Word: mcchesney
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Last week the subcommittee called the prize witness of the hearings: William McChesney Martin, chairman of the board of governors of the Federal Reserve System. To the delight of spectators, the Fed's head confessed that he found the intricacies of automobile financing utterly confusing. Chortled Douglas: "You were president of the New York Stock Exchange, an Assistant Secretary of the Treasury, and for many years chairman of the board of governors of the Federal Reserve System. If the present practices are confusing to you, the most expert man in the country, what must they be to the average...
...worried about the stock market," said Federal Reserve Board Chairman William McChesney Martin Jr. last week. "People might put it out of perspective. It's conceivable they could attach more importance to it economically than it really has, though I have no evidence of that...
Says Federal Reserve Chairman William McChesney Martin Jr.: "Our foreign business is the neglected child of American business." Even though the traditional spread between U.S. exports and imports has narrowed dangerously, comparatively few businessmen have stepped up foreign selling efforts. The lag is not for any lack of opportunity. In recent years the U.S. has made great strides in persuading foreign nations to lower tariff barriers. Yet the Commerce Department reported that only 10,000 firms out of the 4,600,000 in the U.S. have any interest in exporting. Many companies, added Commerce, do not answer repeated letters...
...support the market. They argue that this is simply funny-money financing. By supporting Treasury bonds, the Fed would, in effect, be pumping money into the economy, would lose control over the monetary system and take the U.S. down the road to real inflation. Says FRB Chairman William McChesney Martin: "The world now knows that, as the night follows the day, inflation follows any effort to keep interest rates low through money creation...
...credit restraint, which many Congressmen contend has sacrificed growth for stable prices. Last week Democrat Paul Douglas' Joint Economic Commit tee of Congress came out with a massive report on "employment, growth and price levels" that criticized the policies of Fed Chairman William McChesney Martin Jr. and Secretary of the Treasury Robert Anderson as "stepping too hard on the fiscal and monetary brakes,"thereby limiting economic expansion. But the Fed's bulletin makes clear that output has not been basically hampered. The year-end recovery in industrial output is expected to put the revised index back near...