Word: mccrackens
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...year is one that Wall Street would like to forget. Still, a common sentiment among brokers is that all the stock market needs for a rebound is a sniff of good news about tight money. Last week Paul McCracken, chairman of the President's Council of Economic Advisers, provided just that by suggesting that the time may be nearing for the Federal Reserve Board to relax its credit restraint. Stock prices responded exuberantly. On the New York Stock Exchange, the Dow-Jones industrial average rose 10 points on Christmas Eve and closed the week at 797.65, a heartening gain...
...Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat privately at the many conventions that economists attend. McCracken has been monetarist-minded for years, and since he took office the council has begun running computer calculations about...
Though Paul McCracken is a socially sensitive man who fully recognizes the dangers involved, he argues on behalf of the Administration that "We have no alternative but to risk overstaying with policies of restraint." Economist Gabriel Hauge, chairman of Manhattan's Manufacturers Hanover Trust Co., agrees: "The nation has to run the risk of getting into a recession. We should not be afraid of overkill...
...every recession except one (1869-70) in the last hundred years. After World War I, for example, the Government cut its spending by an amount equal to 16% of the U.S. gross national product. On top of that, the Federal Reserve contracted the money supply by 5.2%. Says Paul McCracken: "The remarkable thing is not that there was a 1921 recession but that our economic system survived under this massive fiscal and monetary whipsaw...
That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for arresting the price trend faded quietly into oblivion. "We underestimated the inflationary expectations," says Under Secretary of the Treasury Charls Walker. "They were deeply ingrained. We didn't expect that it would be so tough...