Fiscal Policy: The View from the Street


On a recent Saturday evening in Manhattan, a slight, studious-looking man mixed among the Broadway crowds and occasionally buttonholed a theatergoer to ask his feeling about the state of business. Before the evening was over, he had polled nine theater lines, tactfully retreating from the few customers who bristled at his curiosity or wanted to know his name.

The anonymous pollster holds one of the world's most powerful economic jobs and has stacks of statistics at hand —but he still believes in observing from life. William McChesney Martin Jr., chairman of the Federal Reserve Board, likes to make his own...

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