Burton Abrams

No. So I suspect that behind the scenes, pressure is still to give Nixon the monetary policy he wants.

No. So I suspect that behind the scenes, pressure is still to give Nixon the monetary policy he wants.

The discount rate is the interest rate that the Federal Reserve will lend to banks. So by lowering the discount rate, they're telling banks, come and get it. You can borrow at a lower rate and then make loans. This tends to increase. The money supply.

The discount rate is the interest rate that the Federal Reserve will lend to banks. So by lowering the discount rate, they're telling banks, come and get it. You can borrow at a lower rate and then make loans. This tends to increase. The money supply.

The discount rate is the interest rate that the Federal Reserve will lend to banks. So by lowering the discount rate, they're telling banks, come and get it. You can borrow at a lower rate and then make loans. This tends to increase. The money supply.

There's two theories. And one is that Burns thought that the inflation was caused by irrational inflationary expectations and that the stimulus that was going to occur would improve the unemployment situation without exacerbating inflationary pressures.

There's two theories. And one is that Burns thought that the inflation was caused by irrational inflationary expectations and that the stimulus that was going to occur would improve the unemployment situation without exacerbating inflationary pressures.

There's two theories. And one is that Burns thought that the inflation was caused by irrational inflationary expectations and that the stimulus that was going to occur would improve the unemployment situation without exacerbating inflationary pressures.

The other explanation is that he capitulated... And gave in to the pressures imposed on him by Nixon.

The other explanation is that he capitulated... And gave in to the pressures imposed on him by Nixon.

The other explanation is that he capitulated... And gave in to the pressures imposed on him by Nixon.

The Federal Reserve should not be treated as a branch of the administration.

The Federal Reserve should not be treated as a branch of the administration.

The Federal Reserve should not be treated as a branch of the administration.

Yes.

Yes.

Yes.

When you get a personal conversation between the president and the Fed, there's too much possibility for a manipulation to take place.

When you get a personal conversation between the president and the Fed, there's too much possibility for a manipulation to take place.

When you get a personal conversation between the president and the Fed, there's too much possibility for a manipulation to take place.