Word: feldstein
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...testimony on Capitol Hill, the President's men acknowledged that the economy was in danger. Chief Economic Adviser Martin Feldstein, known as the Administration's "Dr. Gloom," agreed with Penner's warning that the deficit could reach the $300 billion range by the end of the decade. If that happened, said Feldstein, federal borrowing would be swallowing 75% of American savings and putting powerful upward pressure on interest rates. Even Treasury Secretary Donald Regan, usually an optimist and a critic of Feldstein's dour outlook, admitted that "without proper fiscal and monetary policies, there...
...market's most recent dip started two weeks ago and was triggered in part by the open warfare within the Administration over what to do about the budget. Regan advised members of the Senate Budget Committee to "throw away" the Economic Report of the President, prepared chiefly by Feldstein. The Treasury Secretary was upset about Feldstein's dark view of the deficit and his calls for a tax increase, a step that Regan and President Reagan oppose. A report of Regan's "throw away" comment went over the Dow Jones News Service wire at about...
...Administration's shenanigans had barely begun. White House Chief of Staff James Baker privately berated Feldstein and ordered him to cancel a scheduled appearance over the weekend on ABC's This Week with David Brinkley. The Treasury Secretary denied reports that he had demanded Feldstein be fired, but, Regan admitted, "I urged that differences between us be kept quiet...
Regan, an ex-chairman of the Merrill Lynch investment firm who has bragged of his "35 years of experience in the market," derides Feldstein, who is on leave from Harvard, for being a professor who spent too much time in the library. Last week, after scared stock sellers sided with the prof, Regan tried to dismiss the shake-out as a "natural correction that temporarily interrupts a bull-market upswing...
Before the week was over, Regan and Feldstein had managed to patch together a facade of harmony. At a House Appropriations Committee hearing, they sat side by side and contradicted each other on only a point or two. Later, at the end of a Senate session, Democrat William Proxmire of Wisconsin asked Regan why he had said that Feldstein's economic report should be thrown away. "Sorry, Senator," said Regan, "that was last week." The meeting adjourned amid chuckles...