Word: turnabout
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What prompted the turnabout? Earlier in the year, Nixon ruled out a tax cut as a means of restarting the economy. Over objections from his Council of Economic Advisers, headed by Paul McCracken, Nixon took the advice of George Shultz, chief of the Office of Management and Budget. Shultz thought that large doses of money from the Federal Reserve, presided over by Nixon's old economic mentor Arthur Burns, would be enough to get things moving. Besides, a tax cut would require a trek up to Capitol Hill, a humiliating concession that all was not well...
Coming as it did on a Sunday night when the presses were already rolling, President Nixon's surprise announcement of a turnabout in economic policy (see THE ECONOMY) presented a special problem for weekly publications. New York, for example, had already completed its press run of 333,500. Even as the stock market soared briefly in what was called "the Nixon Rally," New York appeared on the stands with a cover cartoon of Nixon fiddling a la Nero while the Stock Exchange burned. Inside was a six-page feature on "Wall Street's Case Against Richard Nixon...
...reason for the great turnabout is a dawning realization that women who have money to spend want clothes that are comfortable and smart. Says Stan Herman, designer for Mr. Mort: "Business was so rotten last year that we began to look around for the answer -and the answer was to give the lady out in Middle America what she wants. It's a salable look." Manhattan Designer Bill Blass is even more emphatic. "I have just returned from Minneapolis," he reports, "a city I consider a good barometer of the mood of the country, and I found women hungry...
...build up, in hopes of exerting greater pressure on Belgrade for economic concessions. The agitation quickly got out of control. LONG LIVE FREE CROATIA signs began to appear in the republic. Autos that belonged to Serbs, 800,000 of whom live in Croatia, were tipped over. In an ironic turnabout, the big Croatian exile organization in West Germany, which historically had been strongly anti-Communist and anti-Russian, suddenly began to advocate an alliance with the Soviets as the only way to guarantee Croatia's rights...
...Wilson has yet to offer his colleagues-or, for that matter, British voters-a convincing reason for his turnabout. One of his chief objections to the Luxembourg agreement is that New Zealand's dairy products were not given a fair break. That view is not shared by the New Zealand government...