Word: wallich
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...Volcker, and perhaps even goad him into resigning, has proved to be off the * mark. Despite a brief, publicized dispute over a discount-rate cut in February, the Reagan appointees -- Johnson, Martha Seger, Wayne Angell and H. Robert Heller -- have generally worked well with Volcker and his allies Henry Wallich and Emmett Rice. Only Seger, a former Michigan bank regulator, has publicly sniped at Volcker. One of her complaints: the central bank's staff, which answers to the chairman, does not keep the other Fed governors fully informed of its actions...
...White House will soon have a chance to add a new member to the ranks of the Reaganites. Rice plans to resign at the end of the year, leaving only Volcker and Wallich as holdovers from the pre-Reagan era. The chairman's term ends next August, and the betting is that he will not seek reappointment to head what is increasingly becoming the Reagan Federal Reserve...
...relationship between money and freedom has always been philosophically difficult. "One need not go so far as to accept the dictum that money is crystallized freedom," wrote Economist Henry Wallich. "But it is hard to argue that money and freedom have nothing to do with each other . . . Men will die for freedom but they will not necessarily starve for it. A society that wants to be free must not expose its members to this alternative." It is troubling that so much of American freedom is economically defined. It becomes a freedom to make fortunes, to consume happily in a materialist...
Preston Martin, Henry Wallich, J. Charles Partee, Emmett Rice, Martha Seger. To most Americans, those names could be a random selection from a telephone book or maybe the supporting cast of the movie Revenge of the Nerds. But though they garner little recognition, Martin, Wallich & Co. are some of the most important people in America. They help determine how fast consumer prices rise, how many jobs are available and how difficult it is to get a car loan or mortgage. Obscure but powerful, they are Chairman Paul Volcker's colleagues on the Federal Reserve system's board of governors...
...departure of Gramley and Partee could possibly weaken the Federal Reserve's inflation-fighting resolve. The board during the past year has been divided into hawks, doves and owls. Gramley and Wallich were the hawks. They have been especially concerned about inflation and have occasionally voted for a more restrictive monetary policy than Volcker wanted. Martin, Seger and Rice have been doves, sometimes voting for faster money growth. Volcker and Partee were the owls in the center, favoring a moderate course. The appointment of Johnson and another Reagan loyalist might give the doves a stronger hand...