Word: thygerson
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Despite the distress, Volcker's interest rate policy continues to win support from bankers, businessmen and politicians. The U.S. League of Savings Associations unanimously approved the Fed's actions, and the group's chief economist, Ken Thygerson, admits that it "was necessary to deal a lethal blow to speculation in the housing market." Ben Heineman, president of Northwest Industries, calls the program a "sensible way of checking inflation." Even Senate Banking Chairman William Proxmire, normally the central bank's most vociferous critic, endorses the program, saying it has had an important "psychological effect." The battle against...
...July but flattened out in August at an annual rate of 1.3 million, v. a peak of 2.4 million in 1972. Largely because of high home prices, the $2,000 income tax credit to buyers stimulated sales very little. Continued disintermediation, says U.S. Savings and Loan League Economist Ken Thygerson, "will abort the housing recovery...
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