Word: patman
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...many other items -steel, tires, cars. Interest rates are soaring for both giant corporations and individuals, and many would-be house buyers simply cannot get mortgage loans. Among economists, there is a growing fear that the mess will end in a 1974 recession. In fact, Democratic Representative Wright Patman, chairman of the House Banking and Currency Committee, charged last week that "we are in a recession right now" and "the big banks and the Federal Reserve are making a depression...
...Populist Patman was overstating...
...American people went to the polls--is what has been unfortunately delayed until the present: a complete investigation into the who, what, when, where, and why of the Watergate break-in(s). To be sure, there were those who did attempt a pre-election investigation--most notably Rep. Patman's Banking and Currency Committee--but for one reason or another (White House pressure has been mentioned as a possibility), these hearings never got off the ground. What we needed was an independent investigating body that would have begun immediately and automatically to examine the Watergate evidence and continue, working...
...campaign for increased control is being waged by Representative. Wright Patman (D-Texas), who has introduced legislation to forward excess Federal auditing funds to states that have a program of supervision of foundations. Only a fourth of a 4 per cent audit fee on foundations was actually used last year in auditing...
Presuming that they are obeyed, the guidelines will crimp bank profits by holding rates on many loans below the level that they would reach if there were no restrictions. Even so, the new system, which by no means satisfies Patman, might be an improvement on present conditions. Right now, banks complain, money that they would like to reserve for loans to small businesses and consumers is being swallowed by big corporations rushing to borrow at a bargain prime rate; the 6½% prime that Burns has temporarily forced down the banks' throats is significantly lower than...