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Show lirl Sariult, DrJjt 0,urtm;nt Univorulty of Utah Salt Lake City, Utah BM12 . i Stare Bar & 10th Circuit Economic Periscope New Officers State Bar President: Burton H. Harris, Logan President-elect- : J. Robert Bullock, Provo Commissioners: Arthur H. Nielsen, Joseph Novack, Brigham Roberts and Bryce Roe all of Salt Lake City. J. Robert Bullock, Joseph E. Jackson, Milford: Norman If. Jackson, Richfield; and LaVar E. Stark, Ogden Young Lawyers Representative: David Gillette Executive Secretary: Dean Sheffield Nixons Controls Favor B Say Economists at Joint Writer Foresaw Nixons Attack On - Inflation WASHINGTON (UP1) Economist Waller Heller urged Congress to scrap much of President Nixon's legislative program to rescue the economy, and to substitute more benefits for the consumer and less for business and industry. But he praised Nixon's initiativ e it. formulating the program. llellcr is a former chairman of the Council of Economic Advisers under Presidents John F. Kennedy and Lyndon B. Johnson. He made his recommendations to the Joint Economic Committee. The president used his executin' powers io enact the other portions of his program including a freeze and allowing the dollar lo float" on world markets. "The president took historic By Lee Ruwitch before (written President Nixon's speech) GOVERNMENT ECONOMIC POLICIES IN DILEMMA The Federal Reserve has shifted its policy in an effort to reduce the fast rale of monetary inflation and Secretary of Interior toward firming the tone of the Rogers C. B. Morton . . . "Must have a new era of money markets. Foreign central land management planning . . manbankers are concerned about our age resources to maintain ecological to control inflation and this ability balance . . . develop hold new concern has led to the deterioration ideas . . . taking full advantage of of dollar. the Secondly, continued our shortcomings." of money aggregates will expansion Associate Justice in itself be inflationary. Harry A. Blackmun Our balance of payments deficit Courts have a human side" . . . for 1970 was $9.8 billion. For 1971 the and "let us not take ourselves too deficit could reach $18 billion. If seriously. inflation continues, our balance of Dr. Chester M. Alter . . . Discovered something about payments deficits will worsen. the American court system . . . you Hence, the Fed must continue its efforts to reduce the rate of must he flexible." Attorney General Robert Shcvin monetary expansion. As a result, . . . State processes have been interest rales are likely to go higher. because of disrupted Then, tew, the U.S. Treasury must number of writs." raise about $20 billion of cash before If the economic recovery year-enChief Justice Warren E. Burger commercial loan demand continues, . . You in L'tah (State Bar Aswill soar. Again interest rates will be sociation) have heon way ahead of other areas of the nation. Needed pushed higher. The federal deficit for fiscal 1971 drastically is amendment of the habeas corpus act. Steps have been was $23 billion and our guess is that taken to improve the judicial systhe deficit for fiscal 1972 will reach tem. $30 billion. Our national debt will then be $450 billion, with an interest burden of $23 billion annual1'. The expectation of continued inflation has been intensifying in 90-da- wage-price-re- nt . month. After tour years of negotiation, a contract has been signed between the Santa Clara County Bar Association, here, and the San Francisco bank to finance legal fees. Application forms are now being printed and are expected to be available by the end of September. Under the plan, W'ells Fargo will finance legal services from a minimum of $200 to a maximum of The maximum term of $3,000. payment for a loan up to $2,000 is 24 months. Over $2,000, the loan may be financed over 36 months. The finance charge will be determined by the bank and the County Bar Association. The charge is subject to change as money conditions change from lime to lime. Legal services eligible to come under the bank financing include work started within 75 days of the loan and not completed more than 30 days prior to the loan. The fee finance plan is limited to clients of attorneys who are members of the Santa Clara County Bar Association. The loan plan will not be promoted in public advertising. It is up to each attorney to offer it to those clients he believes it will benefit. Those applying for the loan will follow a five-ste- p procedure: 1. Client executes attorney's fee agreement. 2. Client executes credit application. 3. Bank determines if loan is to )e made. 4. Bank prepares promissory note for execution by client. 5. Client signs and delivers note to bank. recent months as fiscal and monetary policies seem incapable of go-g- halting inflation. In fact, it may be worsening. Why is inflation so devastating? 1. Inflation erodes the purchasing power of pensions and retirement incomes. 2. The consumer lacks confidence ar.d saves his money for retirement needs as job security is in doubt. 3. Foreigners lose confidence in the dollar and the current international monetary crisis repeats itself. 90-da- proposed tranquilizers" ' I r. ; . . . t r I I .1 I s. ' t ' fit i . ' i i - , : Eckstein also favored shifting ti.c in accelerated tax $4 billion t I ' i ! I - : ! ;; ;h gg I i vi a wage-pric- i v- - .,v ., o in- y i : e in the form of a wage-pric- e proposals wore "heavily based President support of his cabinet must embrace an incomes policy" to reduce the inflation. He must rate of cost-pusexercise economic leadership writh a convincing program of new, firm assurance that we will bring inflation under control. He must Review establish a Wage-Pric- e Board as recommended 18 months ago by Arthur Burns, Chairman of the Federal Reserve Board. In the h meantime, the President must against the low and moderate income earner.' He said there was $9 billion worth of relief for business and industry raw meat for business while the consumer gets little more than a soup bone." Holier suggested among other things that the plan to allow ac I. i V .'r Wage Freeze Extended To All impose a freeze on wages and prices. The Review Board must be installed with the economic powers of a czar, free of political pressures. Compulsory arbitration is necessary to avoid strikes. We have little choice. This chronic inflation has reached emercency proportions. Confidence must be restored or a bust is inevitable. Emphasis roust he given to productivity. Wages have been fasler i board to set guidelines. Heller said the wage-pric- e freeze Solution Nixon along with full rising - economic world will never be quite the same again. " Heller said dealing the dollar pulls out the linch pin" from the international control mechanism of the world's monetary system. He added '.hat the wage-pric- e freeze puts the public on notice that the government is going to be the economic watchdog from here on out." Heller said the public sighed relief at the Presidents initiative, which he called great for openers, but the question is where do we ho from here. . Heller said: "The President has moved from do nothing to do something, from a no no to a policy." Heller said the country could not aHord, at the end of the freeze. to slip into a program of permanent control." Instead, he d. A SAN JOSE, Calif. (ACCS) will which enable plan attorneys' fees to be financed through the Wells Fargo Bank of San Francisco is expected to go into effect here next .? di initiatives," Heller said. "The urc-ndin- g Bank Financing Of Legal Fees' Set for Coast y celerated business should he scrapped Mi l the savo rs passed to trie consumer as '.:x i".;'1- s t 1 4 S Public Employes fKi v Xo j I v- O - 1 than improved only 2 percent a year productivity since 15. No wonder unit labor costs have soared. We must contain wages proportionate to the rate of gain in productivity. Philadelphia Broker Indicted for Fraud - A WASHINGTON (ACCN) federal grand jury has returned a indictment against a former Philadelphia s'oekbroker on charges th.it lie defrauded customers of more than $120,000 i:i the sides of unregistered seeurites. nt An administration spokesman. Treasury F,. Undersecretary Charles Walker, said the economic program of wage and price frpee. tax cuts, import surcharge and do facto devaluation of the dollar had resulted in a welling of confidence" at home and abroad Walker denied Piesidem lhe charge of AFL-CIGeorge Mean that thr program w;v a lxmana for business.' Walker said this iew ignored Hie aspects of the Nixon he predicted a and program, joh-crealm- Tea Juts w!.- - hav" salary mcuv.sej due this f;ul work a. least unil Nov. 12 at the school The admimsiia'.ion has K: ej i : tile pos:l)i!:l) the m age j! ice trre.e No might he i't(nd d bey end 12 dale. Tfl-'ji'-- , : :,c Wi-;k- nt.d ifiu.iiinl radiM.id trainmen the gn err.nMit'! im-ivmii'Hy roy. letiu.utivo ::.v icn ase-- . i la i'll 1 salaries they leeched las! year .M-oii- d iS:ii"S s as 1 the -- ' ' si:. Mi'.'. II i;r; t'.;'-- - j ,1 '1 , - a t . . I ; : .IT'i".., Iaci n :.hiC.d N T oil 1 ed I Sihn-I.i. '... ' t"-'- 1 ii'. v '? .r : li i.- - . i ' I I ; t |