Word: seger
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Dates: during 1980-1989
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...house into a brothel and still gets into Princeton. Sounds like the Reagan era in miniature. But there was wit in Paul Brickman's script and swank in his camera style. For Cruise, there was more. As soon as he tore into an air-guitar rendition of Bob Seger's Old Time Rock 'n' Roll, in his Oxford-cloth shirt, B.V.D.s and socks, pop magnetism burst out of its suburban shell, and a star was born...
FOOTNOTE: *The other governors: Kansas Banker Wayne Angell, 59; California Economist H. Robert Heller, 47; Manuel Johnson, 38, a former U.S. Treasury official; Houston Businessman Edward Kelley, 55; Martha Seger, 50, a former Michigan bank regulator. One board seat is currently vacant...
...speculation that the Reaganites might wrest power from Chairman Paul Volcker, and perhaps even goad him into resigning, has proved to be off the * mark. Despite a brief, publicized dispute over a discount-rate cut in February, the Reagan appointees -- Johnson, Martha Seger, Wayne Angell and H. Robert Heller -- have generally worked well with Volcker and his allies Henry Wallich and Emmett Rice. Only Seger, a former Michigan bank regulator, has publicly sniped at Volcker. One of her complaints: the central bank's staff, which answers to the chairman, does not keep the other Fed governors fully informed...
...first the skirmish prompted a bit of anxiety among moneymen, especially when Seger declared that the board was no longer Volcker's "one-man show." Financiers feared that the Reagan appointees might lower the Federal Reserve's guard against inflation and bend too much to the Administration's eagerness to expand the economy. Said Norman Robertson, chief economist at Pittsburgh's Mellon Bank: "Any pretense of the Fed being nonpolitical is now gone...
...rift opened Feb. 24, when Martin and Seger pressed the board to vote on a proposal to cut the discount rate, the interest that the Federal Reserve charges member banks for loans, from 7.5% to 7%. Volcker urged the board to postpone the cut because he was trying to persuade other industrial countries to drop their interest rates first. He feared that if American rates fell too fast, foreign investors would pull money out of the U.S. and send the dollar into a free fall...