Word: hellers
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...dubious. Said he to the obscure University of Minnesota professor: "They tell me you're an economist, but you're the first that I've met from outside Cambridge, Mass." Kennedy, however, quickly got over his hesitation about accepting advice from someone unconnected with either Harvard or M.I.T. Walter Heller was so persuasive -- and so adept at translating economic jargon into everyday language -- that the whole nation came to listen, and profit. When he died last week of a heart attack at 71, he had been out of Government office for 23 years, but his high- pitched Midwestern twang still...
...When Heller took over as chairman of the Council of Economic Advisers at the start of the Kennedy Administration, the U.S. was just beginning to climb out of a slump. Fearing the recovery would be insufficient, Heller developed the idea of measuring the economy's performance not against past figures but against what it might reach while growing at full potential. That idea has long since become axiomatic for policymakers, but in 1961 it seemed radical. Heller believed such growth required a cut in the then towering income tax rates that in his view were strangling expansion -- and never mind...
Economists who know Greenspan admire him personally and professionally. University of Minnesota Professor Walter Heller believes Greenspan has the perfect temperament for his new post. Says Heller: "He doesn't show his emotions. The Fed chairman has to have the capacity for forthright evasion and controlled obfuscation, and Alan is very good at that. ((Former Chairman)) Arthur Burns puffed on a pipe. Volcker puffed on cigars. Alan does not smoke, but when required, he can set up a nice smoke screen with words...
...swap views on economic trends with TIME's editors, four members -- Greenspan, Murray Weidenbaum, Martin Feldstein and Beryl Sprinkel -- have left to serve as chairman of the Council of Economic Advisers. Jokes Alexander: "We're running out of economists to give to our country." Three other board members -- Walter Heller, Arthur Okun and Charles Schultze -- served as chairman before joining the TIME group...
FOOTNOTE: *The other governors: Kansas Banker Wayne Angell, 59; California Economist H. Robert Heller, 47; Manuel Johnson, 38, a former U.S. Treasury official; Houston Businessman Edward Kelley, 55; Martha Seger, 50, a former Michigan bank regulator. One board seat is currently vacant...