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September 06, 1974 - Image 2

Resource type:
The Michigan Daily, 1974-09-06

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Page Two


. Friday, SeptemboC 6, 1974 1

Page Two I HE MICHIGAN DAILY Friday, September 6, 1974

1 0 , I 1 0 *., , . , 4' ii vi


' eArgo CouPoNgl

Economy experts urge Ford to
abandon tight money policy

It's no joke, really. The University



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r',JM M1

(Continued from Page 1)
fers when he said, "The Ameri-
can people ... want us to take
those actions I believe that fall
within the middle ground of the
Okun said that "at least half
expressed the opinion we have
reached or are rapidly ap-
proaching the time for a
change" in the tight moneyj
talking about easy money,"
Okun- said, but rather about a
reduction of the restraint that
has produced record high in-'
terest rates.'
There were several distinct1
dissents to the monetary policy
relaxation, but Okun said the
"breadth of agreement ... was
striking to me."
Some of the economists urged
tax increases, others called for
tax cuts. Almost all agreed the
line should be held on federal
spending, but there was a split
on exactly where cuts should
FORD OPENED the meeting
by telling the panel the Ameri-
can people want the unvarnish-
ed truth about inflation and
"they are sick and tired of
having.politics played with their
A possible indication of Ford's
approach to the nation's eco-
nomic problems came in his
spontaneous response to an

economist's suggestion that the
country needs "positive think-
After Walter Hoadley of the
Bank of America called for up-
beat thinking to counter "a lack
of confidence in the future,"
Ford volunteered the opinion
that Americans can't indulge in
positive thinking unless they
first have the truth.
SAYING HE wanted "the un-
varnished thruth on the table"
at the meeting, the President
said he was confident the people
would respond positively if they
got it.
At the first of a dozen sessions
leading up to a Sept. 27-28 sum-
mit conference on inflation, a
consensus emerged among eco-
nomic experts that a depression
is unlikely to develop but that
output is apt to be flat, sluggish
or even down a bit over the
next 18 months.
A sizeable number of con-
ference participants represent-
ing business, finance, labor and
the academic profession--all of
them professional economists-
also called for a gradual easing
of the Federal Reserve Board's
tight money policy that has pro-
duced record-high interest rates.
MANY OF them conservatives
as well as liberals, also recom-
mended that serious considera-
tion be given to a public service
employment program in antici-
pation of an early rise in jobless-


ness. 3
At the Capitol, Senate Demo-
crats put Ford on notice that
they are ready to keep Congress.
in session for the rest of the
year to deal with the economic,
problems. At the same time,
their leaders said it is up to the
White House to make a specific
move if any action is to be
taken this year.
Ford opened the day-long
meeting in the East Room of
the White House, broadcast live
over public television and radio.
"OUR PURPOSE," he said
"is to find ways by which we,
the American people, can come
to grips with our economic dif-
ficulties and surmount them."
Declaring that "people under-
stand economics very, very well
and they are sick and tired of
having politics played with their
pocketbooks," Ford said:
"These meetings are not going
to be empty exercises in eco-
nomic rhetoric. Neither are they
going to reveal any quick mira-.
cles. There is no quick fix for
what ails our economy .
"BUT BEFORE this confer-
ence ends, I Mould like to see
and to have set before the
American people a consistent
and considered package of the
most promising answers that
you can find."
Where experts disagree on
solutions, he said, "it will be
necessary for the President and
the Congress to make some very
hard decisions."~
The President also described
UM Stylists
Open 8:30-5:15 p.m.

inflation as a worldwide epi-
demic. Arthur Okun, one of
Lyndon Johnson's economic ad-
visers, appeared to speak for a
majority in saying of the eco-
nomic outlook, "Recession yes,
depression emphatically no."
FORMER Treasury Secretary
George Shultz said he thought
the nation was "at or approach-
ing the point where we should
gradually ease monetary policy"
established by the Federal Re-
serve Board.
Among those who agreed were
Paul McCracken, an economic
adviser to former President
Richard Nixon; Carl Madden
of the U.S. Chamber of Com-
merce; Norma Pace of the
American Paper Institute;
David Grove of IBM, and Okun.
A number of the economists
expressed opposition to wage-
price controls or guidelines at
this time, but Robert Nathan,
a Washington economic consul-
tant, said "I think we're going
to have to have direct inter-
vention" by the federal govern-
ment, possibly including con-
HENDRICK Houthakker of
Harvard said "we cannot be
happy with the present struc-
ture" of the auto industry and
suggested government might in-
tervene perhaps through exer-
cise of its antitrust functions to
make it more competitive.
Budget restraint was generally
applauded and there was much
talk of trying to increase the
productivity of the work force.
A number of the economilsts
suggested tight money was cur-
tailing investment in expanded
Iproduction facilities.
Shultz, who left government
only a few months ago, produced
one of the relatively few' laughs
of the day when he opened his
remarks by saying:
"The economy is in terrible
shape and I wish you guys in
Sgovernment would do something
about it."

OCT. 9-12-Edmond Rostand's "CYRANO DE BERGERAC'
NOV. 27-3-Wim. Shakespeare's 'PE RICL ES'
FEB. 5-8 A new play featuring guest actors
APRIL16-19-Aristophanes' 'THE BIRDS'
The book can also be used for the University Theatre Showcase, The Killing of Sister George, No
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(a Model Pruetarian Drama from People's Republic of China)

In addition, this book
contains discount cou-
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Theatre Program off-
Come into the PTP.
offices at Mendelssohn
Theatre Building and
ask about it. Or mail
the form below. Good
entertainment. Cheap

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U-M Student I.D. M
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Mail To: Univ. Theatre Programs No. of Bookss
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