Word: consensus
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...Burns dominates the board and, to a lesser extent, the FOMC. He does so through a genuine talent for classic consensus decision making. Says one FOMC member: "Part of his dominance stems from his ability to know what is going on. I've seen him shift his position during a meeting, or shift from one meeting to another as the consensus changes." In other words, Burns takes care to move the discussion in the direction in which agreement seems to lie. The role of Burns' predecessor, William McChesney Martin, was far more passive...
...Burnsian consensus reached at the April meeting of the FOMC was that some trimming of the growth of the money supply is necessary; too much money had begun to flood into the economy as it picked up steam in early spring. The group's decision was to push the federal funds rate up a bit, to as much as 5½%. The Federal Reserve's tighter money policy is already showing up in higher short-term interest rates-to which the stock markets are keenly sensitive-as well as in a rise in the prime lending rate that...
This series of concessions was a key element of Vance's negotiating tactics. Reports TIME Diplomatic Correspondent Strobe Talbott from Geneva: "There was a consensus among American policymakers that the U.S. made a mistake by putting the Kremlin on the defensive before and during Vance's mission to Moscow. Therefore the Americans decided to. let the Soviets recapture some initiative and prestige. By yielding on procedure, protocol and publicity, U.S. officials hoped for a trade-off in the form of greater Soviet flexibility and receptivity at the negotiating table...
...PALESTINIAN STATE. It is inconceivable to us to allow a Palestinian state. Let me tell you that's not only the opinion of the Likud. On this we have a national consensus. The previous government was also of the same opinion. Under no circumstances can we agree to a so-called Palestinian state. It would be a mortal danger to us. There is a consensus of, I suppose, 95% of the people, and by their political representatives, not to allow such a development to take place...
...Long John. It was his (and Bentley's, as well, he suspected) life-line. Everyone needed one that spring. One friend, Mac the Knife, occupied his evenings setting endurance records at local bars, jumping over parking meters and scheming up wild fiscal take-overs of global publishing companies. (The consensus was that Mac had gone crazy.) Or take Harpo: his spring a nightmare of lost sure-bets and misplayed poker hands. Still other of their friends had tamer indulgences: non-stop tennis; non-stop sex; non-stop boozing; non-stop talking. The first long-delayed try at acting. Trips...