Word: money
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Dates: during 1960-1969
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Friedman has a big recipe for economic reform, and he calls for an end to many politically sacred Government programs. A sampling of his ideas: FOOD STAMPS. "There is nothing you can do with stamps that you cannot do better by giving people money. The real drive behind food stamps is not to help the poor; it's to dispose of farm surpluses." Friedman calls the farm-subsidy program, which piles up huge surpluses in grain elevators, "a free-lunch program for mice and rats." PUBLIC HOUSING. "It was instituted in the 1930s to improve the housing of the poor...
...Tight money might have reduced inflation faster if big banks had not discovered ingenious methods of avoiding the Federal Reserve's pincers. To help meet corporations' vast appetites for loans in the face of the credit shortage, U.S. banks borrowed $13.3 billion in Eurodollars?U.S. dollars in private hands abroad?and brought them home. The board finally closed that loophole by imposing a 10% reserve requirement on borrowed Eurodollars. Thereafter, the banks circumvented restraint by issuing vast quantities of commercial paper ?unsecured promissory notes. Belatedly, the Reserve Board plugged that loophole by placing an interest-rate ceiling on commercial...
Investors were depressed by the fading of the unrealistic Viet Nam peace hopes that they had held in the spring, and more recently by warnings of a forthcoming economic decline. The worst depressant in the market undoubtedly has been tight money. The market frequently falls before recessions and rises when they occur; thus a 1970 recession would not necessarily make stock prices fall further. But it will be hard for stocks to rally briskly until credit is eased. Economists generally expect that interest rates will taper off slightly?perhaps by 1% or a bit more?as production and demand slacken...
...energies and intellect toward helping it function better, and that they should be unencumbered by outside considerations. Friedman once wrote: "Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible...
...gone out. The man running the marathon-and carrying the movie-is a dime-store Barnum named Rocky (Gig Young). The son of an itinerant faith healer, Rocky has read the book on corruption and added footnotes of his own. Disgusted at what people-including himself-will do for money, he articulates the film's message: "There can only be one winner, folks, but isn't that the American...