Word: johnson
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Dates: during 1960-1969
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With a mixture of prophecy and prescription, Lyndon Johnson last week summed up the chief economic challenge that he bequeaths to Richard Nixon. In his final economic report to Congress, he called for a strategy aimed at slowly reducing both inflation and the excessive boom in business. The principal ingredients are a small-and perhaps precarious-budget surplus (see THE NATION) and a Federal Reserve Board policy of permitting the supply of money and credit to expand less than it has over the past three years. What the nation must avoid, warned Johnson, is "an overdose of restraint" that could...
Though the nation faces serious difficulties in foreign trade, President Johnson last week again deplored protectionist sentiment in the U.S. "The only real solutions are ones that improve our economy-not ones that erect new barriers that could provoke retaliation," he told Congress. To help strengthen the U.S. dollar, he also asked for continued controls on private investment abroad. Nixon is likely to keep those controls in force...
...imports have risen, so have demands by domestic producers for protective quotas. Faced with growing Congressional support for protectionism, the Johnson Administration feared the damage that mandatory import controls would do to its policies of free trade. Thus it has been trying to induce foreign steelmakers to cut back shipments to the U.S. voluntarily. Last week the Federal Government announced that Japanese and Continental European steel producers, who together account for four-fifths of all steel imports, had agreed to impose their own restrictions for the next three years...
...when it grew 47%; last year, with a growth of 2.6%, it was 296th. Like the Manhattan Fund and many other big funds, Channing was heavily invested in the more seasoned glamour stocks-Ling-Temco-Vought, Fairchild Camera, Polaroid-that declined during the stock slump before Lyndon Johnson's March 31 renunciation, and have been slow to recover. Big funds cannot move out of such stocks quickly without upsetting the market; but smaller funds can-and they did. In a highly selective market, says Channing's Green, "There is no doubt that a small fund has an advantage...
...recommended approval last April of its request for runs to Hawaii and Asia. But Eastern's lobbying in Washington did not measure up to that of other carriers, most of which engaged high-power political bigwigs to plead their cases. When the matter reached the White House, President Johnson divided new Pacific passenger routes among five airlines, but bypassed Eastern altogether (TIME, Dec. 27). That left Eastern Chairman Floyd Hall committed to buy $48 million worth of stretched DC-8s, which are designed for long-haul routes...