Word: sprinkel
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...Murray Weidenbaum, who replaced Greenspan on our panel, was Assistant Secretary of the Treasury in the Nixon Administration. Robert Nathan heads a private consulting firm in Washington; David Grove is chief economist at IBM; Robert Triffin, an expert in international monetary policy, is a Yale economics professor; and Beryl Sprinkel serves as top economist at Chicago's Harris Trust and Savings Bank...
...board member most satisfied with Ford's rebate idea is Murray Weidenbaum. Says he: "There seems to be an upturn in the cards, and the rebate will make it that much more likely." His main worry is that Congress will expand the program too much. Beryl Sprinkel is wary of using tax cuts to boost the economy, because they enlarge the federal deficit. But, adds Sprinkel: "Faced with the alternative of an increase in Government spending, I would certainly favor the President's program...
...that scheme failed to reduce imports sufficiently, he would favor rationing rather than a higher gasoline tax, which Administration aides have repeatedly proposed and President Ford has repeatedly rejected. Sprinkel, on the other hand, advocates scrapping all controls on domestic prices for oil and natural gas and letting prices rise as high as is necessary to dampen demand...
...Beryl W. Sprinkel, a monetarist and fiscal conservative who is senior vice president of Chicago's Harris Trust and Savings Bank, was the board's strongest supporter of the Administration's current economic plan. He praised Ford's avoidance of controls and stress on spending prudence. Sprinkel was echoed by Murray Weidenbaum, former Assistant U.S. Treasury Secretary and now a professor at Washington University in St. Louis, who is the board's newest member. Republican Weidenbaum favored Ford's proposals to stimulate investment and eliminate regulatory laws that increase prices, yet he regarded...
...Though Sprinkel alone took exception to the majority's view that the U.S. is in recession, he agrees that current conditions almost certainly point to a recession by next year...