Northwest Arkansas Times from Fayetteville, Arkansas on September 24, 1974 · Page 17
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September 24, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 17

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Fayetteville, Arkansas
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Tuesday, September 24, 1974
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Economic Policy Must Come From Contradictory Material Northwest Arkansas TIMES, TUBS., Sept 24, 1974' · FAYETTEVU.L.E, ARKANSAS Nature's Jewelry Pearl-like drops of morning dew spiirklc in the September sun, strung on the won of a spider which surely w a s more interested in food. This pholu was taken by Narline Frisby of the Poiica Cily, Okla., News. (AP Wirephoto) By JOHN CUNNIFF NEW Y O R K (AP) - There is no dearlh of material from which President Gerald Ford can pick and choose in formulating an anti-inflation policy. There never was. and that is precisely his problem. He must exercise the wisdom of Solomon. On the matter of taxing, for example, Richard Cooper of Yale University claims a lax reduction of $10 billion to $15 billion for low-moderate incomes would be anti-inflationary. But J. Kenneth Galbraith of Harvard urges a tax increase. The proposals advocated over the past three weeks of pre- summiti-y arc replete with contradictious and special pleading of business, finance, labor, government, housing, the poor, investors, borrowers, lenders .... But there are areas of agree' mcnt as well, especially in re gard to lowering interest rates keeping a cheek on governmen' spending, and attempting lo keep joblessness from rising swiftly during the adjustmen lo more stability. Among the suggestions lha must be considered by Pan McCracken, who has the unen viable job of formulating an economic program, are these -separated into monetary (mon cy supply, cost) and fisca (government spending, taxing categories: CATEGORIES LISTED Monetary: --Ease Federal Reserve po! icy on money supply. Widel advocated by economists an others of all persuasions. Whil administration spokesmen 0] posed mildly, Arthur Burn Fed chairman, indicates Ih easing already may have bi gun. --Allocate credit lo most pr uctive uses. Money now is al- calcd by price alone. Has en suggested that criteria of ficiency and social good, such to boost housing, also be sed. --Negotiation of an inter- alional agreement to regulate urodollars. These are obli'ga- ons payable abroad in U.S. uiTcncy, Critics contend that bile domestic dollar supply is mitcd by Fed, dollars abroad nregulated. Fiscal: --Balance' the budget. Thai , don't permit government pending to exceed revenues. Videspread support. Government budget deficits over ong period of time are highlj "flationary. "There is only one cure anr vc all know it," said Milton 'riedman of the University o Chicago, generally regarded as conservative. "We have to low down total spending. O he Federal government can do hal ...." USE OF TAXING POWER --Use taxing power for spe ial effects. Nathaniel Gold inger, AFL-CIO economist iroposes an excess profits lax n vestment commujiity want o encourage capital formatioi jy lowering income tax on in erest and dividends. Some economists sugges signer taxes on income to cui tail demand. But others sugges a -tax cut for lower i n c o in workers to make them mor satisfied with smaller wage in creases. Many of the suggestions frorr economists and others go be yond the usual fiscal-monetar measures. Among t h e sugge lions for a multi-dimensional a tack on inflation are these: --Controls or restraints. Bus ness especially complains aboi negotiated inflation throng ige settlements, but unions de- are something of the same rl nt'C" rs with prices. Le=;s !mt 17 Japan's Underground Radicals May Be Going Offensive TOKYO (AP) -- Fear is'ccived a warning that some big ]--!ori lhat) in pas:. !mt s l i l l i g r o w i n g that Japan's elusive corporations may be bombed." ·omiuenUy mentioned, I underground radicals may be The motive behind most of --Indexing. Advocated by the ready to resume a terror-bomb- the terrorist acts in Japan ;m: campaign, with Japan's · seems to be to strike at sym- M:hnal. "Esuilatcr ausos on all sorts of things," ys Friedman, plus cosl-oMiv- i; iidjuslmf.t on taxes. Al- eady used in labor cont^a^ts, ^ith specify raises equal lo nllation rate. --Utilization of existing rcgu- of authority and power, as police, railroads and biggest companies their m a i n l b o l s targets. Isuch The bomb explosion which the nation's business elite, killed eight people and injured Radicals used bamboo staves more than 300 on Aug. 30 in f or weapons in the late 1960s.-;' ] Tokyo was the » lhc! first overt in- ; u u (, as ii iey werc driven under- ail ! 'TM iy [ground by" the usually efficient - n alions and subsidies, Hcn-i b e going or i the offensive here . | Japanese police, many have,.- rik Houthakker, H a r v a r d . T h e .Japanese _ _ g u n m e i i _ S | t a k c n up. other weapons, par- conomist and former adviser President Nixon, claims lie - ·- - · · pro- and takeover of the French Embas-!tj cu | a ,.] y bombs. -- -. rams lhat inflate prices ·hich should be ended. Business complains thai envi-j""*' ,? u -" onmental and safety rc g u - memoers - ations raise prices without con- last week intensified these fears and further demonstrated the skill am 'Bomb cases have increased 11 '; '(since 1970), but we are not dedication of U,. Japanese radl-'^^ KXr,TM^ cals such as the Red Army po , jce o f f i c i a , sajd , n an inter . ributing to production. Trans- Police say Japanese leftists view. , , He said there were 175 cases; 1 .: have even published a textbook \ n 1970 where bombs were oriers claim maze of regu- °" now to makc bombs, entitled planted, 272 cases in 1971, 183 aliens' on how things must be "Poem of Roses. 1 cas es in 1972 and 238 cases last hipped adds lo c o s t s and The nation has a long history year, killing 11 people in four inces | of political violence. Its present years. Thomas Moore of M i c h ; ? a n j c r ° P ° r terrorists has baffled Most of the bombs in the past Itate University insists thatlP° h c c ' and Probably are cans- have been put around police Interstate Commerce i l n S concern for officials plan- stations or railroad terminals, regulations would;"'"8 , PTM sid . e !] t , G £ r * lcl ? 0 *d's often in vacant spots svhere irasing Commission V d u « l TM c k i n 6 charges by M I scheduled visit lo Tokyo in No- ,v-v caused f t e-',,,, injures. ,cp «nl or more LtaHatlon of "ember. Beginning in 1973 there seemed ·ompetition among airlines also: A n u m b e r of important busi- to be a tendency to put them «ens prices high he says. i n p s s sources say they received where they would do more .. -- - A n t i t r u s t -iction Various,Discreet warning from officials damage, the police spokesman · ronosak have been' suggested lhis summer that another wave said. But. only two people were . ·en before nre summit confer- of terrorism might be expected, killed last year, although 575 · enccs The belief is that con-: "At the time we laughed and people were injured, -pnlralions of nower in biB i n - ' l l l d n t t a k e ll seriously, said The police source said offl- £s ri«? iniioT instmaions =", ,^P'oy o f . a big bank r e - . c c r s do" not know why . there · ends to reduce competition. 'Calling a warning sent to cm- was only one bombing m lha : smaller busi- P lo V cs '°, he _ o n guard for ^ first part of this year. ·Encoursffins oiuautL uu^i- : - . . .. ... nesses. The more competition i b o m b s alld thc l l k c Ihe lower the prices -- in theo-! "No one is laughing ry anyway. The TIMES !s On Top of The News Seven Days a Week now," he declared after last, month's blast at the Mitsubishi Heavy Industries building, Japan's largest defense contractor. The explosion "did not come as an utter surprise," declared an executive for one of Japan's major companies. "We had re- EVEREST 4 J E N N I N G S WHEELCHAIRS fOtOS TO 10" RENTALS i SUES F«yeltevlHe Drill E. Side. Square WASHINGTON (AP) -- Il| might be a gond idea to have a trial court resolve qtieslions arising from Ihe pardon of former President Richard M. Nixon, a federal judge suggesled Monday. U.S. Dislrict Judge Charles R. Richey said "it might be desirable to h a v e at least one trial court resolve whatever questions are extant with respect to the validity of the agreement and with respect to the validity of the pardon." The comment came as Richey postponed action on attempts to retain some of Nixon's Watergale tapes for use relaled civil suits. En another Watergate-related court action Monday, Supreme Court Justice William J. Bren- nau Jr. rejected requests from former White House aides H. R. Haldeman and Gordon C. Strachan for a delay in the cover-up trial set for Oct. 1. A similar postponement re quest from former While House John D. Ehrlichman was rejected last, month by Chief Justice Warren E. B u r g e r a n d Justice William O. Douglas. And Monday night CBS reported that Nixon says on an unrelcased tape that Jeb S. Magruder was supposed to "lie like hell" before a Watergate grand jury. The network said unreEeased tapes of meetings April 25 and 26, H173, between Nixon and Haldeman also show Nixon telling Haldeman to make sure no one, including then domestic affairs adviser Ehrlichman, knows that the conversations are being taped. N I X O N SAID AFRAID CDS added that on the April 2fi tape Nixon said he was afraid of becoming involved in Watergate and Haldeman noted t h a t he would have to be impeached first and said that wouldn't happen. The network then quotes Nix- on as saying "No, I've slept on that a little. Oh, my God, what iiave we done lo be impeached." A spokesman for Watergate special prosecutor Leon ,Ta- worski had no comment on the CBS report. Prosecution lawyers plan to use 33 lapcs in Ihe cover-up trial including the April 25 and 26 conversations. Defense lawyers have been supplied with the transcripts of nearly all Watergate-related tape conversations. ' Last week one of the convicted Watergate burglars, James W. McCord Jr., asked Richey to declare Ford's pardon of Nixon illegal and to de clare that the government had no power to give the former president control over his White House tapes. DILL Our No. 1 Selling Portable TV! 12-in. Diagonal Picture Black White Portable TV Model SF 2101 SL Quality designed to give you bright, crisp, black and white "pictures. Comes wilh Antenna, Handle Rotary Controls, High Gain VHP Tuner, UHF Solid State Tuner, Up-Front Controls, AC Line Storage Cleats, and Clipon Polarized Line Plug. (Simulated TV Reception) GE Porta-Color TV 10-in. Diagonal Picture ADD 'EM AIL AND WALK AWAYI Model WWA 9400P Filter-Flo® Washer Orig. $12 And Up! Part Anywhere Capless Wig Enfer the autumn season wilh a new look in these new copless skin scalp wigs. Choose from several slyles and lengths. In all colors includ. ing frosts and grays. They brush into shape easily because they are mads of easy care fibers. 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At the proper t i m a during the first rinse cycle, water Hows through the fabric softener compartment, automaMiMlIy dituting the liquid softener before adding it to the clothes load. Matching Dryer G. E. Heavy Duty Automatic Dryer with Permanent Press Extra Care Cycle. Terminates the cycle when they're dried to your pre-selected condition. With 4 temperaluer selections; end-of-cycle signal. Model DDE 7200P. Appliances--DILLARD'S--Second Floor Now.. .Three Convenient Ways To Charge These two popular credit cards plus your Dillard's credit card .. .At All DILLARD'S and DILLARD'S Pfeifer-Blass Stores in Arkansas iffliisiiis^^^ Open Monday Thru Saturday 10 A.M. Until 9 P.M. S3S=SSBSS!i^^

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