Word: patman
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Nevertheless, a loud and powerful group of Congressmen, including Illinois Senator Paul Douglas and Texas Congressman Wright Patman, refuses to grant the Treasury any relief, crying that interest rates are already too high. "The only inflation we have today," says Patman, with more emotion than economic reason (see State of Business), "is inflation caused by high interest." The critics blame the Treasury for the rising cost of servicing the nation's debt, argue that any further boost in interest rates would cost the taxpayers additional billions. They argue that if the Treasury wants to sell long-term bonds...
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...
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...