Rudolph Peterson Lends Some Advice
The head of the world's biggest bank saw inflation coming more than a year ago and tried to head it off. From public podiums and in private sessions with Government policymakers, Rudolph Arvid Peterson, 62, president of the Bank of America, urged a new federal policy to cool the overly expansive economy. As early as the autumn of 1965, he called upon the Government to do essentially what he still advocates today: declare a national emergency because of the Viet Nam war, defer some Great Society programs, impose a temporary 5% surtax on...
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