Word: hellers
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Reporting this week's cover story on Film Director Mike Nichols was no exception for Sandy or for New York Correspondent Mary Cronin and Researcher Georgia Harbison. Their assignment started, appropriately enough, with an exclusive Los Angeles preview of Catch-22, which Nichols has adapted from Joseph Heller's bestseller. "I've never flown 3,000 miles to see a movie before," remarked Georgia. Actually, she flew 6,000 miles, because she was back in New York the following day, tracking down nearly a dozen of Mike's earlier associates and coworkers...
...that, Dr. Walter Heller, another member of TIME'S board, added a further factor. "Let's face it," he said. "There will be more inflation in our future than in our past because of our bipartisan commitment to high employment. Signs of economic weakness will get a faster Government response than in the past, and both business and consumers know it. This assurance will give an upward bias to wages and prices." In sum, businessmen and consumers will go on spending during a slide because they will take it for granted that the slump will be short-lived...
Worried by the presidential silence, many economists and politicians are urging Nixon to put the jawbone back to work. Walter Heller, onetime chairman of the Council of Economic Advisers, calls Nixon's mild admonitions to labor and business "an open-mouth policy without teeth." Arthur Okun, another former CEA chairman, contends that Nixon has in effect declared "open season" for unions and companies to get all they can. Okun figures that between 1966 and 1968, wholesale prices rose an average 2.3% a year for most industries; they went up only 1.7% in 15 "jawboned" industries, including steel, copper, autos...
Walter W. Heller, professor at the University of Minnesota, former chairman of the President's Council of Economic Advisers...
...inadequate as well as overdue. David Grove argues that the Reserve Board should aim for a money-supply increase averaging 3% to 4% at an annual rate over the next six months. Other members disagree only over whether the Reserve Board should reach that target gradually, as Heller and Pechman prefer, or immediately, to make up for having been too stringent too long, as Sprinkel and Okun urge...