THE ECONOMY: Arthur the Independent

Now let me be quite precise in this respect. The Federal Reserve is independent, and the new chairman, who will he sworn in here tomorrow, is one of the most independent men I know.

—President Nixon, Jan. 30, 1970

However, I hope that independently he will conclude that my views are the ones that should be followed.

—Nixon at swearing-in ceremonies for Arthur Burns the next day

The President has had many occasions lately to remember those remarks about his old friend and economics mentor. The Federal Reserve Board could pump enough money into the U.S. economy to increase greatly the chances that...

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