Word: pumps
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...need to get involved in messy strikes or stop end runs by steel prices. There would be no mandatory controls, no nasty squabbles between the White House and business or labor leaders, no interference at all with the free market. Instead, Government would simply balance its budget and pump less money into the banking system. As funds became scarcer in the private economy, business would simmer down and so, too, would prices. For a few "awkward months," predicted Nixon's economists, the nation would suffer mild "slowing pains" of high interest rates, little growth in production, some drop in profits...
...escalation began in 1965. The Treasury, trying to refinance $4.9 billion in publicly held debt last week, had a tough time selling its new issues in the straitened capital markets. In order to support the Treasury issue, the Federal Reserve was forced to go against its desires and pump a massive amount of money into the banking system-a move that will hamper the fight against inflation...
...change is most noticeable at the monthly meetings of the Federal Open Market Committee (FOMC), which is composed of the seven board members and the twelve regional Federal Reserve bank presidents, only five of whom vote. The FOMC decides how much new money to pump into the banking system, which in turn lends it to businessmen and consumers. Under the consensus-seeking Martin, FOMC meetings followed a minuet-like ritual. Everyone had to make some sort of report on economic conditions, with Martin always speaking last and summing up what he thought was the majority sentiment. Under Burns, members speak...
...hardheaded industrialists of the Midlands provided Wright with a ready-made clientele. For his part, he found fascinating the scenes that more aristocratic painters scorned-a group of experimenters around an early air pump, the drama that the glaring light of a forge gives to blacksmith and bystanders. Light was an apt symbol for an age of enlightenment. Painter James Northcote, a contemporary, called Wright "the most famous painter now living for candlelights"-not to mention firelight and moonlight, which Wright often played off in the same picture, as he did in The Blacksmith's Shop...
...Collection Agency Practices) investigates abuses in poor Washington neighborhoods, collecting affidavits from citizens harassed by bill collectors who pose as lawyers and policemen. TUBE (Termination of Unfair Broadcasting Excesses), charging that many television commercials are deceptive, demands that the FCC monitor commercials before they are shown. PUMP (Protesting Unfair Marketing Practices) accuses gasoline retailers of selling identical gasoline under a broad spectrum of brand names and ratings. SOUP (Students Opposed to Unfair Practices) is pressing the Federal Trade Commission to fine the Campbell Soup Co. for a commercial in which glass marbles allegedly were employed to push soup solids...