Word: short
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Dates: during 1970-1979
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...space program is the only Government agency working for our future; we shouldn't be so purblind to our children's needs as to cut its funds short...
...club, unlike Miller, who was little known in the world's money markets when appointed. Financier Robert Roosa says of Volcker, "There's nobody in the world of international finance that he doesn't know." When Volcker used the word discipline a dozen times in his short press conference last week to describe his view of proper Federal Reserve policies, the international banking community knew that his No. 1 concern would be to stabilize the dollar by fighting inflation...
...forceful style and short temper provoked controversy, as did the projects that he backed. One was the renovation of the historic French Market and the construction of a riverside mall, inevitably nicknamed the Moon Walk. He was also a staunch advocate of the controversial $163 million Louisiana Superdome. Argued Moon: "They called King Ludwig of Bavaria mad for building all those elaborate castles. But now thousands of tourists come to see the castles. So Bavaria's rich, and old Ludwig's a hero again...
...been at odds with the other Fed regional presidents and the Fed's former chairman G. William Miller. A Utah-born Mormon who attended Columbia University, Willes argues that forecasts about the impact of new economic policies are so imprecise that the Fed should resist trying to make constant short-term adjustments by changing the money supply. Instead he advocates a new hands-off approach known as the theory of "rational expectations," which contends that longterm, stable monetary policies encourage public confidence and hence lead to increased economic growth. Though Willes has had little influence on the Fed's thinking...
...recommended that Pan Am be awarded a new route between Dallas-Fort Worth and London. Carter rejected the recommendation. Instead, he gave the route to Dallas-based Braniff Airways in what some critics thought was a blatant political bid for support of his energy program by Texas Congressmen. In short, though Pan Am's position is substantially strengthened by its majority holding, its merger with National is not yet guaranteed...