January 9, 2014

Milton Friedman was Walter Kissinger



Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he profoundly influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century after John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century...possibly of all of it."
Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies.  In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.  During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate.  He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation.  Though opposed to the existence of the Federal Reserve, Friedman argued that, given that it does exist, a steady, small expansion of the money supply was the only wise policy.
Friedman was an economic adviser to Republican U.S. President Ronald Reagan. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and education vouchers.  His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–08.  In the field of statistics, Friedman developed the sequential sampling method of analysis.

Walter Kissinger is a Managing Director of Topspin Partners, the successor to the Long Island Venture Fund, one of CosmoCom's early investors. Mr. Kissingeralso directs the Kissinger Family Foundation and serves on the Board of the Stony Brook Foundation. He was President of WBK Associates, an investment and consulting group, and served as Vice Chairman of the Board of Trustees of Hofstra University and Chaired the Academic Affairs Committee. Mr. Kissinger is the founder and former chairman of the Long Island Research Institute. He has been a Director of various public and private companies and quasi-public Boards such as the National Council for U.S./China Trade. From 1969 -1988 he was Chairman, President and CEO of The Allen Group, Inc. (NYSE), a worldwide manufacturer of automotive test and service equipment. He is a graduate of Princeton University and received an M.B.A. from the Harvard Business School. Mr. Kissinger is listed in Who's Who in America.
Some 50 years after his family had left Germany, Walter Kissinger was asked why he did not share his famous brother Henry's heavy German accent. "I," he replied, "am theKissinger who listens."

Julius Fejes, the founder of Crown North America, moved from Cleveland, Ohio in 1938 to Orrville, Ohio. He subcontracted as a metal finisher for the Orrville Body Company. Over the next three years, Julius' talent and business acumen became quite evident and in 1941 he formed Crown Steel Products in Riceland, Ohio. The principal products produced by Crown Steel Products during this time continued to be subcontract metal finish work for Orrville Body.
Around 1948 a second Crown company was formed called Orrville Metal Specialty Company. The primary product for Orrville Metal Specialty was the fabrication of Sleeper and Crew Cab conversions. In the 1950's Crown's customers and products included:
Sometime later, Crown Steel Products began fabrication of IHC & White sleeper cabs, conventional cabs, hoods, and fenders. Late in the 1950's Crown Steel Products' customers came to include:
A pioneer in commercial van conversions, Crown Steel Products established a facility in Lorain, Ohio in 1961 to install components in Ford vans.
The late 1950's and early 60's saw additional acquisitions. Customer additions included Clark, Brockway, Terex, and Chevrolet. On July 25, 1967 all assets of Crown Steel Products were sold to Allen Electric and Equipment Co.
In 1968 Crown Fabrication of Canada was formed for the production of crew cabs and van interiors when Ford Motor Co. opened the Ontario Truck Plant to reduce production costs. 1969 saw the formation of the Allen Group with Walter Kissinger named Chairman of the Board and CEO. The purchase of Truck Specialties in 1971 enabled Crown North America to expand its assembly business to include Dodge vans. Through the 1970's and 80's Crown North America maintained its status as a supplier to the automotive and communications industries.
In 1994, The Allen Group returned its focus to electronics. This was carried out by splitting its automotive concerns from electronics business. Thus, the formation of TransPro Inc. of which Crown North America was a division until May 2000.
In December of 1997, Crown North America completed the acquisition of a small Canadian van upfitter located near Toronto. Crown VMS Canada Ltd. provided Crown North America with a presence to serve the Canadian van market. Today both U.S. and Canadian customers are serviced by facilities located in St. Thomas and Oakville, Ontario Canada.
Currently the Crown North America business unit headquarters is located in Apple Creek, Ohio.
On May 5, 2000 all assets of Crown North America were sold to Leggett & Platt Incorporated (NYSE: LEG).


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