Word: mcchesney
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...conflicting suggestions on what to do. The most drastic proposal was that businessmen be taxed on changes in their inventory levels; this made scant sense, since every businessman already stands to save money if he can stabilize his inventory. At the other extreme was Federal Reserve Board Chairman William McChesney Martin, who argued that "inventory fluctuation is symptomatic rather than fundamental," hence any attempt to influence inventory policy directly would be pointless...
Money & Desire. There were some who thought that in cutting the margins Federal Reserve Board Chairman William McChesney Martin had yielded to pressure from the Kennedy Administration and was trying to push stock prices back up. Actually, the Fed was only acting as it had in the past. The Fed was given the power to control margins in 1934 in order to prevent a repetition of 1929, when the crash was intensified by the vast number of speculators operating largely on credit. So when stock prices soar and speculators' borrowing increases, the Reserve Board raises margins as a damper...
...President met in the green-carpeted Cabinet Room with what New Frontiersmen call the "quadriad" of Administration economic thinkers: Treasury Secretary Douglas Dillon, Federal Reserve Chairman William McChesney Martin, Budget Director David E. Bell and Walter W. Heller, chairman of the President's three-man Council of Economic Advisers. Also present were officials from the Commerce Department and the Securities and Exchange Commission. What should be done? One possibility, quickly rejected, was to lower the margin requirement (the percentage of cash that a buyer has to put up to buy stocks) from the present 70%. The consensus was that...
...compete in the European market will require U.S. businessmen to modernize more imaginatively. The U.S. today is producing at 17% below peak capacity, but much of its unused manufacturing plant has aged into noncompetitive obsolescence. Says Federal Reserve Board Chairman William McChesney Martin Jr.: "We have lots of additional plant and equipment which could be brought into play if demand increased. But business could not sell their production without raising prices. The steel industry knows that if the demand in Europe ever slackens off and those plants are free to turn this way, they could undersell our industry almost...
...economy with too much easy money. The still high rate of unemployment, however, acts to check any inclination by the Federal Reserve to slow economic growth with tighter money-a mistake that the Fed, abetted by the Eisenhower Administration, made after the 1958 recession. Fortnight ago. Fed Chairman William McChesney Martin Jr. gently warned that he would not continue to sluice additional bank credit into the economy indefinitely. This was a polite way of saying that he was prepared to raise interest rates if the demand for money increased too rapidly. But the consensus among U.S. economists last week...