Word: nationalizes
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Dates: during 1970-1979
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...that he delights in telling jokes but usually laughs so hard at them that he botches the punch lines. Otherwise, Miller sounds like a business version of a Boy Scout: frugal, industrious, a sharp manager, something of a social activist-and a man whose likely moves as the nation's supreme money manager are impossible to predict from his career...
...said that it is a mistake to focus only on management of total supply and demand in the economy; policymakers also need to develop programs for specific trouble spots. Though Miller was quickly criticized by Senate Banking Chairman William Proxmire for lacking sufficient banking experience to run the nation's money supply, those who know Miller say the charges are foolish. Says New York Investment Banker Felix Rohatyn, who knows Miller well: "I think that he knows more about finance than most bankers I know. He has run a very big company, and run it exceedingly well. He does...
...Martin had made his name synonymous with sound money management. When Burns himself steps down at the end of this month, his successor, G. William Miller, will find Burns' show quite as difficult to top. As chairman of the Reserve, Arthur Burns was final arbiter of the nation's money supply through eight of the most tumultuous years in economic history-years marred alternately, or sometimes simultaneously, by double-digit inflation, double-digit interest rates and deep recession. Though some of his actions helped to aggravate the economic maladies of the 70s. he became just as revered...
More than anything else, it was Burns' management of the nation's money supply that baffled and angered his many critics. During 1972. Burns allowed the money supply to grow sharply, leading to charges that he was trying to help his friend Nixon get re-elected by making sure that the economy was going full throttle. Whatever the motive, the move was a mistake: a year or so later, the aftereffects of the easy-money policy of 1972 combined with soaring food prices and the skyrocketing cost of oil to produce the roaring inflation...
...imported oil. Says CEA President Robert Beningson: "The market for resource recovery is almost limitless." Beningson, a man who thinks big, estimates that if all the garbage in the country were converted to powdered fuel, it would add the equivalent of 2 million bbl. a day to the nation's oil supplies, or about the same amount as the oil that will flow through the Alaska pipeline at peak capacity...