Word: mcchesney
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Dates: during 1960-1969
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...nudge down long-term interest rates without affecting short-term levels-a trick his predecessors thought impossible without new laws. The ruling: bonds could be sold at less than their face value, thereby automatically hiking the interest rate. Beyond that, by establishing friendly, first-name relations with William McChesney Martin Jr., cautious boss of the Federal Reserve Board, Dillon smoothed the path for the Reserve's new policy of buying long-term Treasury notes and bonds rather than just short-term bills. At Dillon's direction, Under Secretary Robert Roosa has begun discussions with Europe's central...
...jumped 2.5% in April-the biggest increase since December 1959. But the great debate among U.S. economists last week dealt not with the prospects for recovery but with a problem that may well endure far beyond recovery: unemployment. Economists of the stripe of Federal Reserve Board Chairman William McChesney Martin Jr. believe that, for the first time in its history, the U.S. may be facing the emergence of several million "unemployables"-men and women who cannot get jobs even in good times...
Unfortunately, the pattern is still of an upturn that does not end unemployment. There are 5,500,000 unemployed, 1,800,000 of whom have not had work for at least three months. As a remedy, William McChesney Martin, chairman of the Federal Reserve Board, last week proposed a "harsh doctrine" to U.S. businessmen: across-the-board price cuts. "Throughout our country, we must not only increase our productivity, but also pass some of the gains on to the consumer in the form of lower prices, rather than having all of it go exclusively to labor in higher wages...
...William McChesney Martin Jr.. chairman of the Federal Reserve Board, argued that the current unemployment in the U.S. is largely "structural," resulting from technological shifts rather than from recession, and concentrated among "the semiskilled and the unskilled" in the special areas of "farming, mining, transportation and the blue-collar crafts and trades in manufacturing industries." Dealing with structural unemployment, said Martin, requires programs that "take into account the who, the where and the why of unemployment," such as training unemployed workers to do other kinds of work. "Attempts to reduce structural unemployment by massive monetary and fiscal stimulation...
Last week's policy switch also represents a sharp about-face for William McChesney Martin, 54, the shrewd, conservative chairman of the FRB. During World War II and the early postwar years, the Fed was little more than the Treasury's valet, pegging bond prices to keep interest charges-and the cost of the war-low for the Government. Though the policy was fine for wartime, in peace it made the Fed, as one chairman, Marriner Eccles, complained, "an engine of inflation." Finally in 1951 the Fed rebelled, refusing to support the price of Treasury bonds...