Word: johnson
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Dates: during 1970-1970
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...York financial community, which habitually mistrusts Democratic hands in the national till. Neither of those appointments, however, was quite the bombshell that Richard Nixon exploded last week when he strode to the lectern in the White House press-briefing room and announced that John Connally-conservative Democrat, Lyndon Johnson protégé, former Governor of Texas, and still that state's second most influential politician-would replace David Kennedy as Secretary of the Treasury...
Pique at the Ranch. Before Nixon announced the Connally appointment, he informed Lyndon Johnson by telephone of his choice. Nixon thought that Johnson would be pleased. Not likely. Johnson, still no slouch as a Democratic politician, was furious. Part of it was pique that Connally had not consulted him about taking the job. More important, like many other Democrats, Johnson felt that the last thing any Democrat should do right now is identify the party with Nixon's economics. Says one Texan who knows both Johnson and Connally well: "The President [Johnson] feels that Nixon could...
While still a student, Connally caught the eye of a young Democrat making his first race for Congress. When Representative Lyndon Baines Johnson went to Washington in 1937, he took Connally with him as an administrative aide. Connally stayed in Washington until 1941, when he enlisted in the Navy as an ensign. At the end of the war, he was a lieutenant commander decorated three times as a flight officer on the carrier Essex. Connally used his mustering-out pay to open a radio station in Austin with ten other veterans-among them Congressman Jake Pickle and Judge Homer Thornberry...
Throughout the '50s, he maintained his contacts with Political Mentor Johnson, working behind the scenes on campaigns, lining up financial backing among his oil-industry friends and serving as Johnson's liaison man with local Democratic leaders. At the 1960 Democratic Convention, he headed Johnson's bid for the presidential nomination. When L.B.J. became John F. Kennedy's Vice President, Kennedy made Connally Secretary of the Navy...
...business, 1970 was the year of the hangover. The nation suffered the painful consequences of the economic overindulgence that began in 1965 when Lyndon Johnson expanded both welfare programs and the war in Viet Nam without benefit of a tax increase. That policy resulted in one of the longest, most severe inflations in American history: five years of accelerating price increases. In the so-far unsuccessful struggle to contain that inflation, the U.S. in 1970 stumbled into a recession that Richard Nixon had promised to avoid...