Word: garns
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Congress is just as much to blame for the budget gridlock as the White House, if not more. "Senators and Congressmen have made great speeches on how to reduce the deficit," says Republican Senator Jake Garn of Utah. "Yet it is because of their voting records that we have these deficits." Too many lawmakers denounce the bloated budget but are unwilling to choose a specific course of action. Their rhetoric is reminiscent of the legendary Congressman who declared a half-century ago, "I oppose inflation. I oppose deflation. I'm for flation...
Last August, Senators Paula Hawkins, Jake Garn and Frank Lautenberg visited the Far East. Had they flown first-class in commercial planes, their tab would have been about $30,000. Instead, they used an Air Force jet on which they could bring along spouses and assorted aides. The highflying cost: $244,013. When Congressman James Howard of New Jersey went to Ireland, he had the State Department arrange a dinner at Dublin's most expensive restaurant. The bill: $1,900. Most traveled was Congressman Robert Badham, a California Republican, who spent almost three months touring 24 countries...
...have been Washington landmarks since 1979, when President Carter named him Federal Reserve Board chairman and gave him an urgent mandate to fight inflation. Volcker, 55, has carried that out with a zeal that has made him conspicuous in a town that bends easily before political winds. Says Jake Garn, chairman of the Senate Banking Committee: "Sometimes he seems to be the only person in the country capable of sticking to an economic policy." More than a few observers call Volcker the second most powerful man in Washington...
Meanwhile, Congress has been moving very slowly in the task of bringing the antiquated American banking laws into line with economic and financial reality. Senator Jake Garn of Utah, in a bill reported out of committee last week, has proposed some first steps to help ailing savings and loans like Fidelity. If Congress ever gets around to passing Garn's bill, it may find that banks and savings and loans have made it out of date. Interstate banking has already got so far in the financial back door that it is setting up housekeeping in the kitchen...
...endure the public's wrath alone, the House reluctantly followed suit. Massachusetts Congressman Silvio Conte sneered at the Senate: "You got a bunch of fat cats up there raking in the big bucks. They can be big statesmen because they can collect those big honoraria." Utah Senator Jake Garn gibed that House members were "just as gutless" for retreating on their tax deductions...