Word: tightenings
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There was a message in the weeklong madness in the markets. Says Democratic Economist Walter Heller: "I think Wall Street was saying, Sure, we think you ought to fight inflation, you ought to strengthen the dollar, you ought to tighten money, but holy smokes, not necessarily to the extent of knocking the props out from under profits." Still, the chaos in the markets deflected attention from the more fundamental significance of the Federal Reserve's moves, particularly its shift toward management of the money supply through direct controls instead of manipulation of interest rates. Conservative Economist Alan Greenspan describes this...
...rapid growth of money and credit. But the economy of the 1970s has grown so bloated and distorted with spiraling prices that the traditional techniques of money management have become increasingly useless and even counterproductive. Indeed, at certain critical moments, well-intentioned efforts by the Fed either to tighten up or to relax the reins on monetary growth have boomeranged. The result has been periods of money drying up when it should have been plentiful, or pouring in torrents into an economy already very much awash...
...current problems. In one spot check, state officials discovered that one-third of the trucks carrying the wastes into Washington were violating safety procedures. Ray told federal officials that until she is satisfied that safety measures will be enforced, the site will remain closed. The two agencies concerned must tighten their enforcement of the law regulating transport of radioactive wastes...
President Carter, only two days after announcing his support for efforts to tighten the money supply, said yesterday the Federal Reserve Board (FRB) has raised interest rates too high...
However, Carter made no reference to his statements Tuesday, when he backed the FRB's decision to increase its bank lending rate and tighten the availability of credit in order to strengthen the dollar and moderate gold prices...