Word: steins
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Dates: during 1970-1979
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PRICES: The Consumer Price Index for May rose at a sharp 7.2% annual rate, equaling April's increase. Inflation is "much too high and subsiding too slowly," conceded Herbert Stein, chairman of the President's Council of Economic Advisers. Gloomily, the Agriculture Department predicted that food prices for the year will jump by an oppressive...
Inner Circle. Neither, to put it mildly, are the hearts of his top economic advisers. Free Marketeer Shultz had argued vehemently against anything more than minor changes in Phase III. In fact, Shultz and Herbert Stein, chairman of the Council of Economic Advisers, left for a bankers' meeting in Paris on June 5 with the understanding that Nixon had decided on a program far less drastic than the freeze. The next morning, Nixon sent a memo to his advisers through Chief of Staff Alexander Haig asking for new information on a variety of economic matters. Administration aides speculated that...
Neither Shultz nor Stein plans to become active in the Administration's public relations campaign to sell the program to the nation, and they may decide to quit before long. Shultz, a highly moral man, is also depressed over the Watergate morass. Likewise, former Treasury Secretary John Connally, who urged Nixon to act but apparently felt left out of the inner circle, will quit his vaguely defined Administration...
...began on Aug. 15, 1971 as Phase I was highly popular and did break inflationary momentum. Moreover, ordering one now would steal a march on congressional Democrats, who were loudly threatening to write a freeze into law. But some of the President's closest advisers, notably Shultz and Stein, who cherish an almost mystical devotion to the free market, seemed strongly opposed; they swallowed one freeze, but might not stomach another...
There is, for instance, a whole group of bullfighters whose shapes, except for a brusque vitality of placement that was always Picasso's hallmark and never quite left his fist, might almost have been produced by David Stein, Elmyr de Hory, or some other moderately gifted faker. Every artist has the right to his own cliches, but the last Picassos are only startling as cliche...