Word: mcchesney
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Despite some soft spots, the main problem for the U.S. was still inflation. Testifying before a joint congressional committee last week, Federal Reserve Board Chairman William McChesney Martin noted that prices were climbing steadily (TIME, May 18), said firmly that there is no question of easing credit at the moment. Top officials of the U.S. Chamber of Commerce also predicted in Washington last week that prices will continue to climb for the rest of the year, though perhaps at a slower rate than formerly...
Before an audience at the National Press Club. Federal Reserve Chairman William McChesney Martin Jr. made an unusual admission for an expert economist-or indeed any kind of expert. Since the first of the year, said Chairman Martin, the FRB's governors "really haven't known which way the business currents are running." And until they do know, the Federal Reserve will follow a policy of "passive" credit restraint, neither tightening nor loosening the nation's money supply. "We are simply trying to let the forces of supply and demand operate in the money market...
...Road to Inflation. When Humphrey had finished, Federal Reserve Board Chairman William McChesney Martin Jr. took the stand, and without even noting that Prosperity was beautiful, grimly defended the Administration's "tight money" policy as an indispensable weapon against inflation. With the economy booming, he explained again, demand for credit tends to outrun supply, so interest rates push upward. For the Government to try to hold the rates down would be to follow "the road to inflation." The oft-raised claim that tight money presses unfairly on small business and local government is "debatable," Martin argued. Furthermore, frustrated borrowers...
...have dictatorial powers to allocate all credit, set all interest rates, and, in effect, peg the debt level for every businessman and private citizen in the U.S. Another suggestion is that the FRB's responsibility for backing the Employment Act be written into law. While FRB Chairman William McChesney Martin assumed' that he must help maintain full employment, no such basic mission is contained in the original charter. ∙ But while everyone wants a study, the question of who will make it has already touched off a hot political argument. Representative Patman and Illinois Senator Paul Douglas, both...
...what may become the great political battle of the second Eisenhower Administration. Principal opponents ranged against each other across a highly polished table in a Capitol hearing room: Texas' Democratic Representative Wright Patman, chairman of a joint congressional subcommittee on economic stabilization, and Federal Reserve Board Chairman William McChesney Martin. Their general subject: inflation. The specific issue: tight money v. easy money in U.S. economic policy...