Word: mccrackens
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...Little Steadiness. The issue comes down to the question of whether or not the board's independence should be curtailed. Paul McCracken, Chairman of the President's Council of Economic Advisers, would prefer much less short-term monetary tinkering by the board. Like many others, he feels that the board would do better to pay more attention to developing long-term policies for steady economic growth. McCracken would also like to see the Reserve coordinate its policy more closely with the White House. He would probably not go as far as some former Johnson economists, who argue that...
...economy-an achievement that would inevitably depress corporate profits. Two weeks ago, Treasury Secretary David Kennedy began warning openly, although the issue was never much in doubt, that the 10% tax surcharge may have to be extended a full year beyond its June 30 expiration. Last week Paul McCracken, the President's chief economist, warned the Joint Congressional Economic Committee that current tight-money policies may have to be maintained throughout 1969. It is now considered quite possible that commercial banks will once again raise the prime interest rate, which is already at 7%. Any further increase would make...
...skeptics that the U.S. economy is in good hands. The Europeans wanted some indication of U.S. determination to handle its No. 1 economic problem: inflation. The Americans did not disappoint them. "If we have one objective, it is to try to cool the overheated economic situation," said Paul McCracken, chairman of the President's Council of Economic Advisers. The main priority, observed Paul A. Volcker, the Treasury's new Under Secretary for Monetary Affairs, "is to regain control over inflation." Under Secretary of State Elliot Richardson added that "we intend to intensify our efforts to restore price stability...
...this is much in line with what the Nixon Administration and the preceding Johnson Administration have intended. As McCracken said in Paris last week: "In general, we are now on the right course in economic policy. The budget is back under control. Money and credit policy is tracking about right. But we have had three years of excessive demand, and it naturally takes time to regain your balance...
...heated debate among economists, bankers and Government officials. The controversy has lifted Friedman to eminence as the leader of the so-called "Chicago school" of economic thought. Increasingly influential abroad as well as at home, he is one of the principal economic advisers to Richard Nixon. Says Paul McCracken, the incoming chairman of the Council of Economic Advisers: "In recent years, all of us have become, if not Friedmanites, at least more Friedmanesque in our thinking...