ower-income families expend a greater share of their income on necessities; have smaller financial cushions; and may have less ability to switch to lower-priced alternatives. Arthur Burns noted in the late 1960s that "there can be little doubt that poor peopleare the chief sufferers of inflation."4
When Richard Nixon nominated Arthur Burns to head the Fed in 1969, it was with the understanding the Burns would run a loose monetary policy to help with Nixons re-election in 1972. Burns kept his word after he was sworn in in 1970. The Fed/Treasurys failure to defend the value of the US$ via high
Date: Jul 05, 2019
Category: Business
Source: Google
Stephen Moore’s Federal Reserve nomination imperiled in the Senate
considerably over the years, with some ebb and flow in the theory and practice of Federal Reserve independence. That independence reached a kind of low point when Richard Nixon appointed Arthur Burns to run the Fed during his first term and then sought to control Fed policy through both overt and sleazy means.
President Richard Nixon went much further, effectively destroying the independence of the central bank. He appointed Arthur Burns as chairman in 1970 and then began pressuring him in public and in private. On the day he appointed Burns, Nixon drolly remarked: I hope that independently he will concl
Date: Jul 23, 2018
Category: Headlines
Source: Google
Fed nominee Powell, once hawkish, now champions Yellen's focus on jobs
Still, even well-known economists have surprised once in the top job. A review of tenures of Arthur Burns, Alan Greenspan and Ben Bernanke by economists Alexander Salter and Daniel Smith showed all three implemented policies they opposed before taking office.
he Fed would hesitate to raise rates on Nov. 2 if the time is right. You have to go back to Arthur Burns, who held office from 1970 to 1978, to find a Fed chair who is deliberately goosing the economy to help an incumbent president, says Michael Dorf, a professor at Cornell Law School.
Date: Sep 30, 2016
Category: Business
Source: Google
Federal Reserve Indicators To Evaluate The Investment Environment
Because of the balance of payments deficit and reduction of gold, in the 1960's, Congress removed gold requirements for reserves from the Fed. In the 1970's President Nixon's Economic Stability Act and Arthur Burns' increase in the money supply exasperated high inflation and unemployment. This was a
There are even more questions around Richard Nixon. White House transcripts reveal heated conversations between Nixon and then Fed chair Arthur Burns. Nixon pressured Burns to pump more money into the economy, which the Fed did heading into the 1972 election.