Word: moneyed
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Dates: during 1960-1969
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Until recently, the Administration has been monolithically united on the need for tight money. Presidential Counselor Arthur F. Burns, who is scheduled to become Federal Reserve chairman in January, said last month that "we will not budge." Simultaneously, however, Labor Secretary George Shultz began arguing for an immediate but moderate expansion of money and credit. Though he lost the argument, he soon may gain an important ally. Paul McCracken, chairman of the President's Council of Economic Advisers, believes that the severely restrictive policy has been correct so far, but now he is beginning to wonder whether the time...
Keep Them Guessing. The ultimate decision will be left to William McChesney Martin, the outgoing Federal Reserve chairman, who has a reason to favor continued stringency. Twice since 1966, Martin's board has made major errors in expanding the money supply too much and too soon. The Fed committed its worst error in mid-1968, when it increased the money supply by 14% to counteract the expected deflationary effects of the surtax. That action sharply accelerated the current inflation. Martin now wants to restore his reputation as a sound-money man by making sure that inflation is effectively constrained...
...members will also serve as regular consultants to TIME's BUSINESS section. Its members speak as individuals, of course, and not as representatives of the institutions with which they are associated. The first meeting addressed itself to the hard questions now troubling an economy ridden by inflation and money scarcity and facing a possible slowdown ahead. Excerpts from the discussion...
...gave," says Mrs. Cooney. Among the guests at that February 1966 party was Lloyd Morrisett, then vice-president of the Carnegie Corporation. "Something clicked in Lloyd's mind," says Mrs. Cooney. "Television and preschoolers. Was I interested?" By November her report was ready: "Spend a lot of money on this," she recommended...
...brass have their day, too, with Curtis Le May announcing, "The world is watching us in Viet Nam to see if we put our money where our mouth is," and Colonel George S. Patton III, with an aw-shucks grin, beaming into the camera and describing ARVN enthusiastically as a "bloody good bunch of killers...