Word: economists
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Dates: during 1960-1969
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...Kennedy Administration came forward with speeches, pronouncements and comments about the economy. The most conspicuous effort was President Kennedy's Yale University speech. It was the work of several minds. Sometime Harvard History Professor Arthur Schlesinger Jr., now a presidential assistant, tried several drafts. Another former Harvard professor, Economist John Kenneth Galbraith (now Ambassador to India) contributed a memo. Presidential Aide Ted Sorensen, a longtime Kennedy speechwriter, put together a separate draft, which, with some sprinklings from Schlesinger and Galbraith, became the basis of the final ver sion. Kennedy himself devoted hours to rewriting the speech...
...Franco will fall within five to six months," says Julio Just, a prominent exile leader living in Paris. "This is the beginning of the last chapter in the history of the Franco regime,'' agrees Jesus Prados Arrarte, chief economist of Spain's Central Bank, who recently fled the country. To some extent, this was typical exiles' talk; no one really expected imminent revolution in Spain. Nevertheless, it all testified to the rising expectation that El Caudillo. at 69, cannot last much longer. Everybody in Spain is waiting to see who will succeed...
...Hoping to change this, the Casablanca powers agreed to expand their shipping, create an airline cooperative, and start a joint payments union. But, like nearly all the little common markets, the Casablanca-bloc nations produce much the same things and have little to sell to one another. Mused an economist from Morocco, which still does two-thirds of its foreign trade with Europe's Common Market: "No matter how much good will we have toward Ghana and Guinea, there's only so much cocoa and bananas we can absorb." Similar hurdles also confront Africa's two other...
...bang outside an administration building of the Roman Catholic Church. Police moved in on suspected members of an anti-Franco underground, arresting dozens. Then, at the Madrid airport, Franco's agents grabbed two prominent Spaniards as they returned from a widely publicized conference of opposition leaders in Munich. Economist Dr. Jesus Prados Arrarte is expected to do a three-month stretch in the isolated Canary Islands; Monarchist Joaquin de Satrustegui will doubtless receive similar punishment. For those still out of jail, Franco's new residence decree would be equally effective...
Many market professionals expect that the gap will narrow a bit more, but few anticipate that stocks will yield more than bonds in the foreseeable future. The often-expressed notion that stocks should pay more income than bonds because they are riskier is scouted by New York University Economist Jules Bogen. Says he: "Stock yields should average lower than bond yields in the long run because only stocks offer the benefits of growth. The lines of stock and bond yields will cross only if the outlook for the economy becomes a lot darker than it is now and investors become...