Word: mccrackens
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Says Paul McCracken, a top Republican economist who advises Ford: "Paradoxical as it may seem, the cause of longer-run price stability makes some easing of policies urgent now." McCracken believes that "if we do not get some easing now, the recession will be unnecessarily deep, and we would court the risk of a belated, massive swing to ease later that would set us off on another inflationary spiral by 1976 or 1977." McCracken still wants "a stern budget line," but he also wants a substantial easing of monetary policy...
...political advisers are primarily worried about the danger of recession, and they pressed for stimulative measures to head it off and help the people who would be most hurt. Arguing for this were Donald Rumsfeld, new staff coordinator, and Robert Hartmann, Presidential Counsellor. They were joined by Economist Paul McCracken, who as Nixon's first chairman of the CEA, helped formulate the original "game plan" strategy of combatting inflation with budget and monetary restraints; that policy slowed the economy but did not do enough to brake prices...
...Administration had its work cut out for its summit on the economy this week. To help distill into policy whatever comes from that meeting, President Ford recalled an old inflation fighter: He is Paul McCracken, 58, who was President Nixon's chairman of the Council of Economic Advisers from 1969 to 1971. A conservative, McCracken generally opposes controls and favors balanced budgets. He is an old friend of Ford's and teaches at the University of Michigan. McCracken says that he expects to stay in Washington only long enough to "sort out ideas" from the summit and draft...
...existed since the last big monetary crisis a year ago. If they had agreed at Nairobi to fix rigid exchange rates, the pressures generated by the oil price hike in late 1973 could well have led to huge devaluations and other dislocations and paralyzed the monetary system. As Paul McCracken, former chief economic adviser to President Nixon, says: "It would have been a disaster. Whatever they had agreed on would not have survived the events of the last few weeks...
...Commission, was saying: "A crisis exists right now. For the next three decades we will be in a race for our lives to meet our energy needs." Nor was the Nixon Administration unaware-or totally unaware. In a speech to oilmen in Dallas in the fall of 1970, Paul McCracken, then chairman of the Council of Economic Advisers, clearly sketched the genesis of the problem and recommended a reserve capacity in the U.S., just in case anything went wrong with foreign suppliers. It seems that nearly every body knew. "We could see it coming," says James Boyd, who directed...