Word: mcchesney
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Reserve Primacy. In the rising chorus of voices for reform?joined last week by the IMF and Federal Reserve Board Chairman William McChesney Martin Jr.?the strongest and most influential belongs to the chief financial strategist of the monetary world's most powerful member: Henry Hamill Fowler, 57, the 58th Secretary...
...most prominent worrier is Federal Reserve Chairman William McChesney Martin Jr. In his Wall Street-shaking speech last month, he stressed that one of the disquieting similarities between the 1920s and the 1960s is "a large increase in private domestic debt." Martin and some other credit experts are concerned about the spiraling of corporate debt, which rose 61% last year, now tops $400 billion. They also lament the "sloppiness" of the debt-meaning that eager lenders are reaching downward to extend credit to borrowers who never before would have qualified for it. To moderate the rapid growth of credit...
...measure of the market's uncertainty was the unwarranted attention it continued to pay to even the remotest news event or speech. Washington kept on trying to calm that uncertainty. After lying low for a while, William McChesney Martin Jr., who helped to precipitate the sharp market drop with his speech citing similarities between the current economic situation and that of the 1920s, joined the calming team. President Johnson had him conspicuously on hand when he signed the excise-tax-cut bill, passed him one of the pens. Next day, Johnson trotted out Martin (along with several Cabinet officers...
...Wall Street, they began calling it "the open-mouth policy." Out of Washington last week poured a torrent of talk about the economy, clearly designed to halt the stock market slide and to counter the impression made by William McChesney Martin Jr. in his "1920s speech" three weeks ago. President Johnson, who often uses the jawbone technique to get things done, called upon just about everyone on his team - with the understandable exception of Bill Martin - to soothe Wall Street's jittery nerves and hymn the economy's health. It was quite a performance, and it worked...
...debt-an amount equal to 60% of its annual income after taxes. Americans plunged much more deeply into debt during April, the latest recorded month, when consumer installment credit grew by $744 million, an alltime monthly high. Such records discomfort many economic experts-notably including William McChesney Martin Jr.-who fear that the credit society may eventually lead to the kind of overbuilding, overbuying and overpricing that could bring on a recession...