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Died. Rear Admiral Bruce McCandless, 56, Congressional Medal of Honor winner in World War II; of multiple sclerosis; in Washington, D.C. As a 31-year-old lieutenant commander on the cruiser San Francisco in a battle off Guadalcanal in November 1942, Mc-Candless was knocked unconscious by a direct hit, recovered to find that all his superior officers were either dead or dying, took command of the fleet flagship himself and so boldly attacked the superior Japanese forces that a major U.S. naval victory resulted as the San Francisco alone disabled a battleship and sank a destroyer...

Author: /time Magazine | Title: Milestones: Feb. 2, 1968 | 2/2/1968 | See Source »

Under Momyer, the number of tactical air sorties over both North and South have doubled, and the general keeps track of them all with a Mc-Namaran touch for thoroughness and detail that constantly awes his subordinates in Saigon. They insist that Momyer knows where every allied unit and road-friendly or enemy-is in South Viet Nam and where every bridge and truck park is in North Viet Nam. His pilots credit him with uncanny in sight into the best flight pattern to avoid flak on their missions north, an insight gained in part through his own participation...

Author: /time Magazine | Title: World: Rolling the Thunder | 12/29/1967 | See Source »

Marks, Rupees, Eurodollars. One criticism U.S. businessmen do listen to-if not always sympathetically-is Washington's complaint about the effect of globalization on the U.S. balance of payments. "The European splurge," says Assistant Commerce Secretary for International Business Lawrence Mc-Quade, "was an example of American businessmen losing their heads about a market. Their massive investment triggered the voluntary payments program." Under this voluntary program, 625 U.S. corporations, including Jersey Standard, are making "special efforts" to repatriate income from abroad more rapidly and to borrow more money abroad...

Author: /time Magazine | Title: Industry: The Long-Term View From the 29th Floor | 12/29/1967 | See Source »

...chances for a tax increase in 1967 finally died when Mills pressed Federal Reserve Board Chairman William Mc-Chesney Martin at a late November hearing. "Your line of questioning," remarked Martin, "indicates clearly that the economy is not too boomy at the moment." Snorted Mills: "Not too booming? It is just not booming at all!" Conceded Martin: "All right, it is not booming." With that, and the prospect that recent spending cuts will begin to shrink the huge federal deficit, many economists see considerably less reason than hitherto for a tax increase in election-year 1968. And a growing number...

Author: /time Magazine | Title: Business: -BUSINESS IN 1967-THE NERVOUS YEAR- | 12/29/1967 | See Source »

...Union Pacific in 1964, turned it around from a has-been resort to a year-round success and favorite Christmas camping ground for the Kennedy clan. Even before Snowmass opened, house lots were bought by Fairchild Camera President Richard Hodgson, Borg-Warner Chairman Robert Ingersoll and Defense Secretary Mc-Namara (whose $75,000 private lodge has already been completed). The last 40 of the 104 lower-priced condominiums ($17,000 for a studio-efficiency) were sold out in 24 hours...

Author: /time Magazine | Title: Resorts: For the Big Snows, Go West | 12/22/1967 | See Source »

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