Word: patman
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Dates: during 1960-1960
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Nevertheless, a loud and powerful group of Congressmen, including Illinois Senator Paul Douglas and Texas Congressman Wright Patman, refuses to grant the Treasury any relief, crying that interest rates are already too high. "The only inflation we have today," says Patman, with more emotion than economic reason (see State of Business), "is inflation caused by high interest." The critics blame the Treasury for the rising cost of servicing the nation's debt, argue that any further boost in interest rates would cost the taxpayers additional billions. They argue that if the Treasury wants to sell long-term bonds...