Word: millers
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Dates: during 1970-1979
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That impression was reinforced during Taber's reporting for this week's story, which was written by George Church and edited by Marshall Loeb. The interview with Miller lasted four hours. "We'd planned on two," says Taber, "but we drifted onto everything from his wife's photography to his Coast Guard days in Shanghai. He was totally relaxed, and I understood better why Fed staffers are talking about a breath of fresh air." Like Miller, Taber picked up his economics on the fly. In college (Georgetown, '64) he majored in international relations, but delved...
...what is one to make of G. (for George) William Miller? As chairman of the U.S. Federal Reserve Board, Miller, 53, is the most powerful of all central bankers?but he is far outside the mold. He delights in reminiscing about his boyhood in the oil boomtown of Borger, Texas, a throwback to the wild West of unpaved streets and gun fights. Miller vividly remembers the day that the town's founder, Ace Borger, was shot dead in the post office. He cheerfully relates that his last exposure to classroom economics was a basic course at the Coast Guard Academy...
...from affecting bankerly reserve, Miller roars with laughter at his own often corn-pone jokes, some directed at the august but arcane institution that he heads. He has invented a mythical poll in which 23% of the U.S. population thought the Federal Reserve was an Indian reservation, 26% judged it to be a wildlife preserve and 51% identified it as a brand of whisky. Most important, he speaks almost garrulously in tones of unabashed can-do optimism. The nation, he insists, can bring down its frightening rate of inflation without suffering another recession?indeed, while working toward a "model economy...
...moderately, in the second half of next year and the economy will not suffer a credit crunch but only a squeeze late this year and early next. In the New York financial community, the betting is that interest rates will go up a bit more, but not much; that Miller will get the money supply under control; that loan demand will fall as the economy slows; that Government borrowing will be heavy, but enough money will be left to meet the reduced borrowing demands of most?not all ?companies and individuals...
...these difficult times, the prime policy requisites are steadiness and sensible coordination of policies among the Federal Reserve, the White House and Congress. Miller has made a promising start at both, but the complexities facing him in keeping it up are formidable. Says William McChesney Martin, a revered former Fed chairman: "He is like a golfer who has made four birdies in a row, but there are some more holes to play. He has a tough job ahead." Fortunately, he is tackling it in a spirit of optimism. A pessimist would be whipped before he began...