Economist Arthur Burns, who took a leave from Columbia University last year to become the Administration's top economist, last week used a homely, school-teaching metaphor to tell some of his old colleagues what he thought about the state of the U.S. economy. Said Burns at a dinner in Columbia's Men's Faculty Club: "Early this year a scissors movement began to develop in the economy, with the financial and investment sector occupying the upper blade and the industrial sector the lower blade." The scissors, predicted Burns, are unlikely to remain open for long, but "will close through a movement of the...
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