Evolution of Federal Reserve Thinking

Michael Cohen mike at cns.bu.edu
Mon Oct 12 12:03:41 PDT 1998

This is a question for Tom Dickens cited in Doug Henwood's book on Wall Street and a reader of this list.

Doug quoted a private conversation indicating one of the most major concerns of the Fed was Labor Militancy i.e. preventing economic conditions from becomming sufficiently good for Labor that they would be embolded to make strong demands on Industrialists and Rentiers.

My question was how this evolved in time, specifically is there evidence of the fear of full employment and labor militancy under Marriner Eccles under Roosevelt or did this really start at a later date. More generally what briefly can be said about the evolution of Fed Politics.

--mike -- Michael Cohen mike at cns.bu.edu Work: 677 Beacon, Street, Rm313 Boston, Mass 02115 Home: 25 Stearns Rd, #3 Brookline, Mass 02146 Tel-Work: 617-353-9484 Tel-Home:617-734-8828 Tel-FAX:617-353-7755

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