Word: mcchesney
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...President met in the green-carpeted Cabinet Room with what New Frontiersmen call the "quadriad" of Administration economic thinkers: Treasury Secretary Douglas Dillon, Federal Reserve Chairman William McChesney Martin, Budget Director David E. Bell and Walter W. Heller, chairman of the President's three-man Council of Economic Advisers. Also present were officials from the Commerce Department and the Securities and Exchange Commission. What should be done? One possibility, quickly rejected, was to lower the margin requirement (the percentage of cash that a buyer has to put up to buy stocks) from the present 70%. The consensus was that...
...compete in the European market will require U.S. businessmen to modernize more imaginatively. The U.S. today is producing at 17% below peak capacity, but much of its unused manufacturing plant has aged into noncompetitive obsolescence. Says Federal Reserve Board Chairman William McChesney Martin Jr.: "We have lots of additional plant and equipment which could be brought into play if demand increased. But business could not sell their production without raising prices. The steel industry knows that if the demand in Europe ever slackens off and those plants are free to turn this way, they could undersell our industry almost...
...economy with too much easy money. The still high rate of unemployment, however, acts to check any inclination by the Federal Reserve to slow economic growth with tighter money-a mistake that the Fed, abetted by the Eisenhower Administration, made after the 1958 recession. Fortnight ago. Fed Chairman William McChesney Martin Jr. gently warned that he would not continue to sluice additional bank credit into the economy indefinitely. This was a polite way of saying that he was prepared to raise interest rates if the demand for money increased too rapidly. But the consensus among U.S. economists last week...
...this encouraged the growing belief among economic policymakers-from "conservative" Federal Reserve Board Chairman William McChesney Martin Jr. to "liberal" Chief Presidential Economist Walter Heller-that the nation can have prosperity as well as stable prices. If so, that would contradict the inflationary pattern of previous postwar recoveries (see chart). But, as Treasury Under Secretary Robert Roosa says, "this recovery period is different from all others...
...about as high as in recovery 1959 (see chart). Another reason is that many influential figures in the Kennedy Administration, led by Presidential Economic Adviser Walter Heller, favor the principle of "easy money" and have won at least limited concessions from the more cautious Federal Reserve Board chairman, William McChesney Martin. The Fed has not only held its discount rate at 3% since August 1960 but has started a new policy of buying U.S. notes and bonds of longer maturity to keep the rates on them down (TIME, March...