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April 11, 1965 - Image 3

Resource type:
Text
Publication:
The Michigan Daily, 1965-04-11

Disclaimer: Computer generated plain text may have errors. Read more about this.

SUNDAY, 11 APRIL 1965

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PAG.E THiREE~

9

U.S. PlanesBomb

_ ___

NEWS ANALYSIS

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Government Sustains Economic Boom

North

Viet Nam

GENERATION

Rusk Voices Disappointment over
Communist Rebuff of Peace Talks
SAIGON (I)-More than 120 United States warplanes fanned
out over North Viet Nam yesterday, striking at a strategic bridge
and highways. Officials said all got back safely after meeting little
groundfire and not air challenges from MIGs.

And in Washington, Secretary of State Dean
cial U.S. disappointment at Communist rebuff of
B. Johnson's offer to discuss peace for Southeast

Rusk voiced offi-
President Lyndon
Asia.

Washington authorities said the final verdict is not yet in on
whether the Communists will agree to the unconditional Viet Nam

Open Access
To Autobahn
BERLIN (R)-The Communists
abruptly ended East German mili-
tary maneuvers yesterday and re-
opened the Berlin Autobahn, thus
avoiding a showdown on access
rights with four big United States
convoys.
The Russians earlier had said
the maneuvers would end Sunday
and off-again-on-again shutdowns
on the Autobahn would continue
until then. So the U.S. assembled
the convoys for a challenge yes-
terday morning, but the Russians
waved the convoy through.
Authoritative sources said the
convoys of 452 men and 103 ve-
hicles were originally to have re-
turned to Berlin Monday after
three weeks of field training in
West Germany.
The speedup of the convoy's re-
turn made it appearthe U.S. was
determined to put its rights of free
acces to West Berlin to another
test.
Six times since Monday the
Communists had closed the Auto-
bahn, the 110-mile lifeline for
West Berlin. They announced it
was because of the military ma-
neuvers, but privately said it was
because of the West German parli-
ament meeting in West Berlin
Wednesday.

peace talks and the massive eco-
nomic development program pro-
posed by the President last Wed-
nesday.
But with first Peking and now
Hanoi radios heaping public abuse
on Johnson's offer, chances of
formal Communist acceptance ap-
peared to be dimming.
Marines Arrive
In Viet Nam a Viet Cong-South
Vietnamese firefight three miles
from Da Nang gave 1,400 newly
arrived U.S. Marines their first
glimpse of the Viet Nam war but
they did not become engaged. The
ground troops came ashore con-
current with the arrival of the
first four of 18 F4 Phantom jets
flown by Marine pilots.
Seventy-five U.S. Navy planes
from the carriers Ranger and
Coral Sea knocked out the King
Cuong bridge on North Viet Nam's
route 7, 150 miles south of Janoi,
U.S. officials in Saigon reported.
In morning and afternoon runs,
U.S. Air Force bombers and fight-
ers ranged up and down highways
7 and 8, about 100 miles north of
the South Vietnamese border. A
U.S. spokesman said they sprayed
a variety of targets, presumably
road convoys.
Da Nang Fight
A U.S. adviser to the Rangers
said he did not believe the Da
Nang fight had any connection
with the landing of the Marines.
The Marine landing was not af-
fected by the fight.

By JACK MEYER
The United States' sustained
economic boom, currently in its
fiftieth month, is the result of
the evolution of institutional pre-
ventive devices and effective sta-
bilization policies.
The development of legal re-
quirements, insuranceprograms,
and budget manipulation has en-
abled national output to expand
continuously.
The prolonged prosperity that
we have enjoyed since 1961 has
perplexed many observers and de-
fied some economists. A few
months ago some economists and
government officials predicted1
that next fall recessionary tenden-
cies would hring the boom to a
halt. Lately they have modified
their forecasts; if production is
going to slacken, it will not be
this year,s they claim.
False Alarms
What causes these false alarms?
It appears that some of the warn-
ings are the result of a pessimistic
attitude about the ability of the
U.S. economy to avoid sizeable
fluctuations. "Whatever goes up
must come down" is still the rule
of the thumb for some prognos-
ticators who fail to analyze our
current growth in its proper per-
spective.
The gradual development of
counter-cyclical weapons over the!
last 35 years has eliminated the
inevitibility of substantial eco-
nomic fluctuation. The seeds of
recession are no longer contained
within the blossoming economic
prosperity.
Prior to World War II the U.S.
economy swung back and forth
like a pendulum between pros-
perity and depression. Large-scale
panics rocked the country; the
Great Depression threatened to
damage the U.S. economy beyond
repair.
Lack of Confidence !
The word "panic" reveals the
essential cause of the violent fluc-
tuations-the lack of confidence.
It was the absence of regulated
guarantees and operational safe-
guards that fostered this wide-
spread apprehension and thus pro-
moted extreme business cycles.
In the 1930's prudent econ-
omists and politicians recognized
that the key to minimizing fluc-

tuations was the restoration and the end of the bank mob scene. sibility of a steel strike looms
maintenance of business and con- In addition to providing legal ahead. This unquestionably would
sumer confidence. The newly- underpinnings for the economic have an adverse effect upon the
formed Securities and Exchange system, the government gradually economy.
Commission watched over the developed workable short-range However, the important con-
stock market, which had contrib- policy tools and built-in economic sideration is that we have effec-
uted substantially to the great de- stabilizers. The regulatory powers tive weapons with which to com-
pression. of the Federal Reserve Board were bat steel strikes, bank failures, or
The stock margin-representing widened to promote effective mon- short-term debt conversion of the
the fraction of actual capital that etary supervision. Unemployment DeGaulle variation.
the investor was required to put insurance programs promised to Today these problems may
up as collateral-was raised from ease cyclical pressures by chan- dampen, but they do not inevitably
its negligible pre-Depression level neling funds to workers when un- undermine prosperity.
to a significant percentage of the employment signalled the coming Our supply of tools and pallia-
total investment. This virtually of a recession. tives appears to be sufficient to
precluded a repition of the 1929 What light does the develop- insure sustained long-run pros-
market collapse. ment of these cushions and safe- perity.
Bank Deposits guards shed on the future? There
What about the infamous "run certainly will be mild fluctuations.
on the bank," another manifesta- The U.S. economy is dynamic; it
tion of shaken confidence? The is subject to certain built-in de- Read and Use
Federal Deposit Insurance Cor- stabilizing forces.
poration, which guaranteed bank For example, May 1 is the dead- ay*f
deposits up to $10,000, heralded line for the negotiation -of the
---- ----- steelworkers contract. The pos- _

11

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Speculation in Saigon ist
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action against the Viet Cong.

that
into

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World News Roundup
By The Associated Press
JONESBORO, La.-A brief gunfight erupted early yesterday
when a carload of civil rights workers encountered a carload of
white youths.
Apparently no one was hit.j
A representative of Gov. John J. McKeithen said no arrests had

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been made. Another racial hot
ported quiet yesterday after I
day's protest march against
Ku Klux Klan.

tspot in Louisiana, Bogalousa, was re-
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weddings
and

WASHINGTON - Rep. Adam
Clayton Powell (D-NY), chair-
man of the House Education and
Labor Committee, blasted the ad-
ministration of the war on pov-
erty program yesterday. His com-
mittee is scheduled to begin hear-
ings today on plans to enlarge
the program. Powell reiterated his
support for the poverty program's
objectives but alleged that the
program is "sputtering dismally."
* *
CARACAS, Venezuela - Three
Soviet-trained agents from the
Italian Communist Party have
been arrested for trying to smug-
gle $330,000 into Venezuela for use
by antigovernment Communist
guerrillas, Interior Minister Gon-
zalo Barrios said yesterday.

UNITARIAN
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1917 Washtenaw
7:00 P.M. Sunday, April 11
Dr. Marshall D. Sahlins,
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Anthropology
THE ORIGINAL
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Discussions & Refreshments
Cars at 6:45 P.M. at
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