Word: mcchesney
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Dates: during 1950-1959
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...acted after a survey showed that "a good many individual banks" could not satisfy all loan demands. Said FRB Chairman William McChesney Martin Jr.: "We want to get down to the point where no banks are holding back...
...into a more severe recession. Confronted with this challenge, Dwight Eisenhower and four of the Government's top economic-policy shapers huddled in the President's White House office one afternoon last week. Present besides Ike: Treasury Secretary Robert B. Anderson, Federal Reserve Chairman William McChesney Martin Jr., Economic Advisers Chairman Raymond Saulnier, Presidential Economics Assistant Gabriel Hauge. They knew that next day the Labor Department was to release a big black statistic certain to shake the nation's already jolted optimism: from December to January unemployment soared by a startling 1,120,000, bringing...
Backing up the President, Treasury Secretary Robert B. Anderson and Federal Reserve Board Chairman William McChesney Martin agreed in testimony before Capitol Hill's Joint Economic Committee that 1) the U.S. economy is basically healthy and can be expected to recover its zip without drastic Government medication, and 2) strong hypodermics, such as a deficit-producing tax cut, might do harm by stimulating inflation fever. Inflation, warned Chairman Martin, will be "one of the most crucial problems we have to face over the next couple of years." Said Anderson: "I can conceive of situations where tax reductions might appropriately...
...Treasury Secretary Robert B. Anderson: "I can conceive of situations where tax reductions might be brought into play to help the resumption of economic growth. But it is our judgment that the present condition does not warrant such action." In that he was in tune with FRB Chairman William McChesney Martin Jr., who still regards inflation as a major danger. Added Martin: "If I'm right in thinking that this strong, robust economy is suffering from overexertion, nothing can prevent the recovery of the patient-unless you give him a hypodermic that leads him to try to overexert himself...
...money. The New York Chamber of Commerce and Chairman William H. Moore of Manhattan's Bankers Trust Co. both appealed to the Fed to ease credit by lowering the amount of funds that commercial banks are required to hold in reserve against demand deposits. But Fed Chairman William McChesney Martin Jr., speaking at Richmond, Va., still branded inflation as the economy's enemy No. 1-hardly the talk of a man prepared to make money easier...