Word: hellers
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...water was served. "Before we won, we served Cokes," said Carter, the closest he came to humor. Reports one participant, Economist Arthur Okun: "He is totally able to banish anything, any mortal concerns, like a crick in the backside or thirst or hunger or anything else." Adds Economist Walter Heller: "We call him 'Iron Pants...
Discursing economists are resigned to seeing the eyes of politicians glaze over, but Carter stayed so alert that he caught the experts in a couple of minor mistakes and raised questions about them. In terms of intelligence, Heller estimates Carter would rank among the upper 5% or 10% of graduate students in top universities. Says Okun: "What struck me is you really see an engineer's mind at work, not a peanut farmer, not a Baptist preacher, not a standard politician, but the engineering and management-science approach...
...economists agree almost unanimously that even this tepid performance will not be achieved unless the new Administration pumps more money into the sagging economy. Walter Heller, one of three members of the Board of Economists who have attended long meetings with Carter since the election−the others are Arthur Okun and Joseph Pechman− predicts a 4.5% rise in real gross national product next year, but only with sizable stimulation of the economy by Washington. Without it, he says, the increase might be as little as 3.5%. Republican Murray Weidenbaum of Washington University in St. Louis has come around...
Bulging Coffers. Sprinkel nonetheless would go along with a hefty tax cut for business−if there is one−to spur investment. But Heller and David Grove, vice president of International Business Machines Corp., argue that business's coffers already are bulging and that executives will not spend more on factories and machinery unless consumer demand rises. Says Grove, who wants a stimulus of as much as $30 billion: "What business needs most is the prospect of higher sales volumes to encourage investment...
...chairman of the independent Federal Reserve Board. During the Nixon-Ford years, Burns was often pictured as a man intent on curbing inflation at an unnecessarily high price in lost growth. But Burns lately has engineered a drop in interest rates that should please Carter. Burns, says Walter Heller, is "going to stick to his general philosophy. But he is not about to ignore the election returns. Arthur barks and wags his tail. And the question is, which end do you believe. Well, believe both ends. He is going to cooperate as much as he can, and every once...