Word: hooverizing
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Shultz resigned as Treasury Secretary in 1974 to join Bechtel, one of the world's largest construction and engineering conglomerates. He became president the following year. Among its projects: the Hoover Dam, the Washington and San Francisco subway systems, 84 nuclear power plants, and the $20 billion Jubail Project, which is creating a new industrial metropolis in the sands of Saudi Arabia. Among his other duties, Shultz acts as a kind of secretary of state of the privately held, San Francisco-based company under Chairman Stephen Bechtel. His tasks as president of the group include coordinating international projects, articulating...
...more economic aid from the U.S. and freer access to U.S. markets. Says former CIA Director William Colby: "There is nothing terribly new in Americans choosing their European friends over their Latin friends. But Latin Americans will look to their own economic interests first." Says Robert Wesson of the Hoover Institution on War, Revolution and Peace: "There is little to be done but say 'sorry about this' and then go on to increase trade, build a new life, so to speak, after the Falklands...
DIED. Dan Throop Smith, 74, chief tax economist in the Eisenhower Administration, distinguished academician at Harvard and Stanford's Hoover Institution and longtime conservative advocate of tax cuts to boost the economy; of a heart attack; in Palo Alto, Calif. A precursor of supply-side economists, Smith believed "all taxes are repressive," and supported lower capital gains taxes to encourage risk-taking investments. At the same time, he urged reduction of tax incentives for "safe" investments that do not lead to a greater supply of capital for business. His aim: "To make it easier to get rich but harder...
...Although every President since Herbert Hoover has visited Europe during his term of office, Ronald Reagan's trip is in many ways unprecedented. No U.S. President has ever addressed either the assembled members of the British Parliament or the West German Bundestag. Few Presidents have had to prepare for quite so many questions about their foreign, defense and economic policies. Western Europeans are of many minds as to the ideas the President should stress during his visit. TIME asked five Western European leaders, four of them former Prime Ministers and one a former Finance Minister, to write their views...
...Cornell University's Myron Rush believes that in spite of Andropov's move upward, Chernenko can still make it to the top if Brezhnev survives and is well enough to exercise power for a year or two. Says Rush: "Brezhnev is wary of Andropov. Like J. Edgar Hoover, the KGB man knows all the dirt about the leaders-all the secrets of the Politburo members...