Word: dillons
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...Toboggan. After the Clague flap, the White House ordered that economic pronouncements were to be limited to the top men-Kennedy, Treasury Secretary Dillon, Commerce Secretary Hodges and Chief Economic Adviser Heller. Even then, they were to be made soaringly, and Heller, in Paris for a 20-nation economic meeting, kept a tight lip when questioned about the stock-market slump...
Ever since Wall Street's Blue Monday crash, economic sages ranging from mutual fund managers to Treasury Secretary C. Douglas Dillon have been recalling the late John J. Raskob's half-forgotten rule of thumb (TIME. June 1) that even the stock of a promising company should be priced at no more than 15 times the company's per share earnings. If that ratio held, the warning ran, the Dow-Jones industrial average would have to sink to 540. Last week it fell even farther than that; in five days of almost unbroken decline...
...that there was a need for immediate action-and the most obvious medication was a quick tax cut. On this point, some conservative businessmen found themselves in rare agreement with Minnesota's liberal Senator Hubert Humphrey, who demanded an immediate $5 billion slash in taxes. Treasury Secretary Douglas Dillon opposed any such remedy on the theory that it would interfere with the broad tax-reform program that the Administration has promised for later. Testifying before Virginian Harry Byrd's Senate Finance Committee. Dillon made this decision seem unshakably firm. Asked Byrd: "As the chair understands it, you have...
...President's promise was part of a hastily mounted Administration drive to avert a further slide on Wall Street and to restore business confidence. Earlier in the week. Treasury Secretary Douglas Dillon, in a speech to New York financial writers, implied blandly that the Administration had been planning to cut taxes all along. In fact, until Wall Street's Blue Monday, Kennedy and Dillon had conceived of the tax-reform plan-which they hope to push through Congress next year -primarily as a measure to close loopholes and eliminate inequities...
Also considered, and rejected at the forceful urging of Dillon, was an emergency tax cut to pep up the economy. Dillon argued that the economy does not really need any special pepping up, and a special tax cut for morale reasons would interfere with the plans for basic tax revision later on. Still another possibility was to speed up federal spending for public works and defense orders. But it was decided that such a step-up would not have swift enough effect to shore up the stock market. In short, the sense of the meeting was that for the moment...