Confusing signals on Burns
We've never had any disagreements on those [economic] subjects." So said Jimmy Carter at a press conference two weeks ago about his relationship with Federal Reserve Chairman Arthur Burns. Added the President: "I don't think that I have any inclination to criticize the actions that have been taken by Mr. Burns."
That was quite a statement, considering that Carter's economic advisers have insisted for weeks that the Fed's emphasis on restraining inflation by reducing the growth in the money supply would unduly constrict the economy's expansion. Reporters turned to White House Press Secretary Jody Powell. Was the President...
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