Word: loeb
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Dates: during 1970-1970
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...past, the project was greatly assisted by TIME'S Board of Economists, who lent their vast expertise at an all-day session with Church and his colleagues in the Business section. As a matter of fact, notes Senior Editor Marshall Loeb, "one year ago our board was saying that inflation would be a more persistent problem than anyone thought at that time. Now, much to our regret as citizens, their prediction has come true...
...Forty, Count em, Forty, Swiftly Moving and Breathtakingly Dramatic Scenes-See D'Artagnan outwit the Cardinal's guards! See Milady de Winter steal the Queen's jewels from the Duke of Buckingham! See Con-stance, wife of Bonacieux, drink the fatal glass of wine!-George Hamlin's current Loeb production works up virtually every type of scene Polonius could ever want to see. It's a Baskin-Robbins approach to theatre and it includes nigh unto every flavor known...
...Loeb's scheme, computers would monitor the odds for all U.S. sporting events, detect suspicious swings of big money and thus discourage fixes. Customers could dial a bet and have the transaction entered on their phone bills. The Government would not pay bribes, which cost the Mob about $2 billion a year. It could make winnings tax-free and still get by with a 10% to 20% rake-offless than half the Mob's reported take. In short, the Government could offer better odds. As Loeb figures it, the Government might net $15 billion a year...
Irrepressible Instinct. Loeb's notions may be less radical than they seem. Already scores of countries have introduced some form of nationwide legalized gambling. New York and New Hampshire are trying to outdo the numbers racket and pick up extra revenue with their own lotteries. New Jersey is due to follow suit. Pennsylvania uses horse-race betting to help finance both private and public schools. In January, New York City will start a computerized off-track betting service that may branch into other sports as well. Last week the country's top oddsmaker, Jimmy ("The Greek") Snyder...
Gambling is an irrepressible instinct and a national passion, Loeb warns, so there is no acceptable alternative to Government control. Unless gambling profits are channeled into public coffers, he demonstrated statistically, "organized crime will have a trillion dollars 15 years from now, which means those people will own the country...