, he has earned a reputation for disarming his most vehement critics with quiet logic, unfailing good humor. His formula: "When I get involved in a controversy, I don't care whether the people on the other side are s.o.b.s. What mat ters is what they stand...
Young Turk. To the money market born, Bill Martin is a son of the late William McChesney Martin Sr., longtime president of St. Louis' Federal Reserve Bank. After a sheltered upbringing in upper-crust West St. Louis. Martin entered Yale at 17, and after graduation got a $67.50-a-month clerk's job in his father's bank. When President Martin found out where Junior was working, he eased him out and young Martin went to work for a small St. Louis brokerage house. After two years he became a partner and went to Manhattan...