Word: saulnier
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Dates: during 1960-1969
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...economists have vacation homes next to each other. Not surprisingly, Friedman hailed Burns' appointment as "splendid." Friedman admits, however, that "Arthur takes a long time to make decisions, and once he has made them, it is very difficult to get him to change his mind." Economist Raymond J. Saulnier adds that Burns "is ponderous and a little pontifical." Because of these qualities, some other economists predict that there will be more than a few resignations from the Federal Reserve staff after Burns takes over...
...time. His record in that respect is mixed. Intellectually, Burns recognizes the Government's obligation to maintain prosperity. As chairman of President Eisenhower's Council of Economic Advisers from 1953 to 1956, he agreed to increases in Government spending and in the credit supply that his successor, Saulnier, thought were too expansionist. In early 1960, he advised Nixon, then Vice President, that federal spending should be increased and credit eased to head off a recession that he correctly warned would hit its low point shortly before Election Day. Nixon could not persuade the Eisenhower Administration to adopt...
...economy. If the Board instead concludes that lower rates signify that the nation's money supply should be tightened even more, the resulting squeeze on banks could have serious repercussions. Bankers are not alone in believing that, at the worst, additional tightening could provoke a recession. Raymond J. Saulnier, Eisenhower's last chairman of the Council of Economic Advisers, warned last month that "we are as close as it is safe to get to the outer limits of monetary and credit severity...
Even so, Walter Heller and other eminent economists maintain that inflation will continue to plague the U.S. for years to come. The task for 1969 is to gain stability without losing much of the very real progress of the past eight years. As former Eisenhower Economist Raymond J. Saulnier notes: "A stabilization program always risks recession...
Died. Robert Morane, 82, French aviation pioneer, who helped build Air France, one of the world's largest airlines; in Paris. In 1911, eight years after the Wright brothers began the air age, Morane started Morane-Saulnier, the company that produced some of the first bombers used in World War I. Des Messageries Aériennes, an air-transport company also founded by Morane, grew into Air Union, one of five large aviation firms that merged to form Air France...