Word: sprinkel
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Dates: during 1980-1989
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...think that a former banker should head the Federal Reserve, which oversees the nation's banks. But then he explained, "Actually, no one ever offered me the job." Also mentioned, but only as long shots: Treasury Secretary Donald Regan, 64, and Treasury Under Secretary for Monetary Affairs Beryl Sprinkel, 59, an ardent monetarist...
...shift blame for the deficit-driven interest rates to the Federal Reserve. Speaking to Washington editors, Treasury Secretary Donald Regan renewed longstanding assertions that Federal Reserve Chairman Paul Volcker was failing to hold the growth of money and credit to a slow and stable course. Shortly thereafter, Beryl Sprinkel, the Treasury's Under Secretary for Monetary Affairs, let it be known that his department was studying ways to make the Fed more responsive to Administration wishes...
...nation's money supply this year has indeed tended to overshoot the targets set by the Fed. But only a small, though growing, group of critics outside the Administration believes the problem is caused by the Fed alone. Within 48 hours the White House was all but disowning Sprinkel's anti-Volcker sniping, and even Regan wound up admitting that the Fed's formally independent status "is a good thing." In actuality, the Federal Reserve Board has traditionally followed the lead of the Administration in power...
...fact that the Federal Reserve cannot explain what is going on with its figures is being given as evidence of Volcker's failure. Says Economist Beryl Sprinkel, the Administration's Under Secretary of the Treasury for Monetary Affairs: "I assume that he is trying as hard as he can. After all, he has got the same goals that we do. But you evaluate a man on goals and performance, and between the two, performance is more important. What we want is stable, moderate growth of money, and the growth has been anything but stable...
...Assistant Treasury Secretary Paul Craig Roberts, argue that an excessive drive to balance the budget is wrecking the President's bold economic experiment. Their views are now endorsed by the Administration's monetarists, including Jerry Jordan, a member of the Council of Economic Advisers, and Beryl Sprinkel, Under Secretary of the Treasury for Monetary Affairs, who not so long ago emphasized fiscal austerity as a vital component of a successful policy...