Word: millers
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Dates: during 1970-1979
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...Miller also had a strong supporter in Treasury Secretary W. Michael Blumenthal, an acquaintance from days when Blumenthal was running Bendix Corp. An interview with Carter, who had met him briefly four times before, clinched the job for Miller. It seems fitting that two self-confident businessmen from rural backgrounds, who had initially sought success by going to military academies and who styled themselves economic moderates and social liberals, should hit it off. Miller faced a tough grilling by the Senate Banking Committee about bribes paid by Textron to spur sales of its Bell helicopters in Iran. His cool, precise...
...money supply and interest rates. The practice is to have discussion go around and around the table until a consensus emerges, and take a vote only after its outcome has become a foregone conclusion. A forceful chairman can guide and shape the debate, but it had been thought that Miller's lack of training in banking might cause him to defer to his strong-minded colleagues...
...cost to business of Government regulation and aim to start an era of tighter budgets, declining deficits and moderate, less inflationary economic growth. Meanwhile, the Government will plead with business and labor to hold price and wage increases below the average of the past two years. All this fits Miller's ideas so well that there is speculation that he and Carter have struck a bargain under which the Administration practices tax-and-spending restraint and Miller refrains from a stern hold-down on credit. Miller and Carter have no formal deal but a tacit understanding to roughly that effect...
...either monetary or budget policy. To cite just two: many of the unemployed are unskilled women, blacks and/or teenagers, whom employers are reluctant to hire unless demand reaches inflationary heights; medical and hospital costs seem to rise rapidly and inexorably no matter what is happening to business in general. Miller recognizes that such troubles need special attention, but they are no part of his responsibility at the Federal Reserve...
...formal duties are daunting enough. Eager though he is to promote a steady 4% growth, Miller vows that he will not pour out enough money "to validate the present inflation"?that is, to make credit available to anyone for whatever purpose. If he does, he says, "you will have runaway inflation and double-digit interest rates." If he holds the growth of money supply within his target range of 4% to 6½%, Miller thinks, growth will continue while inflation will run out of monetary fuel. But there is always a chance that growth will suffer instead...