Word: money
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Dates: during 1960-1969
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Even the board's apologists admit that, since about 1965, it has repeatedly overreacted to political considerations. It is widely agreed that the board let the money supply shoot up much too fast late in 1965, contract too sharply in mid-1966 and then rise too rapidly in 1967 and 1968. The great rises of the past two years have fueled inflation, which the board is now trying earnestly to stop. Since December, the money supply has not grown at all, and bankers cannot meet the increasing demand for loans. Martin's foes were jubilant when...
...imperfect art of managing money, Martin and his Federal Reserve have bumbled often. Yet they have many strengths. The 62-year-old chairman is one of Washington's most astute politicians and a master at wringing consensus from the diverse personalities among the seven Federal Reserve governors and twelve presidents. No one doubts Martin's courage. When politicians were unwilling to raise taxes to slow inflation and narrow federal budget deficits, the board did the job by restricting money. Then Martin calmly absorbed the resulting criticism, most notably after the "credit crunch" of 1966. To blame the Federal...
...some former Johnson economists, who argue that the President should have something like veto power over the Federal Reserve's monetary moves. "If you can trust the President of the U.S with the atomic bomb," argues a Johnson Administration official, "why can't you trust him with money...
...answer is that not even a President can be fully trusted with money because he is inevitably a political creature-and any moves to tighten money are political poison. European central bankers are particularly happy that Martin has so much power. They figure that politicians have a clearly inflationary bias and that the U.S. needs a man with Martin's independence and integrity to take the necessary, if politically unpopular, steps required to help stabilize demand and prices. When rumors went around in 1967 that Martin might not be reappointed as chairman, some European central bankers observed that...
Last week Stein, now 41, became chief executive of a new investment service that will advise affluent clients about how to make their money multiply. It is a revised version of the 35-year-old Standard & Poor's investment service, one of the five biggest in the nation. Called Standard & Poor's/InterCapital, Inc., the firm starts out with $3 billion in funds that have been put up by 1,800 individual and institutional investors, each of which must have accounts of at least...