Word: feldstein
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...Feldstein departs amid new Administration attacks on the Federal Reserve...
During his two years as chairman of the Council of Economic Advisers, Martin Feldstein has become known primarily for prickly independence. While President Ronald Reagan and Treasury Secretary Donald Regan have been steadfastly happy-talking the economy and pointing to the high level of growth and low inflation, Feldstein has resolutely warned of the dangers posed by the Administration's huge budget deficits...
Last week Feldstein announced that he would be leaving Washington on July 10 to return to his teaching position at Harvard. Even as he prepared to depart, however, he found himself in a familiar position: at odds once again with Administration policy. Top Reagan officials had just opened a new offensive against the Federal Reserve Board, arguing that it was endangering the recovery by keeping too firm a grip on the money supply. But Feldstein contended, at a meeting with reporters to announce his departure, that the Federal Reserve is "pursuing the right kinds of policy...
...While Feldstein had few fans within the Administration, his honesty and forthrightness earned him support on Capitol Hill. On learning of his resignation last week, Daniel Rostenkowski, the chairman of the House Ways and Means Committee, said, "There goes the White House's last link to economic reality...
However, no final decision on the fate of the radical sections is expected until August. "Feldstein has been very busy, I've been very busy, and we haven't had time to sit down and talk to all the interested parties to figure this out." Lindsey said, adding that he wanted to get input from professors and section leaders who have had experience with the course...