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Administration officials do not accept the forecasts of a recession. Last week Treasury Secretary W. Michael Blumenthal speculated that next year's growth in G.N.P. would be about 3% or more. "It may be a shade above that for a quarter or two," said he, "or a shade below." Added William Cox, deputy chief economist at the Commerce Department: "I still feel we're not likely to have an outright recession next year. There are several elements of strength in the picture." He cited increased business investment and the improving balance of trade. "There's a reasonably...

Author: /time Magazine | Title: Nation: The Risk of Recession | 11/13/1978 | See Source »

...perhaps Tom McGuane also suffers from memory loss--he has forgotten the Aristotelian Florida of 92 in the Shade, forsaken it for the Caribbean syndicalism of Panama. As Geoffrey Wolfe (one of our better book critics) pointed out in his review in New Times, this book suffers from many things, but most of all it suffers from the first person. But that first person telling also makes me think there is more to Panama than one might first notice: 92 in the Shade was a story of heat, moving at a seemingly languid pace, while Panama, underneath the cool cocaine...

Author: By Joseph Dalton, | Title: The Caribbean Syndicalist Novel | 11/8/1978 | See Source »

...farm economics. Tenant farmers these days are no longer the classic Southern sharecroppers, who have almost disappeared, but are often expanding agriculturists like Benedict who own land too. As it grew, Pat's farm absorbed four others; in three cases, he razed and burned the houses, uprooted graceful shade trees and returned all the land to crops. Says he: "Those farms had lived out their usefulness, and I guess I've brought them back...

Author: /time Magazine | Title: The New American Farmer | 11/6/1978 | See Source »

...psychotic tendencies of that great unruly beast, the American Imperium. Our best writers have tried--and mostly failed--Pynchon, with the wondrous Gravity's Rainbow, a critical mass of incendiary pages, and McGuane, with his taut vision of love and death in the Florida Keys, 92 in the Shade. No wonder there is so much yearning for that time of the superego run rampant, the 1960s. Where is Norman Mailer '43, who many felt understood that time better than any American writer? Feiffer strikes a universal key: Don't you wish we still had Nixon to hate? Meanwhile...

Author: By Joseph Dalton, | Title: Laughter, Loneliness and Sex | 10/23/1978 | See Source »

Most dowsers seem to like nothing better than to regale skeptics with their accomplishments. Clarence Hollett of Willow Shade, Ky., styles himself as "the Mr. Doodlebug." In the dowser lexicon, doodlebugs are a special breed - diviners for oil. Hollett, a rotund, barrel-chested man, says he has found wells that produce 1 ,000 bbl. a day and, if only he hadn't been swindled by so-called friends, he might be a millionaire. He also dabbles in healing and dowses for gold. "Don't believe me?" he asks, and promptly borrows a gold ring from a cynical listener...

Author: /time Magazine | Title: In Vermont: Is Dowsing Going to the Dogs? | 10/9/1978 | See Source »

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