Word: mcchesney
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...risk a tax increase, unless a major expansion in Viet Nam spending leaves him no other choice. Instead, the President has fought inflation by using the old jawbone technique and several new devices, including the speedup in withholding taxes. Most important, he has depended on Chairman William McChesney Martin and the Federal Reserve Board to cool off the economy by tightening credit and raising interest rates...
Washington's Dilemma. The advocates of a tax rise last week picked up such prominent recruits as Walter Heller, former chairman of the President's Council of Economic Advisers; Pierre-Paul Schweitzer, chief of the International Monetary Fund; and most important, William McChesney Martin...
...manage U.S. monetary policy recognized the need for caution last December. Then, after the Federal Reserve Board boosted the discount rate, Chairman William McChesney Martin got only growls from the White House. Today, even the liberal minority on the board that opposed Martin concedes that he made the right move-though many businessmen are now worried that money has become too tight. Last week Manhattan's Morgan Guaranty Trust Co. led the way to a further tightening of credit by raising the "prime rate"-the interest charged on loans to the bank's biggest and most reliable customers...
...worried that the fight on inflation and the war in Viet Nam may oblige the Government to take harsh steps that will pinch prosperity. That specifically includes the likelihood of higher taxes, but many investors would rather see Lyndon Johnson raise taxes than rely on Federal Reserve Chairman William McChesney Martin Jr. to make the nation's money still tighter. Sums up Walter C. Gorey, head of his own San Francisco brokerage firm: "When Mr. Martin puts his foot on the brake, he scares hell out of the big investors and the little old ladies and orphans...
...There is a growing feeling of unrest in the land," said William McChesney Martin, the chairman of the Federal Reserve Board. "The American people are being shackled with second cars, air-conditioned split levels and back yard swimming pools, leaving them dissatisfied and uneasy...