Word: paule
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Dates: during 1960-1969
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...Johnny Carson show, Tiny Tim announced that his honeymoon would begin with "a three-day fast from S-E-X." Said Tiny: "Not even a kiss. I plan to give the Lord the first fruits of my marriage. If only more people followed the ways of St. Paul and King David." No comment from Mrs. Tim-to-be, Vicki Budinger, 17. There was even a rumor that Tim's tresses would be shorn for the event. "I hope they will," said his gray-haired mother, Mrs. Tillie Khaury. "He was such a beautiful baby...
...inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat privately at the many conventions that economists attend. McCracken has been monetarist-minded for years, and since he took office the council has begun running computer calculations...
...Though Paul McCracken is a socially sensitive man who fully recognizes the dangers involved, he argues on behalf of the Administration that "We have no alternative but to risk overstaying with policies of restraint." Economist Gabriel Hauge, chairman of Manhattan's Manufacturers Hanover Trust Co., agrees: "The nation has to run the risk of getting into a recession. We should not be afraid of overkill...
...preceded every recession except one (1869-70) in the last hundred years. After World War I, for example, the Government cut its spending by an amount equal to 16% of the U.S. gross national product. On top of that, the Federal Reserve contracted the money supply by 5.2%. Says Paul McCracken: "The remarkable thing is not that there was a 1921 recession but that our economic system survived under this massive fiscal and monetary whipsaw...
That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for arresting the price trend faded quietly into oblivion. "We underestimated the inflationary expectations," says Under Secretary of the Treasury Charls Walker. "They were deeply ingrained. We didn't expect that it would be so tough...