Word: mcchesney
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Dates: during 1960-1969
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...board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor buying power disappeared, and stocks collapsed. This year the money supply has expanded at a modest annual rate of about 21% - just enough, FRB Chairman William McChesney Martin hopes, to accomplish "disinflation without deflation." There is no sign that the FRB will soon make money any easier...
...Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary David Kennedy put on yet another inexpert performance. At the beginning of the week, he and Federal Reserve Chairman William McChesney Martin met with 24 top bankers and, much to the disappointment of investors, failed to win any promise that bank interest rates will not be raised still higher. The next day Kennedy told the Senate Finance Committee that if Congress failed to extend the surtax, the Administration "may want...
Chairman William McChesney Martin of the Federal Reserve Board warned that without the surtax "we cannot succeed" in slowly controlling today's "critically serious" inflation. Sitting at his side, Treasury Secretary David M. Kennedy* declared: "The problem is much more difficult than I realized. We can't let this escalate into runaway inflation, and we're very close to that now." If Congress allows the tax to expire, he added, the economy could race far enough out of control to create "the possibility of a serious recession." To prevent that, Secretary Kennedy warned that the Government would...
...Federal Reserve has been fighting inflation in much the same way so far in 1969, but until now the results have been less severe. Last week the board's policy of "resolute restraint," as Chairman William McChesney Martin describes it, hit home so hard that many bankers concluded that another crisis is imminent. "This is certainly the worst credit squeeze since 1966," said Beryl Sprinkel, chief economist of Chicago's Harris Trust & Savings Bank. "The question is whether it will get as bad as 1966. We're moving very rapidly in that direction...
Disturbed by the corporate borrowing, Federal Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks...