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...seeds of today's trouble were sown three years ago. In 1965, Lyndon Johnson decided that the nation could simultaneously support the Viet Nam buildup and the Great Society. Critics insisted that such policies would push up prices unless taxes were raised. Johnson refused to propose higher taxes. Such a move would almost certainly have prompted Congress to cut back some of his favorite spending programs. Later, faced with soaring federal deficits, Johnson changed his mind and urged a tax increase. But Congress dallied for 18 months-and thus lost an opportunity to halt inflation before it took deep...

Author: /time Magazine | Title: Business: The Economy in 1968: An Expansion That Would Not Quit | 12/27/1968 | See Source »

Though most voters have the impression that a new President inherits a virtually empty Executive Mansion, hundreds of specialists remain, no matter what the Administration. For years Williams and his six-man detail have sown the turf, sprayed the elms and broadcast electronic squawks through a loudspeaker system to keep off the starlings and sparrows. The gardeners and more than 300 other permanent White House staff members-from Steve Martini, the executive barber since 1952, to White House Upholsterer Larry Arata-are likely to be staying on after...

Author: /time Magazine | Title: Nation: Those Who Stay On | 11/29/1968 | See Source »

...greater than Shelley; we are greater than the 18th century; we are greater than the Renaissance; we are greater than the Romans and the Greeks. What is hidden from us? We have mastered all We have abolished religion, we have founded ethics, we have established philosophy, we have sown our strange illumination in every province of thought, we have conquered art, we have liberated love...

Author: /time Magazine | Title: Books: Eminent Oddball | 5/10/1968 | See Source »

...Roosevelt policy, designed, with Stalin, to keep the Allies in the West, was "to exercise a baneful, and nearly fatal influence over the future of Greece." He notes that the postwar burden of correcting this "almost unilateral American decision [has] fallen largely on the American people . . . Thus were sown the seeds of the partition of Europe, and the tragic divisions which were to dominate all political and strategic thinking for a generation...

Author: /time Magazine | Title: Books: Churchill's Gillie | 1/5/1968 | See Source »

...Increase. "The financial community," says Executive Vice President Ralph F. Leach of Manhattan's Morgan Guaranty Trust Co., "needs a strong signal to break the inflationary psychology which dominates its thinking. Seeds of disaster have been sown." Like many other bankers and economists, Leach insists that both federal spending cuts and a tax increase have become "absolutely imperative" to avoid financial chaos. Ordinarily, the Federal Reserve Board would clamp down on credit. But the Treasury's need to finance at least another $5 billion of federal deficit by year's end-and much more in 1968-locks...

Author: /time Magazine | Title: Money: Nervous Scramble | 10/27/1967 | See Source »

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