Word: money
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Dates: during 1960-1969
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...Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks are required to keep in reserve...
...Herbert York, former Pentagon chief of research, development and engineering, warns that Americans will face a "Frankenstein monster that could destroy us." Not only are military motives questioned, but military competence as well. The defense complex is indicted for being unable to develop weapons that work well enough, wasting money needed for civilian purposes, giving bad and dangerous advice to the Commander in Chief, poor planning and worse execution in Viet Nam. Does the military, many people wonder, exaggerate the threats to U.S. security and grossly overestimate its own needs to retain?or even enhance?its own power...
...independent check of all proposed expenditures by Government agencies, it has accorded the Defense Department, the biggest spender of them all, special treatment that results in considerable freedom from stringent review. Congress, with its key military and appropriations committees headed by promilitary Southerners, has occasionally voted more money than the Pentagon requested. When McNamara announced the closing of 80 installations in 1964, he received 169 protests from Congressmen that same...
...Force's B70 was virtually a bust. The Government spent $1.4 billion to build two test models before it was abandoned as obsolete. The F-111 was an attempt to save money while modernizing. McNamara thought he could save $1 billion by developing one plane for three services: Air Force, Navy and Marines. Eventually, the Marines dropped out, and the Navy, after investing $200 million, abandoned the carrier version in favor of its own new plane, the F-14A. The Air Force is reasonably satisfied with its F-111, except that a dozen have crashed so far, and the plane...
...resuscitation. City Administrator George Washnis, an optimist who believes that there is nothing wrong with the city that $750 million will not cure, is looking for $30 million to $50 million in catalytic federal funds, hoping that private industry will provide the rest over the next 20 years. Some money is already trickling in. A $2,086,000 grant under the Model Cities program is expected shortly, and the city could receive about $23 million more if other major federal grants come through. Illinois' Governor Richard Ogilvie recently approved a $50,000 program for the study of a proposed...