Word: nationalizes
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Dates: during 1970-1979
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Central bankers are by tradition an aloof bunch, awed into solemnity by their own eminence as arbiters of a nation's money supply and guardians of the value of its currency. They immerse themselves in financial esoterica, dress somberly in three-piece blue suits, and give the impression that they speak only to one another and to God. When they do appear in public, they issue Delphian warnings, usually of impending inflationary doom. An optimistic central banker has been defined as "one who thinks the situation is deteriorating less rapidly than before...
...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" in the 1980s...
Shortly after taking office, Miller asserted openly that Carter should declare inflation to be the nation's No. 1 economic problem. The President did, a month later. Miller publicly advised Carter to delay the $25 billion tax cut that the President had proposed to take effect Oct. 1, and to shrink the budget deficit. Carter has agreed to make the tax reduction effective Jan. 1, and to squeeze it down to $15 billion. That and other actions, according to Administration forecasts announced last week, are supposed to lower the budget deficit for fiscal 1979 from the $60.6 billion that Carter...
This is not to say that Miller will succeed. He and Carter are engaged in the trickiest and riskiest of all economic maneuvers: an attempt to slow a surging but vulnerable economy just enough so that inflation gradually subsides, but not so much as to sink the nation into a recession. Administration officials refer to this as guiding the economy to a "soft landing" from its too-rapid pace in the quarter just ended. Estimates of production growth in the second quarter cluster around an annual rate of 9%. Miller prefers to talk of reaching a "sustainable path of growth...
Besides determining the nation's money supply and, indirectly, interest rates, the Federal Reserve is also a kind of superbank. It lends money to member commercial banks, audits their books, writes the rules under which they operate. It can approve or disapprove mergers between banks, or tell a bank whether it can open a new branch in London. The Federal Reserve enforces ten laws enacted to protect borrowers, and wrote the rules that banks must follow to make sure that women can get loans as easily...