Word: patman
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Dates: during 1950-1959
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Whether the Fed's move was justified was loudly disputed. Certain congressional Democrats lined up against the rate hike. "Extraordinary." said Illinois' Senator Paul Douglas. "An awful thing," said Chairman Wright Patman of the House Small Business Committee, who issued a new call for a sweeping inquiry into federal fiscal and monetary policies. The Fed's move, said A.F.L.-C.I.O. President George Meany, "represents a further tight-money dampener to economic recovery, while 6% of the labor force is still unemployed, and about 20% of productive capacity is idle...
RECESSION . Such easy-money Democrats as Texas' Representative Wright Patman are expected to sound off at length against the evils of the Administration's tight money policy, but the legislative leaders do not expect much more than talk; the possibility of a program of recession-fighting legislation, as of Congress' opening, seemed remote...
Pinch & Punch. What did the signs add up to? Answers ranged from a breather (Dwight Eisenhower) to a serious recession (Texas' easy-money Democratic Congressman Wright Patman). Various economists and businessmen called it recession, rolling readjustment, healthy adjustment, mild cyclical adjustment, slowdown, shakedown downturn, downtrend, sidewise movement, plateau, leveling off, period of hesitation, soft period, temporary cyclical swing in long-term growth, polka-dot prosperity with the spots getting bigger...
During four days of insistent questioning in Washington last week, Texas Congressman Wright Patman, chairman of the House Small Business Committee, tried his hardest to discover what every U.S. businessman would dearly like to know: What will the Federal Reserve Board do next to ease credit and implement its reduction in rediscount rates...
Easy-money Patman prodded FRB Chairman William McChesney Martin Jr.: "I'm sure you will follow through on an easy-money policy." But Martin, as carefully noncommittal as ever, answered: "We are going to look at business conditions at all times and adjust in a way we consider most satisfactory for the economy." FRB's reduction from 3½% to 3% in the rediscount rate, said Martin, was merely a "signal that we saw some change in the business situation. But this doesn't mean that inflation won't occur, or that deflation is the order...