Business: The Economy: Crisis of Confidence

RICHARD NIXON was probably the first President to take office vowing that he would slow down the U.S. economy. The nation's No. 1 football fan had a "game plan" that his advisers said would stop inflation without much pain to the public or danger to the politicians. No need to tackle wages and prices directly. No need to get involved in messy strikes or stop end runs by steel prices. There would be no mandatory controls, no nasty squabbles between the White House and business or labor leaders, no interference at all with the free market. Instead, Government would simply balance...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!