Regional President Speech

· . '\ . SUSTAINING ECONOMIC RECOVERY: REMOVING THE OBSTACLES Remarks by Roger Guffey President, Federal Reserve Bank of Kansas City Harvard Graduate School of Business Administration 68th AMP 6th Continuing Education and Reunion Meeting May 5-8, 1983 Dorado, Puerto Rico Against the backdrop of historically high inflation and a stubborn recession in these recent months, we have seen quite a varied menu of economic developments. On the one hand there have been continuing declines in production and high levels of unemployment, which contributed to a 2 percent decline in GNP for last year. On the other hand, we've seen vlgorous upsurges in stock and bond markets, and a major lessening of inflationary pressures. (Good News - Bad News) To be sure, the economic headlines in 1982 made disappointing reading, tracing as they did the economy's dismal performance. As you know, high interest rates brought on by years of inflation affected many key sectors of the economy. The bellwether housing and auto industries declined further, and business capital spending was extremely weak as the second recession in three years rippled through the economy. -2­ The human dimensions of the business downturn were reflected in the c . bLue lid.. -4 =E @ 0 r? #'--'l" £ )t !. & GlEj;i,IiI:iI;Im;m:jiiiiJiijliiiiiii;iiiiiiililliliiliiliililiiiiiiliiliililiiiiiliiili!ifliilllliIl1J • We werepaying a hig h ~ to wr ing inflation from the economy. Yet, in the of such a deep recession, some long-awaited fa~e . . . k.h?' ~ ~ indications of economic recovery have recently Mcome a~t. Among these welcome signs are the so-called leading ~conomic - the stock market--which have been positive indicato~--including nearly every month since mid-1982. Underlying trends suggested by these indicators were confirmed when declining inflation, together with weakness in business activity, prompted a general decline in interest rates during the second half of 1982. ~ DecliningArates, in turn, have encouraged a rebound in housing ~f ~. and auto sales,ctwo of the most interest-sensitive the J4 % N'1t~kt<~ ~ economy. January housing starts were up ~per cent~and auto . ..{-A-fJ 16/1) LA-.' t11;fJ...,:J~z a!~ c#,t'~ sales have remaine? fairly str6ng(-\ Furt11ermore, l.ndust:rlal production g.rew strOnq?Etlast month, retail sales were positive, . ·4 . ..-n and the unemployment rat~declined. k .>\ Although these favorable ec6nomic developments certainly brighten the prospects for business recovery, many people are }:t /lad~ y understandably~gun-shy m:IW. ~any question the economy's ability ~ a:.... to sustain recovery throuqh 1983 and into future years. ~ GiVen) ¥ the critical imoortance of sustained economic growth to the nation, ' 11J~ l&K,.su ­ ~r I ~ to discuss this question with you briefly today from two OU~lOOk, (/~f'~ ~ ~\ perspectives. First, I want to consider the near-term /?r~J -3­ and second, I want to for sustaining u.s. examine~prospects / ~. ~ I f'.R'~.> economic health over the longer term. -- ~ In assessing the economy's staying power in 1983, I believe one of the most encouraging tren.d. s-is the substantial progress that has been made in restraining inflation. As you know, the 'C'~h:~1982~ 3.9 per cent rl . se ln t e cpr ln 'was the sma I lest annual ...c:::::> . ~ (~~9~ ,....,.... ~au_<du increase in a decade. In JanuarY'Athe producer price index actually declined, and in real terms, the price of oil--a most ~ important'· economic been declining. ingredient--ha~ These welcome trends on the price front also are having a favorable effect on cost structures throughout the economy. We have seen lately that a significant byproduct of slower intlation-­ is a slower rise in labor costs and an iFcrease in labor ~ productivi!J'_ (~ ij. f'/f) ~ d-r /ff'~) These price and productivity trends, ~ my judgement, are to ~ 'l!.v helpinqAestablish a healthyC~ for~ economy. So, too, is the generally lower level of interest rates. Reflecting these lower rates~nterest-sensitive industries like homebuilding :~ and automobiles and other durable goods/are likely to show additional gains this year. ~vith increasing sales';businesses are la·kye to rebuild inventories/spurring production levels ~ . CLh"~ andAe plo ent. Additional stimulus also will ~ from Federal government spending, particularly for defense goods. While these factors certainly will work in favor of sustaining the economic recovery in 1983, there are indeed, some ~~/ question marks. ~Some observers suqgest that continued high -4­ unemployment and weak personal income prosoects cloud the outlook for~sustained recovery ~ I~~hat consumer spending may not be overly strong under these circumstances. Another concern is that business capital investment may continue to be weak and ~~ provide little economic stimulus in 1983. '~' . 1:k- exports~he Another problem area for 1983 worldwide is~U.S. recession and a -st=rong dollar resulted in a major deterioration ~~ in the nation's exports~during 1982. Given the current - weakness foreign economies, and the still high value of the ~n do1 1.3.r jexport demand is not likely to turn around quickly. Many of you undoubtedly have been concerned about the health of the in~l;'n9.tiongl ",fina~c;j~~m. Widespread public attention has been focused in recent months on the deteriorating financial positions of many international borrowers--particularly~ developing countries. Slowing worldwide economic growth left exposed~nd many of these borrowers raised questions about their ~ ability to repaYAdebt. D,espite the high visibility of this ..,. . I' / . problem, ~ " eve t~ ..) official efforts now under way are serving to ease this problem considerably. Through responsible cooperation with the International .-,;;tP; Monetary Fund, a number of countries are taking!necessary steps to put their affairs in order. As a result, major international lenders are developing confidence that orderly economic adjustments will occur. Moreover, lower worldwide interest rates and improving economic conditions should ease pressures on both lenders and -5­ ~~~ borrowers. In my judgement, the stream are programs~nowAon likely to bring needed confidence to international financial /frJ~ affp;ro and diminish the effects of international financial ~ problems on dome stic economy in 1983. ~ A key ingredient in the 1983 outlook and for the sustainability of economic recovery through the year is Federal Reserve monetary policy. What are the Federal Reserve's intentions in 1983? Should the public be concerned that--as . " ~ "I- ' v. t one former Fed chairman put it--the Federal Reserve will take ~ r 1­ away the punch bowl just as the party really gets qoing? _ ~ ~ c::.c," =-~_ As background for understanding the Federal Reserve's policy '­ ~ ). intentions, you should know that the Federal Open Market Committee ~ ~ . ft? .. ~P S~re- -i j,hve. y ·YJ4. fe.... , .; looks for about 4 per cent real economlC qrowth thlS year. A Moreover, we believe,}~,) that the 1983 inflation rate will be below the 5.6 per cent rate in the GNP deflator anticipated ...---- > by the Administration. The Federal Reserve's intentions for 1983 were set forth in mid-February when Paul Volcker met with the Congress to discuss the FOMC's agreed-upon targets for money and growth. He cr~dit . .-~.- . reaffirmed the Federal Reserve's objec~ivesAto maintain ~ogress toward price stability while providing the money and liquidity necessary to support continued economic growth. To achieve the objective of moderate noninflationary expansion in 1983, it is clear that the Federal Reserve canppt be bound by riqid rules of monetary growth, but rather must pursue f1"'1~ these goals with aAflexible pol~cy. Such a policy will permit us to -6­ look beyond the varied impact of financial deregulation on money exampl~and growth, for to d;:l'more realistically with unusual or unanticipated financial developments. The 1983 monetary target . ranges established in connection with such a flexible policy are in some cases wider and hiqher than in 1982 targets, parti~ularly for the widely followed and distortion-prone aggregate,-M-l. ;­ -1 In my view, the Federal Reserve's intended approach to monetary policy in 1983 will help to insure that an appropriate level of money will be available to support moderate anq~credit noninflationary in business activity. eXDansj~ C On balance, then, after the most significant ~ighing economic variables, I believe that the economy's forward momentum ,. can and will be sustained through 1983. ,~. Against the background of these optimistic assumptions for ---. c ---­ 1983, I want to turn now to consider the economic outlook over the longer-term What can be done to insure that the PQ:rspe€lt.iv~. current favorable developments in the economy can be translated into sustainable economic performance over the longer run? I believe the answer to that question might read like this: r The chances for sustained expansion are certainly good if we --------. -. ~--- ~ remember the painful lessons of inflation and also address the .progres,r.~~rh major obstacle to long-term economic i:.the deficit Dosition for years to come in the Federal m~ssive government's budget. I am convinced that we have the opportunity now to make the current turnaround a long-lasting period of expansion because the -7­ harsh lessons of inflation have become apparent to the American Y o! t4:.­ ~ ~~understand~now public. that the inflationary excesses of the past two decades distor ted our economic decisions and ==­ led to recurring recessions. Even worse,-lost jobs and lost production undermined faith in our system and weakened confidence tk- fJu.I~:' in the future ~ .Some repairs to"confidence have been made recently, but there is much more to do. Thus, as we consider the sustainability of long-term expansion, we can draw strength from recent evidence of fundamental lessening of inflationary pressures. This development is extremely important because diminshed inflation is a necessary precondition for permanent recovery. Precisely because the nation has corne so far theJ~t; in the battle with inflatiOnjresob/ing th.'i large and growing federal budget deficits has becomet\.crii.rdal. In my judgement, this is the most serious obstacle to our nation's long-term economic health. The dimensions of the prospective deficits for 1983 and ~. beyond are staggering and may not be fully understood by the ~ F _~__~~ . t~ American public. As you may know, the Office of Management and Budget now is forecasting a $208 billion deficit this fiscal year. ~;rr '> Even greater deficits may occur in futuie years unless significant adjustments are made. A major portion of the deficit this year /orl p. ~hOrtfallS will be related to. r,.ecession-caused in revenue increases In spendlng. But a s'gnlflcant 9art of the deflci~ ~~ ..::;.".~ #/ u<.t- a:-~ ../ .J~ r:"'/j ~ . this year will be structural in nature;~~~ou±d exist even ~ if the economy were operating at full employment. What disturbs -8­ me most is that the s tructural deficit is expected to grow in future years, given existing spending and revenue laws now on the books. This will happen even if the economy recovers and the of the deficit narrows. r~cession-related-part Not only are the prospective deficits large by absolute standards, they are growing larger relative to GNP. To illustrate, back in the Eisenhower years, the deficits--when they occurred-­ averaged about 1/3 of one per cent of GNP. Twenty years later, -- during th~ Carter administration, the deficit averaged about 2 per cent of GNP. Current administration projections show deficits ~t or~gtttiY- 6-7 per, cent of GNP, less with a stronq economic recovery. But it is not simply the scale of the prospective deficits c;;t­ which is ~ issue, but rather the P?tentially negative impacts on business growth, the financial markets, ~,the P~liC psychology. T' Because budget deficits must be financed by borrowing in credit markets, massive ongoing deficits pose a serioys threat , . ' ~ a.,.. k~~~' to prospects for sustained economic expansionn As business expands, private sector credit demands from businesses, farmers, . ~h~me buyers may well collide with the government's financing - needs, raising again the specter 6f' "crowding out." Moreover, as both public and private credit demand grows, the likelihood of risinq interest Although credit rates-1~eases, as~ll. demands appear manageable this year, rising inte~st rates lat~ ~b d~~t'.'~ . . . on might discourage theA orrow1ng nee __ a cont1nu1ng ~to ~1nance r-- T"'" recovery. Another very important negative factor related to -9­ financing the deficit is that potential "crowding out" problems and rising interest rates--if they occur--would raise public fears about renewed inflation. Such rising inflationaEY expectations would surely weaken the foundation for recovery which has been laid. As we all know, to the deficit dilemma ~undamental solu~ions are developing very slowly in Washington because of sincere differences about the nation's priorities. Until those are resolved, the deficit issue will remain front differen~es ~) page news. long as the stalemate persists, we probably ~,so a.cr ~cI~ ().4~ ~.JJ.ii - will hear ideas WhicfV¥£2± ,r Asmokescreen andAd~lly the decisions which must be made. t, For example, some observers have suggested that the Federal Reserve could solve the deicit financing problem----and help the economy sidestep possible "crowding simply creating o~t"--by more money. This solution, which is tantamount to ~onetizing t--h- e government debt, will only -add to public concern about future - inflation and rising interest rates. It is quite clear to me that excessive expansion of money not the answer to ~s mass~ve ---- federal deficits--or to any economic problem, for that matter. ~~--~--------~~--------~- While excessive money growth may . bring temporary short - term':~Jj. ~~ iJ~~,,-, ~'3 benefits, such as rates, such action will 10wer~interest ~lpr~t jet "(contribute to higher inflationary pressures and higher interest rates over the long run. We in the Federal Reserve believe that the economy has come ~D far in the fight against inflation, and has paid such a high ~ r. -10­ price to reach this point, that it would be irresponsible for the Federal Reserve to fore sake such important gains in order to Z1tL­ /rry~-z;:;.~ to'v~~~ federal budget deficits. This view does not signify Federal Reserve insensitivity to broad public needs. Rather, I mean to emphasize and reinforce the Federal Reserve's long standing commitment to a credible r__ '. ' . /J1odeA.A course of IDQdgrate-growth in money and credit which will support $4'" oS a continuing noninflationary economic expansion. As for making the difficult but absolutely critical decisions that will resolve the budget stalemate, I have no easy answers, )bQJJ~h~ alternatives seem clear. We can cut spending or we ~ can increase revenues, or we can do some of both. Deciding ~ where t? \c~~ spending or how to increase revenues is not~the proVTt'l'ee of the Federal Reserve. Such decisions are political in both the partisan sense and as related to the will of all Americans. At its heart, it seems to me, the budget deficit issue . . ~J4~~ 1S a referendum on theA role; of government in our society. And the sooner this issue is resolved, the clearer will be the economic outlook. In closing, I am encouraged about the sincerity and intensity of the public debate over the budget deficits. Given this debate, I am very hopeful that our political processes will soon produce the appropriate solution--one which will enable . our economy to move forward with renewed confidence on a path of ~stainable ~ ~~~ ~/'lfh{ growth.jr' - ~ter~' • From Puerto Rico Trip May 5-8, 1983 .y% J ; .s - J ­ ;i. I _ J I - !J,~ _ ." v +-, '3 A1- T /,! T- -+- (J, I, ~ _ 4- ". II - -<p.7 /vi. _ - 9;, 2..--' { -...,.tI~ ..r _-133. ~ P _)3,0 + :;" N - I t -+- 0,1.­ - Cb·3 tJ- -t- I I '1-"-1- _0·1 ....,... I -I , / HARVARD GRADUATE SCHOOL OF BUSINESS ADMI ISTRATION KIRBY CRAMER, President CRAIG R. SMITH, Vice President AMP DONALD C. KORB, Treasurer CHARLES L. LUEBBERT, Secretary SIXTH CONTINUING EDUCATION AND REUNION MEETING DATE: May 5-8, 1983 LOCATION: Cerromar Beach Hotel, Puerto Rico Planning Committee: Gene Branscum, im Morrison, Joe Deckert and Don Kipley April 15, 1983 Saludos! This is just a reminder about some of the arrangements for the reunion. We will be at the Cerromar Beach Hotel, Dorado, Puerto Rico. The convention manager we've been working with is Teresa Mejias. The telephone number is (809)796-1010. The Telex number is 3859758. The first planned activity is the "Welcome Cocktail Party" on May 5, at 7:00 p_m. and the last short meeting is Sunday the 8th at 9:00 a.m. Earlier arrivals and later departures are subject to the availability of rooms at the hotel. Please call Terri Anderson at Smyer Travel Service if you have any last minute requests. The number is (316)221-4856. There are several forms of transportation available to you from the airport to the hotel and you are on your own when you arrive, Helen and I are certainly looking forward to seeing all of you and after a winter that's still hanging on here, we're anxious for some fun and sun! Sincerely, ~~ Gene Branscum P.S. Enclosed is a pamphlet about the Cerromar. .., ~ =:: :..l ~ er=nl JAMES L. MORRISON co V .. J H t 0 " l 7 M 34 e 8 l f: A :L N O . O Vl I I r ! l \ G [) I O NI A S T 2 R 2 F 10 E 2 T (Xl z (703) 821·3406 ~ r.; v' ! March 22, 1983 TO: THE SPEAKERS - 68th AMP 6th Continuing Education & Reunion Meeting May 5-8, 1983 Cerromar Beach Hotel, Puerto Rico With your indulgence I will write to you as a group - and a grand group you are. Plans are made f or the upcoming meeting and we are looking forwar~ to it with great anticipation. As some of you know Gene has planned a welcoming "get-together" with cocl~tails and hors d'oeuvres for Thursda~vening , May 5. There is to be a group dinn r on Fr iday evening . Our education sessions are from 9:00 a.m. t o 11:00 a.m. on Friday and Sa turday and our business session-Will begin at 9:00 a.m. on Sunday morning . Afternoons are for the activities o . your choice. Enclosed is the flyer that went out with Gene's letter of February 18, 1983. I have just learned that Dav id Marlow will not be able to be with us due to a recent development that presents a direct conflict in schedule. Otherwise all speakers are holding firm so far as I know. I suggest that Jesse Markham be our keynoter and lead off FEida~ .m­ and be_ f.911owed by Roger Gui'fey. On Saturday I would suggest that e Smi th s t a rt the ball rolling and that our panel then carryon with all that has been presented as backdrop for a free-wheeling discussion. If you have questions and/ or counter suggestions let me hear from you. See you in Puerto Rico. · ~. ECONOMIC UPDATE ........... 1983 The downbeat has been given for the start of an economic recovery in the United States ..........businessmen (and women) are wildly enthusiastic about the prospects for the future ..... . politicians are enthusiastically wild about the prospects for 1984 ...... and the 68th A~~ers are going to learn how much of the above is true, if they attend the 6th Continuing Education and Reunion Meeting in May in Puerto Rico. Our program at that meeting is not limited to the U.S. but will provide views and opinions of the world, by the world and for the world. No small task, but then we have no small speakers. Featured will be Professor J. W. Markham, speaking on a large blackboard. Welcome back Jesse. Our presidential timber panel will consist of financial wizards and business tycoons of the corporate and the entrepreneurial types ....... Al Grai, ~\, Bud Klauser, Mac Pullon and David Marlow. And we are going f~ to have with us a star of the Federal Reserve System, Roger y Guffey. His topic will be "A View of Domestic and World Econ- U om~from the pOlnt of view of a member o£: tne Federa eserve Sxst~m." The devil's advocate brigade roster is being made up now and will include each and every Meeting Participant, i.e. you. Also joining us again this year will be Jeffrey Smith who was with us in New Orleans. General Smith will update his report on the world situation as he sees it from the perspective of a career military man whose present position with the Ethyl Corporation in Washington, D.C. gives him an added dimension as a speaker to be heard today. So that's the program.... • . the nuts and bolts of it, as Al Graf would say. You all come. See Al's new threads. Mercy sheiks alive it is going to be sometheeng, I theenk. Basta la vista. Jim Morrison co v~ 1-1 I::t HARVARD GRADUATE SCHOOl; OFmUSINESS ADMINISTRATION t-;! KIRBY CRAMER, President CRAIG R. SMITH, Vice President DONALD C. KORB, Treasurer CHARLES L. LUEBBERT, Secretary SIXTH CONTINUING EDUCATION AND REUNION MEETING DATE: May &-8,1983 LOCATION: Cerromar Beach Hotel, Puerto Rico Planning Committee: Gene Branscum, Jim Morrison, Joe Deckert and Don Kipley February 18, 1983 TO MEMBERS OF THE 68th AMP ......... .'...... . Well, we're getting close to deadline time. Looks like it's going to be a good group, with 22 couples firm, but still some on the fence. March 5 is our cut-off date . If you have not already sent your room deposit, please send $140 . 00 to Smyer Travel Service, Inc . , 120 S . Summit, Arkansas City, KS 67005. After that date we can't promise we can get a reservation for you. A short outline of the activities planned--Thursday evening, a welcoming "get-together"--cocktails and hors h'oeuvres . Friday, the group dinner. The education sessions will be from 9:00 a.m. to 11:00 a.m. on Friday and Saturday and a very short meeting beginning at 9:00 on Sunday morning. Afternoons will be free time for tennis, the beach, golf, sight-seeing, etc. Enclosed is a copy of a letter from our program director, Jim Morrison, and I know you'll agree the program looks great. Please give me a call at 316/221-2230 if you have any questions. Sincerely, ~ I Gene Branscum ECONOMIC UPDATE ........... 1983 The downbeat has been given for the start of an economic recovery in the United States ..........businessmen (and women) are wildly enthusiastic about the prospects for the future ..... . politicians are enthusiastically wild about the prospects for 1984 ...... and the 68th A~~ers are going to learn how much of the above is true, if they attend the 6th Continuing Education and Reunion Meeting in May in Puerto Rico. Our program at that meeting is not limited to the u.S. but will provide views and opinions of the world, by the world and for the world. No small task, but then we have no small speakers. ~Featured will be Professor J. W. Markham, speaking on a large blackboard. Welcome back Jesse. Our presidential timber panel will consist of financial wizards and business tycoons of the corporate and the entrepreneurial types ....... Ai Graf, Bud Klauser, Mac Pullon and David Marlow. And we are going to have with us a star of the Federal Reserve System, Roger Guffey. His topic will be "A View of Domestic and World Econ­ omy from the point of view of a member of the Federal Reserve System." The devil's advocate brigade roster is being made up now and will include each and every Participant, ~leeting i.e. you. Also joining us again this year will be Jeffrey Smith who was with us in New Orleans. General Smith will update his report on the world situation as he sees it from the perspective of a career military man whose present position with the Ethyl Corporation in Washington, D.C. gives him an added dimension as a speaker to be heard today. So that's the program...... the nuts and bolts of it, as Al Graf would say. You all come. See AI's new threads. Mercy sheiks alive it is going to be sometheeng, I theenk. Hasta la vista. Jim Morrison eery T1'EDJi.:HALRF-STGRV]i} BANK OF I(AN~i\S l(ANSAS CrTY, M1SSOUIU 041 DR February 11, 1983 Smyer Travel Service 120 South Summit Arkansas City, Kansas 67005 Gentlemen: We e nclose check in the amount of $140 for room deposit for Roger Guffey at the Cerromar Beach Hotel near San Juan, Puerto Rico in connection with the meeting of the Harvard Graduate School of Business Admin­ istration on May 5-8. Sincerely, Secretary to Mr. Guffey Vi • " ~ ~ r HARVARD GRADiJATE SCHOOL OF BUSINESS ADM NISTRATION • ti KIRBY CRAMER, President CRAIG R. SMITH, Vice President AMP DONALD C. KORB Treasurer t CHARLES L. LUEBBERT, Secretary SIXTH CONTINUING EDUCATION AND REUNION MEETING DATE: May 5·8, 1983 LOCATION: Cerromar Beach Hotel, Puerto Rico Planning Committee: Gene Branscum, Jim Morrison, Joe Deckert and DOD Kipfey December 1, 1982 GREETINGS TO ALL MEMBERS OF THE 68th AMP The time for our Sixth Continuing Education and Reunion is fast approaching. The hotel requires that we make a one night deposit to be assured that they will hold the rooms for us. ~------------------ The 1983 room rate at the Cerromar Beach Hotel is $140 .00 per night , double occupancy, Modified American Plan (including breakfast and di nner) . This rate does not include hotel service charge, bellman gratuities, and 6% Puerto Rico Government room tax. The de osit re uired is $140.00. This rate is based on two people sharing a room. Cancellations are subject to a one night cancellation fee. I am working with a travel agency who is assisting me in coordinating travel plan£. Please make your deposit check in the amount of $140.00 payable to Smyer Trav~ Service and mail directly to them at 120 S. Sununit, Arkansas City , Kansa s 67005 . In order to obtain the best schedules and airfare, I have asked the travel agency to block a number of seats both from New York and Miami to San Juan on May 5th. Return seats from San Juan to Miami and New York are blocked for May 8th. I have enclosed a form wi th information needed by the travel agency if you would l i ke them to assist you in securing t ransportation to San Juan. Please return this form with your deposit remittance. No We would appreciate your immediate attention to sending the one night deposit si nce we must send these deposits to the hotel by December. / Gene Bran scum Enclosur e • 7ttaod Se/Udu, 1uc, s~ HEAD OFFICE : WINFIELD BRANCH : :.\16-442-9270 316.22 1--1;;,, 7 120 sourH SUMMIT r,08 MAIN ARKANSAS CI rv KANSAS 67()05 WINFIELD. KANSAS fi71~ 10 Do you I-fish to use our block air space? No 2. If so, which gateway city do you prefer? N/ A J. Passenger names: N/ A 4-~ Do you wish us to book connecting flight? No 5. If so, from what city? N/ A 6 Do you wish to upgrade to 1st class travel? N/ A 0 7. Do you wish to upgrade to Business class? N/ A 8. For seating purposes, are you a smoker? N/A 9. Do you prefer window or aisle seats ? N/ A 10. Payment by credit card: For those who wish to travel on their credit card , please fill out the information below: Credit card name : Name of cardholder (as imprinted): Account number: ____________________________Expiration:_________ Signature :

J. Roger Guffey (1983, May 4). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19830505_j_roger_guffey

@misc{wtfs_regional_speeche_19830505_j_roger_guffey,
  author = {J. Roger Guffey},
  title = {Regional President Speech},
  year = {1983},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19830505_j_roger_guffey},
  note = {Retrieved via When the Fed Speaks corpus}
}