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Show W Mrijr-ynp- y T James Reston The Sail Lake Tribune Friday, February 18, 1983 A21 Reagan Hit U.S. Economic Policy Focus Moves to Fed It Right On Bible and industry as well as government that goes with big federal deficits is virtually assured for this year and next. The president and Congress both accept deficits for 1983 and 1984 in the range of $200 billion. All the in Congress, the centalk of new taxes and spending cuts serious tral focus of economapplies to the 1983 fiscal year. ic policy now shifts to On the monetary side, stimulus has also the Federal Reserve been big. The Fed has allowed the monetary view Board. But the New York Times Service aggregates to grow way over targeted levels from the Fed is WASHINGTON in the past six months. M l, which consists of President Heagan, by through a glass what earthly or heavenly authority is not and checking accounts, has risen at currency darkly. more than twice the targeted rate. So has M-clear, declared the Monetary guideother day that 1983 a broader measure. lines have become should be The Year The meaning of those numbers, however, riddles. It is not clear of the Bible, and has become doubtful. Technological change how long the domirecommended that nant personality at the Fed, Paul Volcker, and the deregulation of financial institutions all of us read it as a have altered the very nature of money. The will continue as chairman Those uncertainmoral and even fiscal ties put a question mark on the vigor and Fed has been revising its methods for calcuguide to the future. lating M-- l and M-- According the Chairman duration of the recovery. The hope here is that Volcker, the overshooting of the targets is he will take his own Signs of the upturn are now everywhere. due more to technical changes than to a poliBut unemployment still hangs high, and inadvice, for it says cy shift toward easy money. some relevant things. dustry operates below 70 percent of capaciBut many bankers, and other players in ty. Consumers remain wary. Retail sales, On balancing the the money game, insist the Fed has eased off which must pick up strongly for a brisk rethe prescribed paths in order to promote rebudget: last advanced only infinitesimally Be not made a beggar by banqueting covery, So covery. They worry that continued easing month. faltering economic policies could will in when thou hast nothing upon borrowing, reignite inflation. A delegation of busikill off the upturn. led by Walter Wriston of Citicorp, nessmen, thy purse. Apocrypha, The budget, for now, presents little dan- poured that warning into the ear of Ronald Gcdesiasticusl8 33. ger. The stimulus to buying by consumers Reagan last week. Afterward, Wriston told Be sure your sin will find you out." Numbers 32:23. "Thou shalt lend unto many nations, but thou shalt not borrow." Deuteronomy By Joseph Kraft The Los Angeles Times Syndicate WASHINGTON - With recovery started up and the budget off -- reporters that "Now is the time to decrease" growth of money supply. Such warnings have an impact in themselves. For the monetary authorities do not want to be seen reigniting inflation. To avoid such charges the Fed either has to hold down the growth of money supply or hide its policy in the thicket of M-- l and M-- technicalities. Mr. Volcker, an extremely strong chairman, has been particularly adept at using technical camouflage to cover policy moves. He testifies this week to the Congress on the monetary guidelines for the coining year The record suggests that as long as lie is chairman, the Fed will push growth and throw technical dust in the eyes of worried bankers. But his term as chairman ends in August. Volcker took a large cut in pay to come to the Fed. There has been costly illness in his family, so unless pressed to stay, he will probably give up the post - perhaps before summer. c A war of succession would normally be gathering force at this juncture. Instead, circumstances have forced a conspiracy of silence. Moderates are reluctant to raise the issue. They fear that their candidates - Volcker himself or such former Republican presidential advisers as Alan 2 -- semi-publi- -- Hysterical Response 3:21-2- On the rich and the poor: Speak not with a stiff neck." It is so ironic that the day the publicity and fight against the Planned Parenthood Clinic in West Jordan started, we came home to find a notice in our mailbox stating that the much needed elementary school planned for our district would not be completed this fall. Parents in our district had a choice to bus their children to the next district or send them to school from 1 to 6.30 75:5. Thou shalt not harden thine heart nor shut thine hand from thy poor brother: But thou shalt open thy hand wide unto him, and shalt surely lend him sufficient for his need. 15:7- - 8. Oo that are strong ought to bear the Romans 15:1. infirmities of the weak. On war and peace: Nation shall not lift up sword against nation, neither shall they learn war any Isaiah 2:4. more. What king, going to make war against another king, sitteth not down first, and whether he be able with ten thousand to meet him that cometh against him with Luke 14:31. twenty thousand? llis (the Lords) enemies shall lick the Psalms72:9. dust. p.m. We happen to indulge in planned promiscuity (according to our state representative) and have done so for the 3 years of our marriage. Our much loved and wanted son is part of our planned parenting. We have not found our morals decaying or our standards deteriorating, nor have we gone blind or crazy. We do, however, find the "grass roots movement of Mr. Schmidt and his group against the Planned Parenthood Clinic a hysterical response to a service that is needed by many responsible adults. We wish to make it known that as taxpaying citizens of West Jordan, we do not wish to be included in this group that insists the sky is con-sulte- On politics: are troubled on every side, yet not distressed; we are perplexed, but not in despair; persecuted but not forsaken; cast II Corinthians down, but not destroyed. We Cast me not off in the time of my old Psalms 71:9. If thou hast gathered nothing in thy youth, how canst thou find any thing in thine age?" Apocrypha, Ecclesiasticus 25:3. If you take the left hand, then I will go to the right; or if you take the right hand, Genesis 13:9. then I will go to the left. Boast not thyself of tomorrow; for thou knowest not what a day will bring Proverbs 27:1. forth." On foreign affairs: Where there is no vision, the people Proverbs 29:18. perish. We wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Ephesians 6:12. I am for peace: but when I speak, they Psalms 120:7. are for war. Why beholdest thou the mote that is in thy brothers eye, but considerest not the beam that is in thine own eye? ... Thou hypoMatthew 7:3,5. crite! The Lord shall bring a nation against thee from far ... a nation whose tongue thou shalt not understand; a nation of fierce countenance, which shall not regard the person of the old, nor shew favor to the young. Deuteronomv 28:49-5On the Middle East: Saying, Peace, Peace; when there is no peace. Jeremiah 6.14. If I forget thee, O Jerusalem, let my right hand forget her cunning. If I do not remember thee, let my tongue cleave to the Psalms 137:5-6- . roof of my mouth. I am the rose of Sharon, and the lily of the valleys. Song of Solomon 2:1. Lebanon is ashamed, and hewn down. Isaiah 33:9. "Righteousress exalteth a nation. Proverbs 14:34. falling. SCOTT AND IRENE KRAMER West Jordan age. 0. On liberty: Ye shall proclaim liberty throughout the land unto all the inhabitants thereof. Leviticus 25:10. I saw a new heaven and a new earth: for the first heaven and the first earth were Revelation 21:1. passed away. On the press (and other sinners): Num"What hath God wrought?" bers 23:23. Evil communications corrupt good I Corinthians 15.33. manners. Thou shalt not go up and down as a Leviticus talebearer among thy people." 19.16. Tell it not in Gath, publish it not in the II Samuel 1.20. of Askelon. streets Miserable comforters are ye all." -Job 16 2. "Then the Lord answered Job out of the whirlwind, and said. Who is this that darken-et- h counsel by words without know'mdge?" -J- ob 38.1-2- . And Jesus entered and passed through Jericho. And behold, there was a man named Zacchcus ... and he sought to see Jesus who Luke he was; and could not for the press." 19.1-- (Copyright) Remember buck when people thought zucchini was an Italian acrobat. Winters arent so bad if you can escape, once in a while to replenish your suntan. n r- - The Reagan administration, if it were prepared to abauduii the pleasant fiction tnat most economic problems were inherited, could, of course, diminish the uncertainty. One useful step would be a statement by the president for his chief economic adviser, Martin Feldstein, that the economy is now so low that there is little danger of inflation being reignited by a period of monetary ease. Another, even more useful step would be an advance commitment to reappoint Volcker. It is hard to imagine any replacement whose nomination would not have as one effect making nervous markets still more nervous (Copyright ) Tribune Readers Opinions hard for thee, neither search the things that are beyond thy strength. Apocrypha, We hair-trigg- The Public Forum The wicked borroweth, and payeth Psalms37:21. Seek not out the things that are too not again. Deuteronomy The normal edginess of markets is heightened to the point by these larger uncertainties. Probably the most immediate threat to recovery is overreaction by the Fed to the fears of the private bankers about a rebirth of inflation. For if money supply growth is slowed, interest rates will stop falling, and consumers will lay off the buying necessary to translate an inventory rebound into a sustained recovery. Greenspan, Herbert Stein or Paul 15:6. Psalms McCracken - might be blocked by the hardline monetarists who have an ideological hold on President Reagan. Of fere a Toast TRB From Washington venience stores (adult magazines), and mail order items such as books, video cassettes and "toys" is far more objectionable than what is offered on cable TV. The entire issue is absurd and I find myself wondering who the Legislature is representing, a minority or as it should, the majority of the constituency. When the fipal analysis is made, it will be the parents and the value system they have imparted to their children which will dictate moral fiber. I find it of far greater importance to allow freedom of choice and the teaching of good moral habits than dictating to others Forum Rules Public Forum letters must be submitted exclusively to The Tribune and bear writer's full name, signature and address. Names must be printed on political letters but may be withheld for good reasons on others. Writers are limited to one letter every 10 days. Preference will be given to short, typewritten (double spaced) letters permitting use of the writers true name. Ail letters are subject to condensation. Mail to the Public Forum, The Salt Lake Tribune, Box 867, Salt Lake City, Utah, 84110. what they can watch on television. It really is as easy as not having cable TV in your home or simply turning off what you don't wish to see. D.E. SHEARER According to Rep. Duayne Johnson, Valley City, who sponsored the beer tax bill: "Were just trying to say a little of the problem alcohol causes ought to be paid by the people who use alcohol. I agree. In fact, I think most of us would agree, put like Forty years ago when we lived in Salt that. Notwithstanding, a serious problem Lake City we read The Tribune and thought remains. the editorial page was often namby-pamb- y What about the thousands of us who enjoy in views expressed. On returning four years the consumption of beer, yet who do not ago, we read mostly the syndicated columns drive while intoxicated? We, then, would be until we noticed a great change in the editounfairly taxed. We might as well impose a rials written locally. They are extremely tax on bus fare, since a criminal can use this pertinent for Utahns currently and they of-- j transportation to commit his crime. ten state courageously positions not too popcongressmen are suspicious about bailing Is Rep. Johnson interested in a fair tax or ular in the heart of Reagan country. out the bankers. imposing his moral and religious views on Feb. 5 was one example. Your column In what some financiers regard as an act the good old American beer drinker a sin titled Reagan Raises False Hopes for Misof treachery, on Jan. 25 The Wall Street tax? Or perhaps an elitism, since nothing in sile Elimination is most thoughtful. So also Journal seemed to join the critics: It noted Johnsons proposal is said about taxing liis the one titled Excessively Weinberger. what it called the Administrations decision quor and wine, the very beverages the poor These and many similar editorials can only to go along with efforts to bail would like to drink but cant afford? result in informed and intelligent public out all the worlds debtors. What started as a The only way the tax could be fair is to opinion. relatively modest effort to increase Internadetermine the revenue to be generated from In our household we now read your editotional Monetary Fund reserves is turning those beer drinkers who do not drink while rials first and the syndicated columns later. all-oassault on the U.S. Treasury into an SHERMAN H. RUESCH driving and either return this tax back to led by the Secretary of the Treasury, them, or tax an equal amount on an item himself. purchased by those who do not drink (perHere is confusion. A voice from within haps taxing milk). Of course, if this is not the Bastille calls for a parley in the midst of practical nor desirable, let's not impose any Message the crisis: There may be some defaults," the additional tax for the reason Johnson gives. Journal agrees, and some banks may get But at this point I feel a thirst coming on, There is a commercial running on Utah hurt. But there's no way to avoid such pain if and so I now open and toast this beer to Rep. television stations that depicts hospital volthe situation is as bad as the experts say it is. while I can still afford unteers acting in an officious, obnoxious Duayne Johnson There's not enough money - or wisdom - to one! manner. As the Director of Volunteer Serbail out everybody. FRED TABOR vices at St. Benedict's Hospital in Ogden, I Another test may lie ahead. We have an work with volunteers every day thoughtelection to mull over at this rolltop desk, and ful people, kind people, with a real concern a recession, and something no other age ever for others. They are distressed and disaphad before: nuclear proliferation. You rub Easy pointed to be portrayed as bossy busybodies. Patients are discharged by their doctors. your eyes now and then; here we are on a I have been following with great interest small planet, with the devils gift of nuclear Even nurses dont make those decisions, and the emotional impact of the state legislature not volunteers. power, and we cant reach an agreement certainly wrestling with the questionable morality of about saving ourselves. more volunteers has Utah 93,000 cable TV. I am as concerned with the influser- -' state. Their than other Reagan has been unfaltering in building ence of voluntary any on fammy pornographic materials to valuable vices contribution health a make up our nuclear weaponry. We are using beas the next parent. I understand recent tween a quarter and a third of the national ily have reflected that the majority of care in this state. It's painful to see them polls debudget for defense. After we pay for the portrayed as crass and unfeeling. those questioned do not want rigid laws refense and human resources, and interest on It's too bad that a very good message cable programming. the national debt, there is only 7.2 percent stricting the public about ways to cut hospieducating now is available there objecCertainly left for all the rest of the U.S. government. is costs tal lost in such a poorly conceived We spent seven years negotiating SALT II tionable material coming into the home. commercial it be can controlled However, adequately by and then didn't ratify it. SALLY J. HAFTERSON more realistic means than the Legislature is So let's go back to Cranston: I do believe Si. Benedict's Hospital is The material that readily that we cannot really straighten out our considering. Ogden available at downtown adult theaters, coneconomy unless we straighten out the arms race and diminish the incredible costs, the drain of time, attention, and brainpower," he says. I do not have any illusions about the Soviet Union. They are aggressive. But I think that both nations have not come forward with proposals that are really likely to lead to a change in the present atmosphere." Here are the briefs of The Salt Lake Tri- the senate resolution to repeal prohibition. He would try to change the atmosphere, bune from 100, 50 and 25 years ago. Optimistic prediction of success were he says, if elected. Feb. 18, 1883 made by party chieftains after the Deom-crat- s Dr. McKenzie desires THE TRIBUNE to had bound themselves in caucus to sup(Copyright) extend for him a general invitation to all the port the proposal. children in town, together with their mamFeb. 18, 1958 mas, to attend the great Washington BirthAn wnter storm, with wild day children's dance at the Walker Opera House next Thursday. He undertakes on his winds piling up house-size- d drifts of the part to supply, without charge, house, music, steadily falling snow, blanketed and nearly A man doesn't know what massive retaliand everything else required to give the paralyzed much of the northeast Sunday ation is until he wins an argument with his youngsters as happy a day as there can be night. wife. between the cradle and maturity, and he will Countless cities and towns declared not be satisfied unless the house is packed in states of emergency as snowplows stalled in Rummage sales are for people who drifts, highways became impassable, buses store. every part. couldn't think of going to a good-wil- l Feb. 18, 1933 and planes stopped running, church services It's ludicrous to see a bald man worrying Congressional leaders were jubilantly were canceled and schools ordered closed about bare spots in the lawn. confident tonight thut the house will adopt Monday. Likes the Page Theres Much to Ponder As Campaign Opens The New Republic sit at my old rolltop desk and consider some of the things reporters talk about here in Washington. For instance, is Alan Cranston too bald to be president? Democratic hopefuls are popping out of the ground now like snowdrops. It is a funny way we have of picking the person who may become the most powerful on earth. A presidential candidate is best off if he is a war hero, but we havent had any heroic wars recently. Lacking that, we turn to familiar figures. Politicians call it name recognition. Thats what Cranston and the others are now seeking. Thats why they scurry about the nation making speeches. Being a Hollywood star helps, too, of course; and John Glenn was an astronaut. There are also things a presidential candidate shouldnt be; I weigh these qualities for Sen. Cranston. He was asked on Meet the Press if he didnt think he was too old, too little known to be a successful candidate. He answered good humoredly that he was younger than Ronald Reagan and Soviet leader Yuri Andropov, and he challenged dash or a them or anybody to a mountain climb carrying a pack. Senate colleagues made him minority whip, which means that hes the No. 2 Democrat in the upper house. Frankly, I like him. He is also, I must add, a dull speaker. But, oh how good it is to hear somebody speak passionately about the peace issue, to declare n that neither side in the debate is offering "really negotiable terms." Another thing to ponder here over my rolltop desk is the economy. I don't know when we have had such conflicting views. Yes, there are signs of recovery. Unemployment is down a bit, and there arc more housing starts, and better news from Detroit. But witnesses at congressional committees keep talking about a world debt bomb and the near bankruptcy of developing nations. Economists have a jargon of their own. When others cant pay their bills, they are bankrupt, but if its a less developed country it has negative net worth. A big deficit is "negative growth. The key word around here right now, incidentally, is growth; Everybody wants to restore growth. The shocks of near default in Poland, Argentinas debt disruption, and Mexicos suspension of payment precipitated the current crisis. You can hear Ronald Reagan's cheery warbling rising above the gloom, but a lot of bankers are shaky. Sure, its "manageable," they say, but then they give figures showing that the largest banks made loans abroad they can't pay Will bankers emerge with their reputations unsullied? Back in 1929 Wall Street and big business never recovered. Today nobody wants to kick them when theyre down, but I Moscow-Washingto- Lost -- -- Light, Job The Way It Was Senator Soaper Os |