U.S. Business: Pressures & Passions

Patman: You always have one answer: higher interest.

Martin: And you always have one answer: lower interest.

That is the way it mostly went last week in the Senate caucus room, where the Federal Reserve Board's old foe, Texas Congressman Wright Patman, had summoned Board Chairman William McChesney Martin Jr., four more of the seven board members and four other witnesses to four days of hearings about the Federal Reserve's discount-rate rise. The hearings changed no one's mind or position one iota, but they produced some clarification of the events that led up to the rate rise and considerably heightened speculation about President...

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