Word: galbraithe
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John Kenneth Galbraith, Paul M. Warurg Professor of Economics, yesterday called on Congress to give the President ultimate authority" over bank interest rates...
...speech before the Joint Congressional Economic Committee, Galbraith strongly criticized William McChenney Martin, the Federal Reserve Board Chairman. He said that Martin had acted in and under pressure when he raised bank interest rates from four to four and be-half per cent. The professor called the move "improper and unwise...
...Galbraith suggested legislation to limit the power of the FRB, which presently by raise bank rates without presidential approval. "The Federal Reserve should, course, remain fully in charge of day-to-day operations," he explained, but the president should make the final decisions...
...friends Schlesinger writes about came from Harvard, and this book is going to be gobbled up by every Cantabridgian who wonders just what happened to the people who disappeared in 1961. Schlesinger includes detailed accounts of what many of them were doing (there are times when J. Kenneth Galbraith seems almost to be running the government singlehandedly), and there are bits of information about the less exalted that illustrate just how closely Washington was tied to Cambridge for those three years. When, at the time of the Bay of Pigs, the Cuban Revolutionary Council needed a manifesto of its intention...
...Galbraith, too, believes that one of the most important aspects of an antipoverty program is "to bring those directly involved into the program." He said that he had thought about it a great deal, but declined to make any specific comments on possible ways of doing this...