Word: millers
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...Paul A. Volcker, 51, president of the Federal Reserve Bank of New York, to replace newly nominated Treasury Secretary G. William Miller as chairman of the Federal Reserve Board. Volcker, in Carter's words, "has broad economic and financial experience and enjoys an outstanding international reputation." The appointment was expected to calm the anxieties of many foreign financial figures about the future of the dollar (last week, however, the price of gold reached another record high: $307 an ounce...
Ironically, because of points strongly urged by Blumenthal as he was leaving his job, Miller should have broad powers and a fairly free hand in formulating policy. Miller is also going to assume Blumenthal's key roles as chairman of the Economic Policy Group and chief economic spokesman. Still, Miller probably will discover that he will be working with a White House staff more interested in politics than policy...
Despite the change in Secretaries, Treasury policies are likely to remain pretty much the same. In fact, Miller has been something of a Blumenthal protege. The two men, moreover, are products of the urbane world of Big Business and both favor liberal social policies. When they breakfasted together, as they did almost every Tuesday, they found that they disagreed more about what to eat than about the kind of economic policy the nation should pursue. Like Blumenthal, Miller is committed to an all-out fight against inflation, large government and budget deficits. The new Secretary also believes in helping business...
Initially, the reaction to Miller by the Swiss and Wall Street financial gnomes should be favorable. The business community has been aware for some time that Blumenthal had been badly wounded and his effectiveness diminished because of his internecine fights with the White House staff. Miller's good ties with Carter will cause optimism among U.S. businessmen. But while the arrival of Miller might improve Treasury-White House relations, the fundamental contradictions of the Administration's economic policy remain to be resolved. And for an Administration whose chief has kept tight personal control over these policies...
...these projects is all the more appealing in light of the immediate economic gloom. The Commerce Department reported last week that the gross national output of goods and services dropped at a 3.3% annual rate during the second quarter, meaning that the recession has almost certainly begun. G. William Miller, the Treasury Secretary-designate, also warned that the energy aggravated slump would be deeper and longer than the mild slowdown of six to nine months that the Administration has so far forecast. Miller's projections: unemployment rising from last month's 5.6% to 8.3% of the labor force...