Bill Martin: “Truman looked at him and said: ‘Traitor’”

episode

New Books in Biography & Memoir not yet transcribed

▲ 0

Transcript

This episode hasn't been transcribed yet Upvotes decide what gets transcribed next — 0 so far. Sign in to upvote

More from New Books in Biography & Memoir

Ben Westhoff ed.,"Lives Interrupted: The Fentanyl Tragedy" (Arsenault Family Foundation, 2026) 27 min · 09 Sep 2026

Ashley Kahn, "Days of Miracle and Wonder: Paul Simon and the Trials and Triumphs of Graceland" (Atria Books, 2026) 49 min · 05 Sep 2026

All episodes from New Books in Biography & Memoir →

Report any issue

Source

Recorded07 Aug 2024

Publisherfeeds.megaphone.fm

Handlerec:5327885

Show notes

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second episode, he interviews Robert Bremner – author of Chairman of the Fed: William McChesney Martin Jr. and the Creation of the Modern American Financial System (Yale University Press, 2004). Bill Martin still holds the record for the longest chairmanship at the Fed – holding the office from 1951 to 1970. A Democrat, he was first nominated by President Harry Truman and reappointed (more or less willingly) by Eisenhower, Kennedy, Johnson, and Nixon. He dismantled government wartime controls over interest rates, battled to save the postwar currency-management regime, democratised the Fed, and fought successive presidents to keep its independence. These conflicts started early, says Bremner. “Martin told this story about walking down Wall Street and passing the president going the other way and Martin said: ‘Good morning, Mr. President, great to see you’. And Truman looked at him and said: ‘Traitor’. Basically Truman wanted to continue low interest rates certainly until he left office and for as long as possible”. After a career in finance at the World Bank and in the mutual-fund industry, Bob Bremner is now a director of the Westminster Ingleside Foundation. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.