Word: millers
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Dates: during 1970-1979
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...Proxmire also claimed that Miller was not expert enough in financial markets. In fact, Miller had been a director of the Boston Federal Reserve Bank for seven years, and FORTUNE judged him "a whiz" at managing Textron's pension funds. In early 1974 he took management of those funds away from banks and shifted most of their assets from stocks into bonds. The move was well timed and caused Textron's pension funds to prosper far more than funds generally from then...
...Miller's advantages in fighting inflation is that the battle has become Topic A for consumer and Cabinet officer alike. As recently as March 8, when Miller was sworn in, Government policy was still focused on stimulating the economy to faster growth in order to bring down unemployment. That goal has been achieved, at an inflationary price; the jobless rate in June fell to a four-year low of 5.7%. Now the talk in Washington and the country is all of tight budgets, spending hold-downs and the long effort needed to bring prices under control...
...Miller himself has done enough to produce this switch to make businessmen and bankers look on him as the white hat in a kind of financial western: the new gun who arrived in Washington to rally the citizenry against the enemy, much as the Texas Rangers rode in to restore law-and-order in the Borger of his youth. He quickly put the Fed on a course of raising interest rates sharply, to hold back the inflationary growth of money supply and to keep dollars at home. In private debates and public remarks, Miller has pleaded with the White House...
Shortly after taking office, Miller asserted openly that Carter should declare inflation to be the nation's No. 1 economic problem. The President did, a month later. Miller publicly advised Carter to delay the $25 billion tax cut that the President had proposed to take effect Oct. 1, and to shrink the budget deficit. Carter has agreed to make the tax reduction effective Jan. 1, and to squeeze it down to $15 billion. That and other actions, according to Administration forecasts announced last week, are supposed to lower the budget deficit for fiscal 1979 from the $60.6 billion that Carter...
...Washington, Miller is widely regarded as one of the best appointments that Carter has made. Private bankers commonly echo Milton W. Hudson, vice president of Manhattan's Morgan Guaranty Trust Co., who says Miller has put on "a virtuoso performance." Foreign leaders agree. Typically, West German Chancellor Helmut Schmidt, who has long railed at Washington for failing to appreciate the dangers of the dollar's slide, feels that he has at last found a firm ally in Miller...