Regional President Speech

S/S/?O '. THE SAME OLD PROBLEM - A NEW PROSPECTIVE 1. ACKN01;VLEDGE INTRODUCTION - SOME 5 WEEKS SINCE INVITED TO ADDRESS THIS GATHERING - SEVERAL IMPORTANT DEVELOPMENTS HAVE OCCURRED r= IN THE RECENT PAST . FROM MY VANTAGE POINT - THESE D.EVELOP5!Et" COME ABOUT OR HAVE ----Y,,4­ - ~~II''''''' . ~' GROI-,1N OUT OF THE ONE .?. 7ESDi L PROBLEM FACING OUR NATION -~ HIGH RATE OF PRICE INFLATION. THESE DEVELOPMENTS INCLUDE: .. _.---­ 1. THE FEDERAL RESERVE ANTI-INFLATION POLICIES INCLUDING ~ THE CREDIT RESTRAINT -PROGRAM ANNOUNCED MARCH 14th, 1980 ­ ~~ I AND- __ B~ANCED ~ bl­ 2. r FISCAL RESTRAINT AND A FEDERAL BlIDCET / 1--------~3~) DEPOSITORY INSTITUTIONS DEREGULATION AND M~NETARY .. ~ ~'i7f, ;/~"'/~ ~ I CONTROL ACT OF 1980. II. RECOGNIZING THAT YOUR INTEREST AND RESPONSIBILITIES INCLUDE - PROVIDING ADVICE AND DIRECTION TO YOUR BANKING AND OTHER ~ FINANCIAL CLIENTS, I HAVE CHOSEN TO DIRECT MY BRIEF FORMAL - REMARKS TO THE EC--O-NOMIC ENVIRONMENT WITHIN WHICH YOUR CLIENTS MAY BE CONDUCTING THEIR BUSINESS IN THE PERIOD AHEAD AND LEAVING TO THE QUESTION AND ANSWER SESSION SPECIFIC COMMENTS ON THE IMPACT OF THE CREDIT RESTRAINT PROGRAM AND DEREGULATION AND ----) MONETARY CONTROL ACT. c ~ ~~ ;O~4../~ ct2U -.-.­ ~ ~ If -!4 ~ 1J1WU~ -2­ ~GEL 1lI1.l 1L WE ~LL KNOW THAT RECORD I NTEREST RATES C E Y JJ..JU.ra.--' ~ TO THE NATION'S INFLATIO~ BANKER71 YOU NEED NO LENGTHY RECI­ TATION OF INFLATION STATISTICS: WHETHER YOU CHOOSE TO FOLLOW THE CONSUMER PRICE INDEX'S CLIMB FROM 9 PER CENT IN 1978 ANNUAL to ""~ It J" I 'J '11 "~ 117 ,~. 7t> /L-. (!.ct. A. It fJMI+ I ~ ~o .jfN'KUIf L RATE--OR IF YOU PREFER THE SLIGHTLY LESS PAINFUL NUMBERS OF THE GNP DEFlATOR--THE FACTS ARE AGONIZINGLY CLEAR· INFLATION HAS 9 - __------______ EXTRACTED A SEVERE PRICE FROM OUR NATION· AND THE INFLATION CURES - FO~LL WH I CH ARE CALLED LIKELY BRING ADDITIONAL DISTRESS DURING THE PERIOD OF ADJUSTMENT WHICH LIES AHEAD· ""'5 I~ CQ(.(~.s ~.; at. e.$ ­ WHY DO WE HAVE THIS INFLATION? WHAT CAN WE DO ABOUT IT? Afl lf-'r ",3 WA$/)""A~)e fi Al s -SU,.p,-.sU Il;;,: /1_ i-N M¥ "!PGsr.~T} THE INFLATIONARY ENVIRONMENT OF THE 197U's-­ AND ITS UNWANTED LEGACY IN THE 198U's--HAS A_NUMBER OF ~TS· THE "GU-NS ACW BI/TIER" POLlCY PURSUED DURING THE VIETNAM WAR IS SURELY A CAUSE} AND SO IS THE SHARP INCREASE IN ENERGY PRICES SINCE THE MID-197U's· ANOTHER CONTRIBUTOR IS THE DETERIORATION IN THE ECON­ OMY'S PRODUCTIVITY IN THE 1970's--WHICH PROBABLY FLOWS FROM -3­ CHANGES IN THE LABOR FORCE, A SLOWER PACE OF CAPITAL INVESTMENT, AND EXCESSIVE GOVERNMENTAL REGULATION· MONOPOLY ELEMENTS IN LABOR - AND PRODUCT MARKETS ALSO CONTRIBUTE TO INFLATIONARY PRESSURES BY REDUCING THE RESPONSIVENESS OF CERTAIN PRICES AND WAGES TO MARKET FORCES· ~IOST.. . IMPORTANTLY, IT SEEMS TO ME, THE INFLATIONARY FIRES HAVE ALSO BEEN STOKED c~B'~i.""II.b=k' BY THE D.. EFICIT SPENDING OF THE FED­ ERAL GOVERNMENT ACCOMPANIED BY RAPID GROWTH IN THE SUPPLY OF MONEY As AND CREDIT· YOU ALL KNOW, DEFICIT SPENDING AND RAPID MONEY .. GROWTH LEAD TO DEMAND IN THE ECONOMY THAT IS NOT MET BY THE ECON­ ~~~Jt:~ OMY'S CAPACITY TO SUPPLY GOODS AND SERVICES--AND THAT ADD TO ALL THESE FACTORS SOMETHING WE CALL INFLATIONARY EX­ 11.5 PECTATIONS· £bar~BUSINESSMEN AND WORKERS BEGIN TO EXPECT INFLATION TO CONTINUE, THEY BASE PRICE AND WAGE DECISIONS ON THE BELIEF THAT On INCREASES ARE NEEDED TO OFFSET THE INFLATION THEY WILL EXPERIENCE, AND THE INFLATION,,~loCESS BECO~1ES FIRMLY ANCHORED IN THE ECONOMY· -~- To SU.MMARIZE MY VIEW" I BELIEVE - THE MOST IMPORTANT CAUSES OF INFLATION HAVE BEEN DEFICIT SPENDING BY THE FEDERAL GOVERNMENT ; ACCOMPANIED BY RAPID MONETARY GROWTH" ALTHOUGH THE OTHER FACTORS-­ PARTICULARLY RAPID.L Y RISING ENERGY COSTS IN THE 1970's--HAVE CER­ Ih~·"" TAINLY PLAYED AkROLE. THI~ SHORT REVIEW OF INFLATION AND ITS CAUSES TAKES CARE OF PART OF THE IDEAS SUGGESTED IN THE TITLE OF MY REMARKS· HUT THERE - ~ IS ANOTHER ASPECT OF THE "SAME OLD PROBL - EM." As BANKER~AND CON­ CERNED CITIZENS" YOU ARE AWARE THAT MOST DISCUSSIONS OF INFLATION ALSO INCORPORATE SOME M-O RE OR LESS STANDARD PROPOSALS OF POLICIES NEEDED TO COMBAT INFLATION· UNDOUBTEDLY YOU ARE FAMILIAR WITH A GENERALLY ACCEPTED ANTI-INFLATION P-R-O-G--R-AM" WHICH IS" INDEED" A - GOOD ONE· IT USUALLY INCLUDES: A BALANCED FEDERAL BUDGET MODERATE GROWTH IN MONEY AND CREDIT TO SUPPORT MODERATE" SUSTAINABLE" ECONOMIC EXPANSION -5­ POLICIES THAT ENCOURAGE BOTH PRODUCTION AND CON­ ~NERGY OPEC_ SERVATION OF ENERGY TO REDUCE OUR DEPENDENCE ON ~ IN~~ST- TAX POLICIES OR OTHER ACTIONS THAT WILL STIMULATE MENT AND BRING ABOUT IMPROVEMENTS IN PRODIiCTIvITY MOST OF YOU WOULD AGREE" I THINK" THAT IMMEDIATE IMPLEMENTA­ TION OF T'FiOSE PO LICIES WOULD CONTRIBUTE TO A DIMINISH ED RATE OF -. ..... - INFLATION AND THE BUILDING OF A BASE FOR SUSTAINABLE" LONGER-TERM ECONOMIC GROWTH· UNFORTUNATELY" THOSE SOUND ANTI-INFLATION SOLUTIONS STILL REST IN THE "SAME OLD PROBLEM" CATEGORY BECAUSE - v-e-­ THEY ARE MOSTLY STILL UNFINISHED BUSINESS· Up TO NOW" t lilie I HAVE SEEN LITTLE EVIDENCE THAT OUR NATION IS WILLING TO MOVE EF­ ~ ~ . ~ ~ hv , ~ -; ~ -J - _ - . _ - ~ r-M-Il .­ ......... Co.......'" FECTIVELYI\TO CURB INFLATION· A NOTABLE EXCEPTION" OF COURSe IS 0­ MORE RESTRICTIVE MONETARY POLICtlA~ THE MORE RECE~T FEDERAL RESERVE ACTIONS DESIGNED TO RESTRAIN CREDIT GROWTH· -6­ As A ~ATION~ WE DO KNOW WHAT POLICIES ARE REQUIRED~ BUT WE GENERALLY HAVE BEEN UNWILLING TO TAKE THE M-EDICIN. E THAT MIGHT PERMANENTLY SLOW INFLATION·~ WE DON'T LIKE THE THOUGHT THAT A STRAIGHTFORWARD ATTACK ON INFLATION AND ITS CAUSES MAY RESULT IN ct L-ESS BUOYANT ECONOMIC GROWTH AND A SLOWER RISE IN OUR STANDARD OF LIVING· .. .. DOES OUR HESITANCY TO MEET INFLATION HEAD ON)MEAN THAT WE ARE DESTINED ALWAYS TO SUFFER PERIODS OF DEVASTATING INFLATION COUNT­ ERED BY EPISODES OF EQUALLY DAMAGING RECESSION AND UNEMPLOYMENT? Is SUCH AN UNWELCOME CYCLE,/ INEVITABLE? - 1 DON'T THINK SO· IN FACT~ I DETECT THAT THE WIND HAS CHANG­ - ..,sel ~ 0 ~ ED, BR I N G I NG US/lBETTERt\ECONOM I C POll CY TOOL0N7MORE DETERM I NA- TIoN FOR A FRESH ASSAULT ON INFLATION· As A RESULT~ MOREOVER~ I , BELIEVE THERE IS INDEED A NEW PERSPECTIVE TO GO ALONG WITH THAT SAME OLD PROBLEM· THIS NEW PERSPECTIVE IS CHARACTERIZED BY WHAT SEE AS A REAL OPPORTUNITY FOR US IN 198U TO IMPROVE OR ENHANCE OUR PUBLIC ECONOMIC POLICIES--AND TO DO SO-WITH THE GROWING SUPPORT OF • THE GENERAL PUBLIC· a~hc- t. -7- • IE&=I""-s. EXAMINE MORE CLOSELY THIS OPPORTUNITY OFA198ds- THE ONE WE MUST GRASP DECISIVELY· IT SEEMS TO ME THAT THIS OPPORTUNITY HAS THREE KEY ELEMENTS WHICH MUST BE FULLY EXPLOITED· THESE ELE­ MENTS ARE (1) IMPROVED MONETARY POLICY~ (2) A MORE DETE~MINED ANTI-INFLATIONARY FISCAL POLICY~ AND (3) THE AWARENESS AND,EVEN ... - ANGER OF A PUBLIC STUNNED BY INFLATION· ~ As FOR IMPROVEMENTS IN THE ANTI-INFLATIONARY CAPABILITIES OF MONETARY POLICY~ YOU ALL KNOW THAT THE FEDERAL RESERVE'S "SATURDAY.. N..I GHT SPECIAL" OF OCTOBER 6 HERALDED A RENEWED ATTACK ON INFLATIONARY BRINGING INCREASES IN THE DISCOUNT RATE AND EXCEiSES~ " ­ IN CERTAIN RESERVE REQUIREMENTS· ON THAT SAME DATE~ WE ANNOUNCED ~ -t;:VI Ojle,4>,Q A CH AN GEl N 0 UR M0 NET ARY POL I C~CE D U R ES· THE SEN EW PRO CE D .u RES ~elt.0t2', .i 1tV 5 7i4 ~S I~~' PLACE MORE EMPAHS I S ON BANK RES ERVES INJC~tJTPHIIsIs i ttoG I MONEYt::A~ q ~ 1\ '" • -YO UJ , "" LESS Er1PHASIS ON INTEREST RATES· . A RESULT OF THIS NEW EMPHASIS ON RESERVES IS THAT INTEREST WILL BE ALLOWED TO VARY ALONG WITH RAT~S THE DEMAND FOR MONEY AND CREDIT· IT'S CLEAR THAT THIS NEW PROCE­ -8­ DURE HAS CONTRIBUTED TO THE SHARP INCREASE IN SHORT-TERM INTEREST RATES IN RECENT MONTHS· BUT IT'S ALSO CLEAR THAT OUR NEW PROCE­ DURE HAS CONTRIBUTED TO THE FEDERAL RESERVE'S SUCCESS IN MODERAT­ ING MONEY GROWTH SINCE OCTOBER· IN MY JUDGMENT THE FEDERAL RESERVE HAS BEGUN TO EFFECTIVELY EXPLOIT THIS OPPORTUNITY FOR .. IMPROVED MONETARY CONTROL· ANOTHER WAY rl1Jt GIF WHICH THE FEDERAL RESERVE WILL HELP BLUNT INFLATIONARY FORCES IN 1980 LIES IN OUR INTENTION TO ADMINISTER THE SPECIAL CREDIT RESTRAINT PROGRAM WITH A FIRM HAND· As YOU ~ KNOW) THE RESTRAINT PACKAGE INCORPORATES A 6 TO 9 PER CENT RANGE IN BANK LOAN GROWTH IN 198U AND INCLUDES OTHER FORMS OF RESTRAINT ON BANK LENDING· THE PROGRAM DOES NOT INTEND TO DIS­ COURAGE A REASONABLE FLOW OF CREDIT TO SMALL BUSINESSES) AGRICUL­ TURE) AND THE HOMEBUILDING INDUSTRY· ALTHOUGH THE CREDIT RE­ ~llj- Pt~IJSu~ e,... STRAINT PROGRM1 IS INTENDED AS~A TEMPORARY ,t,fTIetf) IT UNDOUBTEDLY WILL REINFORCE THE MORE RESTRICTIVE FEDERAL RESERVE POLICIES INITIATED IN OCTOBER AND OTHER SUBSEQUENT STEPS· -9­ ADDIT!ONAL POTENTIAL FOR THE FEDERAL RESERVE TO IMPROVE ITS FIRM ANTI-INFLATIONARY STANCE WILL BEGIN TO COME ON STREAM THIS YEAR AS A RESULT OF THE PRESIDENT'S SIGNING OF THE , DEPOSITORY INSTITUTIONS DEREGULATION AND MONETARY CONTROL ACT OF 1980· WE IN ... THE FEDERAL RESERVE PARTICULARLY APPLAUD THE RESPONSIBLE SUPPORT OF FINAN~IAL INSTITUTIONS WHICH LED CONGRESS TO CREATE THIS PACK­ AGE· NOT ONLY WILL THIS LEGISLATION PROVIDE MORE E-QUITABLE TREAT­ MENT OF FINANCIAL INSTITUTIONS AND ENCHANCE COMPETITION AMONG Q..... THEMI BUT IT SHOULD LEAD TO .:ttr' FURTHER IMPROVEMENT IN THE FEDERAL ~U.14T..... ~..I. ~p/~,.....~-r RESERVE'S ABILITY TO 60'1~!!:I MONETARY POLICY· SINCE UNDER THIS NEW LA;!RESERVE REQUIREMENTS WILL BE UNIFORMLY APPLIED TO ALL DEPOSITORY INSTITUTIONS OF LIKE SIZEI/MONETARY POLICY WILL HAVE A ~ye.. It DIRECT IMPACT ON A WIDER RANGE OF FINANCIAL INSTITUTIONS· THE BROADER IMPACT WILL INCREASE THE EFFECTIVENESS OF MONETARY POLICY AT CRUCIAL TIMES SUCH AS THESE WHILE SPREADING THE BURDEN OF 1 RESERVE REQUIREMENTS MORE EQUITABLY THROUGH THE NATION'S FINANCIAL SYSTEM· -10­ e ~ /+-111 FROM MY PERSPECTIVE AS A FEDERAL RESERVE POLICYMAKER~ 'IT i~ ASSURE YOU THAT WE WELCOME THE POTENTIAL OF THESE IMPROVEMENTS IN ~t.; OUR POLICY CAPABILITIES· IXw~ URGE THEIR APPLICATION FIRMLY~ BUT TO BOLSTER THE FIGHT TO WRING INFLATION FROM OUR ECON­ WISELY~ OMY· IF OUR RESOLVE REMAINS STRONG~ I HAVE' NO DOUBT THAT THESE MAKE A MATERIAL CONTRIBUTION IN THE BATTLE AGAINST POLICIES~WILL INFLATION· HUT WE ALL KNOW THAT MONETARY POLICY ALONE CANNOT HALT INFLA­ TION· OTHER PUBLIC POLICY TOOLS MUST BE BROUGHT INTO THE FRAY. THIS BRINGS ME TO THE SECOND MAJOR OPPORTUNITY I SEE TO COMBAT INFLATION IN 198U~ THE USE OF THE FEDERAL GOVERNMENT'S F.. ISCAL - POLICIES· THE PUBLICLY STATED INTENTIONS OF THE ADMINISTRATION AND CONGRESS TO BALANCE THE 1981 BUDGET SHOULD BE APPLAU . D ED AND ENCOURAGED BY ALL WHO ARE CONCERNED ABOUT THE INFLATIONARY ~r ~ -11­ PRESSURES WHICH HAVE RESULTED FROM THE DEFICIT FEDERAL SPENDING IN • » 19 OF THE LAST 20 YEAR., S- FURTHER MANY OF US WOULD URGE FEDERAL 1 SPENDING CUTS IN THE CURRENT FISCAL YEAR AS WELL AS THE ESTAB­ 1 cJ~~""'" LI SHMENT OF A~OSITIVE COMMITMENT FOR FUTURE FEDERAL BUDGETARY DISCIPLINE- SUCH AN APPROACHI'COUPLED WITH THE CONSISTENT 1 CREDIBLE~MONETARY POLICY TO BE PUT FORTH BY THE FEDERAL RESERVE I WOULD CLEARLY SIGNAL PROGRESS IN RETARDING INFLATION GROWTH­ NONE OF US ARE SO NAIVE TO BELIEVE THAT STRINGENT MONETARY POLICIES AND RESTRICTIVE FISCAL POLICIES CAN EXPECT TO SUCCEED ... AGAINST INFLATION UNLESS THERE IS A »ROAQ BASE OF PUBLIC SUPPORT ... fOR SUCH POLICI~S- THEREIN LIES THE THIRD MAJOR OPPORTUNITY FOR ~.Je;t- Lev...,/ ANTI-INFLATION PROGRESS IN 1980--DRAWING ON THE~meeT!n OF PUBLIC AWARENESS OF THE SEVERE IMPACTS AND PENALITIES OF INFLATION­ SCARY HEADLINES ABOUT THE PRIME RATE AND THE CPI MAY MAKE US WINCE ~. IN PAIN, BUT AFTER THE WINC'/COMES THE II -EYE-OPENING REALITY OF INFLATION­ -lL- HOUSEHOLD'/B~AUSE HECAUSE INFLATION EXEMPTS NO AMERICAN VITALlTY/~~MOST INFLATION IS DRAINING OUR ECONOMY OF ITS IMP2.,R­ TANTLY BECAUSE INFLATION IS CAUSING US TO BE LESS OPTIMISTIC J ABOUT THE FUTURE I BELIEVE AMERICANS WILL NOW RESPOND TO POLICIES J WHICH ARE AND __D_ E_M_O_N_S_T_R_A_T_E_A__ _ __IT _M_ _E NT TO lREDIBL~ WH~!_C_H C_L_E_A~R~C_O_M_M c:::r-;- I~ C/e,f-A ~ h1<t,. ~-r RESTORE ORDER TO OUR ECONOMIC STRUCTURE· J),:B:E....!r THE NOISY PUBLIC -- ~ a,V-e­ DEMONSTRATIONS IN RECENT WEEKS AGAINST HIGH INTEREST RATESV RE ALLY -= il.... .. DEMONSTRATIONS AGAINST INFLATION? ~ ~ IF MY ASSESSMENT ABOUT THE SIGNIFICANT OPPORTUNITIES OF 198U ARE CORRECT THE TIME WE SHOULD RESOLVE TO MARSHAL J THEN~IS LMONETARY AND FISCAL POLICIES AND PUBLIC OPINION TO BRING ABOUT A NEW NONINFLATIONARY ECONOMIC ENVIRONMENT· WE ARE ALL WELL AWARE OF THE ECONOMIC AND SOCIAL COSTS WHICH MUST BE PAID TO EXTRACT US FROM THE INFLATIONARY SPIRAL· THE CO-ST GROWTH--EVEN RECESSION WITH H!GHER UNEMPLOYMENT I~SLOWER J J ~ =-"" -- PRODUCTION AND OTHER UNFORTUNATE SIDE EFFECTS· HUT THE EARLIER .. J WE MOVE EFFECTIVELY AGAINST INFLATION THE SOONER THE PERIOD OF J ADJUSTMENT WILL OCCUR AND PASS AND THE SOONER WE CAN LOOK FORWARD J -13­ TO THE STABILITY WHICH WILL BRING RENEWED PROSPERITY AND GROWTH TO 7J -e n~ &J.'t, , OUR ~Y. BUT WHAT IF WE DON'T GRASP THESE OPPORTUNITIES OF 1980? WHAT ., -IF WE AGAIN FAIL TO ACT DECISIVELY AGAINST INFLATION? WE HAVE NO d'ZA <e'>'\ r~cl ~OICE. IN MY FAILURE TO TAKE COORDINATED ACTION JUDGEMENT~ FIRM~ NOW CAN ~NLY LEAD TO A FURTHER SPEED-UP IN INFLATION· IN SHORT~ DEALING WITH 15 OR 18 PER CENT INFLATION NOW IS FAR LESS PAINFUL WDull be. THAN~THE CURE REQUIRED FOR 25 OR 30 PER CENT INFLATION THE NEXT TIME AROUND· IF YOU AGREE WITH ME THAT THE OPPORTUNITIES ARE HERE~-THAT ~i~ --fo j",.~ d ~t!.", ,; fI Eo. J4c,..i-t~ _ ~ wcs"ld 6<l,Y RIGH~T~ Y THE TIME IS INDEED FIRMLY AGAINST INFLATION;!CON- TINUE~R SUPPORT OF THE FEDERAL ~ESERVE POLICIES AND PROGRAMS d.. _I F 0 '-"J J:Io .cJ J. ~""" 4 If a. ~ DESIGNED TO FIGHT INFLATION.;lcONTINUE YOUR SUPPORyf RESPONSIBLE FISCAL POLICY· IN PARTICULAR--G·IVEN THE MOOD OF THE NATION IN THIS ELECTION WHEN THE BANNER OF FISCAL CONSERVATISM COULD YEAR~ -14­ ~~J~-c.. 't~ BECO~E POINT-~PORT\CANDIDATES WELL A RALLYING n WHOSE RECORDS AND "01= c:..-. OJ STATEMENTS STAND FOR ECONOMIC REASON· WHAT ELSE CAN BE DONE? WORK MORE INTENSIVELY TO A~URE THAT , ~/.J~~~ - YOU R CUSTOMER SJ\AtIB ... - --- - UNDERSTAND THE ULTIMATE GOALS OF PUBLIC ECONOMIC POLICIES· HELP THEM TO COMPREHEND THAT FUTURE 11f,." ~(.\,r& 'P 140, T Q,~Ie" ­ BUSINESS CYCLES MAY WELL LOOKA.,DIFFERENg--THAT SLOWER ECONOMIC GROWTH MAY WELL BE A PERMANENT FACT OF BUSINESS LIFE IN COMING A~ t:-EjH~1S~S· YEARS· [ABOW:: ALL...,-cON'"f I NtlE TO B'E'-LE"1tOt;]:S WELL AS (J.4H< 'r"O~R I+ELP~-'ILC 3tJC~ IN CONCLUSION, LET ME ASSURE YOU THAT THE FEDERAL RESERVE NEEDS AND APPRECIATES YOUR SUPPORT· WE NEED SUPPORT NOW AS THE , f!..eI<TI411'11, ANTI-INFLATION FIGHT HEATS UP· WE ~~WELL NEED IT LATER DURING THE INEVITABLE BUSINESS DOWNTURN WHICH ACCOMPANIES OUR SEARCH FOR LONG-RUN ECNOMIC STABILITY, ESPECIALLY IF OUR APPROPRIATE BUT UNPOPULAR POLICIES COME UNDER FIRE· IF- -W=E =CA=N =HO=LD= F-I-RM, WE CAN -== :::r -LO OK FORWARD WITH YOU TO A TIME PERHAPS WHEN RAPID AND INFLATI ~ SERIOUS ECONOMIC INSTABILITY WILL BE ONLY UNPLEASANT MEMORIES·

J. Roger Guffey (1980, May 4). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19800505_j_roger_guffey

@misc{wtfs_regional_speeche_19800505_j_roger_guffey,
  author = {J. Roger Guffey},
  title = {Regional President Speech},
  year = {1980},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19800505_j_roger_guffey},
  note = {Retrieved via When the Fed Speaks corpus}
}