Word: overexpanded
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Dates: during 1970-1979
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...Burns friend, John Whitehead, senior partner at the Goldman, Sachs investment banking house: "He lives in a political world. He realizes that as head of the Fed he cannot operate in a vacuum." Indeed, Burns has been accused of playing politics-especially of allowing the money supply to overexpand in 1972 to spur the economy and thus ensure the re-election of Nixon. Burns calls the charge ridiculous...
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