What the Johnson Administration wants, the Federal Reserve Board has not always deliveredat least not while the economy was booming. In late 1965, when the President wanted an easy-money policy, the Fed seemed to go out of its way to tighten things up. But ever since business turned sluggish last winter, the President and the Reserve Board have been working in tandem. The Federal Reserve sliced required bank reserves to make money more available. The Administration pushed the reinstatement of the 7% investment credit on corporate capital spending, pumped money into a drooping mortgage market, stepped up highway and...
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