Word: mcchesney
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...money than it takes out, they boosted total federal spending to a record high of $121 billion and ran a deficit of more than $5 billion. Meanwhile, the Federal Reserve Board kept money easier and cheaper than it is in any other major nation, though proudly independent Chairman William McChesney Martin at year's end piloted through an increase in interest rates?thus following the classic anti-inflationary prescription...
That is the way it mostly went last week in the Senate caucus room, where the Federal Reserve Board's old foe, Texas Congressman Wright Patman, had summoned Board Chairman William McChesney Martin Jr., four more of the seven board members and four other witnesses to four days of hearings about the Federal Reserve's discount-rate rise. The hearings changed no one's mind or position one iota, but they produced some clarification of the events that led up to the rate rise and considerably heightened speculation about President Johnson's choice to replace Vice...
Last week Johnson conferred at the ranch with his economic advisers, including Treasury Secretary Henry Fowler and Federal Reserve Board Chairman William McChesney Martin, sent word back to Administration officials in Washington to cut back on spending-though next year's budget is almost certain to break all records. As Mahon pointed out, Johnson's Great Society is the area most susceptible to economizing but even so it seemed doubtful that the President could wring out meaningful savings unless he curtails major welfare programs or pet projects such as highway beautification...
...visible examples of Washington's increasing use of guidelines to force restraint on industry. Businessmen have been grumbling about the "voluntary" controls in business spending abroad, and the Foreign Trade Council last week called for their abolition. Almost simultaneously, Treasury Secretary Fowler, Commerce Secretary John Connor and William McChesney Martin Jr., chairman of the Federal Reserve Board, appeared together to announce some bad but expected news: the nation's balance of payments, after running a brief surplus in the second quarter, showed a $485 million deficit during the third quarter. That was 30% larger than the Administration...
...estimate is optimistic, but even France's Finance Minister Valéry Giscard D'Estaing admitted: "The ice floe on reform has at last broken. People are now ready to talk business." Perhaps it was symbolic that, in their off-hours Fowler and Federal Reserve Chairman William McChesney Martin played a brisk match of tennis against Giscard and his deputy, André de Lattre. Score: 6-3, 6-3, for the Americans...