Word: roosa
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...weakened the West, but would almost certainly have undermined the dollar as well. It was clear to the Americans that they had to act just as resolutely in defense of the pound as they had to follow Brit ain's rate rise. Said Treasury Under Secretary Robert Roosa: "It's like a run on a bank: if you roll the money truck in the door, the depositors who planned to withdraw will go away." The rescue that followed was the most dar ing ever tried...
...aides worked through the night, some of them taking off a few hours to nap in "hotbeds" kept at the office for such emergencies; coordinating their efforts, Bank President Alfred Hayes was on the job before dawn, when European offices began to open. In Washington, Martin and Roosa each made pitches to half a dozen bankers overseas. It was, in fact, Roosa's swan song in Government after a distinguished four-year career; at week's end, in accordance with a previous plan, he submitted his resig nation to enter private banking...
...increasing talk about inflation also tends to buoy the market, of course. Last week Robert V. Roosa, Under Secretary of the Treasury, told a meeting of the Business Council that he believed the labor settlements in the auto industry had "probably been too big." Most important, the Federal Reserve Board's announcement that industrial production in September rose to 133.9% of the 1957-59 average meant that the U.S. economy had expanded for the 43rd consecutive month...
...Heller's activist Council of Economic Advisers over the more conservative Treasury. Treasury Secretary Douglas Dillon has been worried that even in direct controls on capital movements might cause foreigners to fear that stiffer controls were coming, and thus precipitate a run on the dollar. Under Secretary Robert Roosa was opposed to any U.S. drawing from the IMF. The Treasury learned only recently that it had lost the battle inside the Administration, was given the job of drafting the tax measure and arranging for the IMF loan, both of which it has now come around to favoring...
...governments and companies borrowed a record $1.2 billion on Wall Street; Europe not only took a fourth of that for itself, but saddled the U.S. with the investment needs of many developing countries that should be partially served by European capital. Treasury Secretary Douglas Dillon and Under Secretary Robert Roosa have complained publicly to Europeans about this drain...