Word: mcchesney
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Dates: during 1950-1959
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...wholesale flood of credit. In the new economy so many other financial institutions -insurance companies, finance companies, savings and loan associations-have grown up that the nation's credit pool is increasingly independent of the FRB. Nor was Chairman William McChesney Martin Jr. in any tearing hurry to force feed the economy. Said Martin: "During a boom, waste and inefficiency creep in naturally. It's hard not to believe that recession does a lot of business a lot of good...
...William McChesney Martin Jr., chairman, board of governors. Federal Reserve System ............... LL.D...
...close relationship between the Administration and the jealously independent Federal Reserve System, which controls U.S. bank-credit levels and was once openly at war with Harry Truman's Treasury Department, and continued to keep aloof in George Humphrey's day. Anderson persuaded Fed Chairman William McChesney Martin Jr. to drop around for informal sessions with the President, Anderson, Raymond Saulnier, Chairman of the President's Council of Economic Advisers, and Presidential Adviser Gabriel Hauge. Thus, without binding Bill Martin, the Administration had its first regular forum for voicing its hopes and fears about Federal Reserve policies...
...fourth time in five months, the Federal Reserve last week eased the U.S. credit supply. To Reserve districts in New York, Chicago, Philadelphia, St. Louis and Minneapolis, Chairman William McChesney Martin and his governors gave permission to drop the rediscount another ½% (to 1¾%) on loans to member banks, and sliced bank reserve requirements. Thus the FRB released a potential of $2.7 billion in new credit into the nation's money stream...
Federal Reserve Chairman William McChesney Martin, who feels that the economy is suffering from indigestion or overexertion but that it is healthier now than it was three months ago, says: "Nothing can prevent our recovery going to higher levels of activity than we have heretofore except our mishandling of the patient by shooting in hypodermics, giving drugs at a point where the patient will continue to overexert himself and eventually put himself in a much worse position than he is at present...