Word: patman
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...only really silly noises came from Congress. Texas Democrat Wright Patman, a cheap-money advocate who as chairman of the Senate-House Joint Economic Committee has waged a long feud with the Federal Reserve, announced that he would hold an investigation this week "to find out who is in charge in this country, the Reserve Board or the President of the United States." Louisiana's Russell Long, who will succeed Harry Byrd as chairman of the Senate Finance Committee when Congress reconvenes next month, showed his innocence of economics by protesting: "Nothing could be more unpopular than a major...
...from the old New House Office Building, and the old Old House Office Building, was formally opened for business. Lady Bird Johnson last week dedicated a somewhat idealized, larger-and leaner-than-life bronze statue of the late Mr. Sam in the main-stair hall. Said Representative Wright Patman, recalling his fellow Texan: "This edifice is made, like Rayburn's toughly achieved reputation, to last for the next thousand years...
...addition, a subway running between the building and the Capitol, as well as renovations and additions in the vicinity, will hike the total cost to something like $122 million. But according to Patman's calculations, it was "a bargain of the first magnitude"-$36.56 per sq. ft. as against $90.94 for the 1935 Supreme Court Building...
...Shame, for Shame." Others were not so resigned. "For shame, for shame!" cried Congressman Wright Patman, chairman of the House Banking Committee, who went on to predict "a marked slowdown in our economic growth" as a result of the hike. The A.F.L.-C.I.O. executive council complained that the move would discourage borrowing by consumers and business alike. Coming at a time when many businessmen were beginning to wonder aloud whether the U.S.'s 45-month economic upswing could continue much beyond mid-1965, the discount-rate hike also raised fears among many businessmen of a recurrence of 1960, when...
Many businessmen and bankers, who consider Martin the very symbol of sound money, will lobby against attempts to rob him of authority or to pack the board. But Patman senses a widespread feeling that the whole Federal Reserve needs an overhaul, and he is confident of bucking through at least a few of his proposals. Much will depend upon whether his fellow Texan in the White House decides to press hard for the changes. Lyndon Johnson shares Patman's Populist dislike of tight credit, and is not as close to Bill Martin as John Kennedy...