Word: seger
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Preston Martin, Henry Wallich, J. Charles Partee, Emmett Rice, Martha Seger. To most Americans, those names could be a random selection from a telephone book or maybe the supporting cast of the movie Revenge of the Nerds. But though they garner little recognition, Martin, Wallich & Co. are some of the most important people in America. They help determine how fast consumer prices rise, how many jobs are available and how difficult it is to get a car loan or mortgage. Obscure but powerful, they are Chairman Paul Volcker's colleagues on the Federal Reserve system's board of governors...
...possibly change the course of monetary policy. Lyle Gramley resigned from the board last week to become chief economist of the Mortgage Bankers Association. In January Partee's term will expire, creating a second vacancy. When those two posts are filled, Reagan, who has already named Martin and Seger, will have picked a majority of the board. Since Federal Reserve governors serve 14- year terms, the board will bear the President's stamp long after he leaves office...
Administration supply-siders, including Johnson, have often criticized Volcker's Federal Reserve for being too tight with the U.S. money supply and thus keeping interest rates too high. In addition, Martin and Seger, the two Reagan appointees to the Federal Reserve, have sometimes dissented from the board's decisions and called for less restrictive policies. The White House considered replacing Volcker, a Carter appointee, when his term as chairman expired in 1983, but then decided to reappoint him because of the respect he commands in the financial markets. Now, however, the openings at the Federal Reserve may give the Administration...
...moment, it is Bogdanovich who feels disposable. He has his biggest hit since Paper Moon a dozen years ago, yet he has virtually disowned Mask. Seems Producer Martin Starger cut two scenes from the film and replaced music by Bruce Springsteen (Rocky's favorite rock star) with four Bob Seger songs. Twenty-two directors, including Woody Allen, Martin Scorsese and Frank Capra, came to Bogdanovich's defense; so did an impromptu protest committee, Moviegoers Against Studio Kibitzing (M.A.S.K.). So the picture offers two parables: one of Hollywood devouring its own, one of the man in the lion mask. The second...
...approved by the Senate, Seger, 52, will replace Nancy Teeters, whose term ended in January, and become the second woman to sit on the board that sets U.S. monetary policy. The Administration, which has criticized the Federal Reserve for keeping interest rates high, hopes that the lanky Seger (6 ft. 1 in.) will be a strong ally. Says a senior Treasury official: "With high heels on, she may even be able to stand up to Fed Chairman Paul Volcker...