Word: closed
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Dates: during 1960-1969
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...notably in his public rebukes of the South Vietnamese regime. Even officials high in the Johnson Administration were uncertain whether he was acting with the President's assent-or out of sheer foolhardiness. Some speculated that perhaps the President had grown passive as his term drew to a close and was simply allowing his Defense Secretary to take charge. Others were convinced that the President was in full agreement with what his longtime friend and adviser was trying to do. Whatever the cause, it has become increasingly evident-and never more so than last week-that Clifford has been...
...risen 54%, to $9,695. More than 75 million Americans are at work today in civilian jobs, and unemployment has dropped to a 15-year low of 3.3%. It is true that too many Americans remain ill-clad, ill-housed and ill-fed, but the U.S. has come close to achieving its goal of full employment...
That exposed a critical weakness in the neo-Keynesian economics, which relies primarily on delicate adjustments in taxes, government spending and monetary policy to keep the economy running close to capacity. The New Economics had served well when business needed a push. But Britain's Keynes presumed that policymakers would always be wise enough, given knowledge of his theories, to do the right thing at the right moment. In the U.S., however, political leaders are usually unwilling to raise taxes quickly enough in overly expansive periods. The theories of the New Economics have not been found wanting; they have...
...biggest loser was Eastern Air Lines, which ran an $11.8 million deficit in this year's first eleven months. It failed in a bid to broaden its horizons to Pago Pago, Papeete and other South Pacific spots. Not even close connections in the White House did much for an other loser, American Airlines. Its former chairman, C. R. Smith, is Johnson's Commerce Secretary, but American's application for a Tokyo run was rejected...
Long and High. For the airlines, the Pacific routes are economical and profitable because they are so long, with relatively few costly takeoffs and landings. Pan Am gets a return on investment of close to 13% in the Pacific compared with less than 5% on transatlantic flights. By CAB estimate, each of last week's five winners stands to add at least $10 million a year to its revenues. But passengers should not expect any rate reductions. Such fares are set by the International Air Transport Association, a 104-airline group that does not necessarily feel that higher profitability...