Word: snyders
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Dates: during 1950-1959
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...notable battle in the war against cheap money-which is the real and basic war against inflation-has now been won. It was a defeat for Treasury Secretary John W. Snyder and for Harry Truman, who had backed Snyder's cheap-money policy against the advice of the nation's best economic and banking brains...
...unpegging was apparently part of the agreement between FRB Chairman Thomas B. McCabe and Snyder on the terms of the Treasury's new $19.6 billion refunding bond issue (TIME, March 12), which is intended partly to freeze bank reserves-another point FRB wanted. The new bonds will bear 2 3/4% interest, an increase of ¼% over present long-term bonds...
When FRB pulled its peg, the long-term 2½% bonds, which had been supported above par, slumped to par. But FRB had picked a shrewd time to drop its support. It was the same day that Snyder announced the details of his new issue. Insurance companies and other big buyers liked the terms so well that they jumped into the market and prices steadied, although down from the pegged level...
...real question remained: Was Treasury Secretary John Snyder (who has had the President's backing) still insisting that the FRB continue to support the Government bond market, thus put unlimited cash at the call of banks, insurance companies, etc.? If he was, the inducement of higher interest alone would not be enough to persuade bondholders to lock away their cash in new Government securities. It was merely a sign that things might be moving in the right direction-away from Snyder's "easy money" toward a sounder monetary policy...
Last week the President also: CJ Decided to take another look at the inflationary dangers of Treasury Secretary John Snyder's "easy-money" policy (TIME, Feb. 19). He conferred with Under Secretary of the Treasury Edward Foley. Mobilizer Charles Wilson and Federal Reserve Board Chairman Thomas McCabe and requested a full review of the whole credit problem. Wilson promised a report within two weeks...