Word: mcchesney
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Federal Reserve has been fighting inflation in much the same way so far in 1969, but until now the results have been less severe. Last week the board's policy of "resolute restraint," as Chairman William McChesney Martin describes it, hit home so hard that many bankers concluded that another crisis is imminent. "This is certainly the worst credit squeeze since 1966," said Beryl Sprinkel, chief economist of Chicago's Harris Trust & Savings Bank. "The question is whether it will get as bad as 1966. We're moving very rapidly in that direction...
Disturbed by the corporate borrowing, Federal Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks...
This judgment, delivered at his desk-pounding best by Texas Democrat Wright Patman two weeks ago, was an expected but more than usually hyperbolic condemnation of William McChesney Martin. At each of his 18 yearly appearances before congressional committees, Martin has been routinely scourged for his chairmanship of the Federal Reserve Board, which Populist Patman blames for tight money and high interest rates. This year Patman has plenty of company. More critics than ever, ranging from academe to the new Administration, are taking aim at the nation's central bank...
...stripped of most of its powers to manipulate money. As he sees it, the board's seven governors-who now serve for 14 years-should have terms coinciding with that of the President who appoints them. Nixon recently went out of his way to ask Board Chairman William McChesney Martin to stay on, even though Friedman argues that the board under Martin has been wrong too often. Friedman now hopes that the chairman will retire before his term expires on Jan. 31, 1970. By law, Martin cannot be reappointed. Says Friedman: "It would be a very good thing...
...Worms. Through their non-bank subsidiaries, the holding companies are at least theoretically free to spread far afield - into retailing, manufacturing, transportation or whatever else looks profitable. That possibility plainly wor ries the Federal Reserve Board. Says Chairman William McChesney Martin: "This is a real can of worms. It can affect the whole capitalistic system in the U.S. The line between banking and commerce should not be erased...