Page 2-Friday, November 13, 1981--The Michigan Daily
nation, Schultz says
(Continued from Page 1)
government are wearing Adam Smith
BUT IT IS not just a monetary policy,
Schultz said, because it involves
macroeconomic and microeconomic
aspects encompassing the entire struc-
ture of the national economy.
The action of the current ad-
ministration has been a reversal of
Keynesian economics, Schultz said.
Keynes said government was to take up
the slack in capital investment and
people realize that it doesn't work
today, Schultz said.
'We have shorted ourselves of in-
vestment and savings," Schultz said.
The attitude should be one in favor of
savings, because investment comes
basically from savings, he said.
AT A NEWS conference before his
speech, Schultz said that the recent
comments by Budget Director David
Stockman "will pose a problem for
him," but that Stockman was a man of
"extraordinary ability and integrity"
and could recover from the controver-
The business community is solidly
behind the Rteagan program, Schultz
said. The financial community,
however, is suffering from fluctuations
in the market, and their undertainty is
reflected in their words and actions, he
If the Reagan progranm works,
Schultz said, it will change the, inter-
national posture of this. country. The
dollar will be strengthened, which will
lead to a more advantageous trade
position, he said.
"WE ARE IN the midst of actions
that will change the drift of the past
decades," Schultz said. The winners in
management positions will be those
who anticipate the advantages of the
changes and take the right actions.
Schultz is~ also presently a part-time
professor at Stanford University and a
member of the board of directors of
General Motors and Dillon, Reed and
Introduced by Graduate Business
School Dean Gilbert Whitaker, Schultz
was presented the award by Student
Council President and Vice President
Charles Rothstein and Scott Finerman.
Those present at the ceremony in-
cluded University President Harold
Shapiro, Business Prof. Paul Mc-
Cracken, and General Motors Chair-
man Roger Smith.
See your Jostens' Representative.
Place: Main Lobby-Michigan Union
Compiled from Associated Press and
United Press international reports
Death penalty sought
for alleged Sadat assassins
CAIRO, Egypt- Egypt's military prosecutor asked the, death penalty for
all 24 people indicted yesterday in the assassination of President Anwar
Sadat. Military executions in Egypt usually are by firing squad, but the
defense minister urged a public hanging for the prime suspect.
The court-martial begins Nov. 21, and the initial session will be open to the
public. The official Middle East News Agency, quoting the indictment, said
the four main defendants were charged with premeditated murder, a capital
The indictment accused Lt. Khaled Ahmed Shawki el-Islambouly with
leading the attack on Sadat at a military parade outside Cairo on Oct. 6.The
attackers halted their truck in front of the reviewing stand, then stormed the
stand with guns blazing. According to the indictment, they killed Sadat and
seven other people and wounded 27.
Poland negotiations delayed
WARSAW, Poland- Spreading strikes by about 450,000 workers, far-
mhands and students forced postponement yesterday of negotiations bet-
ween Solidarity and the Communist government.
The regime asked for a four-day delay until Tuesday in opening the talks
and indicated the long-awaited negotiations on political and economic
reforms might not begin until labor peace returns to Poland.
"The strike situation complicates a lot of problems," a spokesman for the
government said. "It is difficultto sit'down at the negotiating table when the
The biggest new strike yesterday, a sit-in protest by more than 190,000
university students across the country, had no immediate economic impact.
But strike leaders who initially said they would occupy their classrooms for
only six hours changed their minds later and told individual campuses to
decide whether the protest should continue indefinitely.
Prime rate drops
NEW YORK- Several large commercial banks, led by Chase Manhattan,
yesterday lowered their prime lending rates to 161/ percent from the
prevailing 17 percent amid predictions that both short and long-term interest
Philip Braverman, a senior economist at Chase, said, "We have sufficient
factors in place to suggest that this is indeed a sustainable decline in long
and short-term interest rates and it should continue through the end of the
Chase, the third largest bank in the country,was immediately followed by
Continental Illinois and First Natiofal Bank of Chicago, and Mitsui
Manufacturers Bank of Los Angeles.
GOP balks at Reagan budget
WASHINGTON- Republicans on the Senate Budget Committee moved to
the brink of revolt against President Reagan's budget plan yesterday,
criticizing his cal to wait until next year before considering tax increases or
cuts in benefits.
But as the panel opened debate on a spending plan for 1982, Republican
and Democrat sources cautioned that there was no clear majority either for
Reagan's position or an alternative designed to balance the budget in 1984.
Seven of the committee's 12 Republican members expressed preference
for the alternative, developed by committee chairman Sen. Pete Domenici.
It calls for $48 billion in higher taxes, $40 billion in cuts in programs such as
food stamps and Medicaid and doubling the $13 billion Reagan wants trim-
med from the defense buildup.
Reagan has urged the House and Senate to delay until next year any con-
sideration of possible tax increases or cuts in benefit programs. He conceded
his campaign promise,of a balanced budget in 1984 is an "unlikelihood."
Vol. XCII, No. 56
Friday, November 13, 1981
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