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While visiting the Chase Manhattan Bank in 1958, I was introduced to Paul Volcker, a young economist who sat alone in a small spartan office. Chief Economist John Wilson told me that Volcker's job was to pretend he was the Federal Reserve Bank and predict what the Fed was about to do. In two decades, Volcker progressed from thinking what the Fed would do, to what it should do. He does it well...

Author: /time Magazine | Title: Letters: Mar. 29, 1982 | 3/29/1982 | See Source »

...specter of double-digit inflation is fading fast. Indeed, the Consumer Price Index., which was bounding up at a 14% annual rate as recently as last September, rose at a mere 3.7% pace in January. Economists now freely predict that the February figure, to be announced this week, will show an equal or even more modest increase. A few are timidly speculating that it might actually drop for the first time in 16 years...

Author: /time Magazine | Title: Inflation's Painful Slowdown | 3/29/1982 | See Source »

Hawking's father was a scientist too, a biologist who researched tropical diseases. Although his father encouraged him to pursue biology and medicine. Hawking avoided these fields because he thought they were too impercise. If he had been able to predict the explosion in molecular biology, however, the physicist says he might have chosen that route since it is "one of the most exciting fields in science today...

Author: By Matthew L. Meyerson, | Title: The Radiance of the Mind | 3/25/1982 | See Source »

Hawking and many other physicists are now seeking a theory to explain all the physical qualities of the universe by a single basic force. Finding such a force would not mean that scientists could predict the weather or the color of babies' hair, but it would prove that the universe is orderly at every level...

Author: By Matthew L. Meyerson, | Title: The Radiance of the Mind | 3/25/1982 | See Source »

Legislators on the committee were unwitting to predict whether the measure will pass the legislature. The legislature has confidently supported some form of death penalty legislation throughout the decade, it was thwarted once by a gubernatorial veto, and twice by the Supreme Judician Court. The legislature voted in 1980 by an overwhelming majority to support the constitutional amendment...

Author: By Jacob M. Schelesinger, | Title: King Testifies in Favor of Capital Punishment Legislations | 3/23/1982 | See Source »

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