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Whatever happens to the economy in 1981 will depend to a large degree on the actions of the Federal Reserve Bank and its controversial chairman, Paul Volcker. As the nation's central bank, the Federal Reserve regulates the availability of both money and credit in the economy, which helps determine the level of interest rates for borrowers and lenders alike. In October 1979, the Fed announced that it was scrapping its traditional inflation-fighting tactic of trying to regulate overall economic activity by manipulating interest rates within a narrow and relatively low range. The bank decided instead to attack...
Much will depend on whether the new Administration is able to deliver on its promise of deep cuts in federal spending. Board Member Joseph Pechman, a Democratic tax expert with Washington's Brookings Institution, warned that the job will not be easy. Said he: "We have an extremely recalcitrant budget, and the new Administration is going to have a very difficult time trying...
...economic success of the Reagan Administration will depend on the continued support of the American public for an austerity program. Lester C. Thurow questioned whether voters would stick with such policies unless they quickly saw tangible results in the form of rising standards of living. He believes that the U.S.'s recent shift to economic conservatism may quickly evaporate. Said he: "The question is how long will the conservative era have to prove itself before the public kicks it out and tries something else. If the conservative policies cannot work relatively quickly, people will cease being conservatives...
...burden on business all year long. Companies began avoiding new debt financing through the long-term bond market because high rates made that too expensive. Instead, they turned to banks for short-term loans that would not lock them into high rates for ten years or more. Industries that depend heavily on credit, particularly home building and auto sales, have been staggering. Lone Star Industries, the country's largest cement producer, last week took out full-page newspaper ads featuring a large skull and crossbones and the warning POISON...
...broadcast networks, he has helped Political Ally Robert Hersant get government-facilitated loans to acquire control of three Parisian newspapers, France-Soir, Le Figaro and L 'Aurore. Their combined circulation of 1.06 million makes "Citizen Hersant" the most important press magnate in France. Commercial publish must still depend on the state-run advertising agency Havas to help them contract for major advertising. Moreover, under Giscard, a bewildering catalogue of government subsidies for such publishing costs as paper, telephone and telex communications has drawn financially pressed newspapers into an ever closer dependency on the Palace. Says Roger Fressoz, editor...