Word: mcchesney
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Dates: during 1950-1959
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...Time. Many businessmen received the dip at year's end without alarm because they regarded it as a "recession as planned." As consumer prices had gone up month after month for the biggest rise (2.5%) in five years, the Federal Reserve Board, under tough-minded Chairman William McChesney Martin, worked with grim determination to keep the economy from growing too big, too fast. Martin stumped the nation preaching "inflation, not deflation, is the real danger." To check all phases of the buying jag-a rise in industrial expansion, piling up of business inventories and increases in consumer purchasing...
Easy-money Patman prodded FRB Chairman William McChesney Martin Jr.: "I'm sure you will follow through on an easy-money policy." But Martin, as carefully noncommittal as ever, answered: "We are going to look at business conditions at all times and adjust in a way we consider most satisfactory for the economy." FRB's reduction from 3½% to 3% in the rediscount rate, said Martin, was merely a "signal that we saw some change in the business situation. But this doesn't mean that inflation won't occur, or that deflation is the order...
...outsized (62 persons) National Security Council meeting, lunched with 51 leaders of the Crusade for Freedom, spent 50 minutes with the British Labor Party's U.S.-baiting, Russian-admiring Aneurin Bevan. He rounded out the day in an economic review with Bob Anderson, Federal Reserve Chairman William McChesney Martin Jr., Economic Advisers Ray Saulnier and Gabriel Hauge...
After 2½ years of tramping hard on the nation's credit brakes, the Federal Reserve last week lifted its foot. FRB Chairman William McChesney Martin Jr. and his board approved a cut in the discount rate from 3½% to 3% by Federal Reserve Banks in New York, Richmond, Atlanta and St. Louis. The remaining eight districts were expected to follow soon. Next day the stock market reversed its bearish decline of recent weeks (see below), and U.S. businessmen everywhere breathed a sigh of relief...
...trying to bring on a recession, the words from Washington sometimes sounded that way. Stepping to the rostrum at the same meeting, William McChesney Martin Jr., the independent-minded boss of the independent-minded Federal Reserve, made clear that he thinks a business decline must inevitably follow an inflationary surge of the sort that has hit the U.S. in the past two years. And he gave no hint that the Fed was getting ready to change its tight-money policy in order to stop the dip. Said Martin: "If you think that any time a decline reaches a certain point...