Word: abboud
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Dates: during 1970-1979
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Tuesday morning, July 10, economic, labor and business leaders: Robert Abboud, board chairman of the First National Bank of Chicago; Douglas Fraser, president of the United Auto Workers; John Kenneth Galbraith, author and economics professor emeritus at Harvard; Lyle Gramley, member of the Council of Economic Advisers; John Gutfreund, head of Salomon Brothers; Paul Hall, president of the seafarers union; Walter Heller, economics professor at the University of Minnesota and member of the TIME Board of Economists; Jesse Hill, Atlanta businessman; Reginald Jones, board chairman of the General Electric Co.; Lawrence Klein, economics professor at the University of Pennsylvania; Arthur...
Bankers and businessmen quickly hailed the measures, which many thought long overdue. "Superb!" exclaimed Robert Abboud, chairman of First National Bank of Chicago. "It is stiff medicine but very much needed medicine, and I applaud the Administration for having the courage to apply it." Ford Motor Co. Vice Chairman and President Philip Caldwell said the dollar-saving moves should "slow inflation and re-establish growth on a healthier basis." Richard Kjeldsen, senior international economist for Security Pacific National Bank in Los Angeles, asserted, "The President's economic package is drastic, abrupt and volatile?it's just what the doctor ordered...
First, reduce the growth of Government spending on consumption-oriented programs, which are using up so much capital. In Abboud's metaphor, "the Government is like, the big elephant coming to the pond, drinking all the water, leaving the gazelles with nothing...
...this were a political platform, any prudent banker would deny a loan to finance Abboud's campaign. Yet he speaks some hard truths. Unless the geometric growth of some popular and politically "uncontrollable" programs is controlled-Abboud mentions Social Security and veterans benefits-then much deeper deficits lie ahead. Until the Government eases some regulations, managers will spend capital to meet those rules instead of to create jobs. Buying up dollars will not permanently lift America's currency but at least will give the U.S. time to ease the trade and budget deficits that are dragging the dollar...
Clubby bankers from Zurich to Tokyo have confided to Abboud that Middle Eastern, Latin American and Asian capitalists are poised to invest many billions in the politically stable U.S.-as soon as they become convinced that they will not lose because of further dollar erosion. When these worldly investors plunge in, the stock market will surge, many jobs and business opportunities will be created, and the temporarily groggy champ will start to bounce back...