Wall Street: Jawboning the Market?

On Wall Street these days, an eight-year-old book—Six Crises, by Richard Nixon—is attracting many new readers. The part that fascinates them is a description of Dr. Arthur Burns' warning to Nixon in March 1960 that unless money was made easier, a recession could set in and cost him the presidency. Nixon wrote: "Burns' conclusion was that unless some decisive governmental action was taken, and taken soon, we were heading for another economic dip which would hit its low point in October, just before the elections."

Nixon realizes that those who do not learn from history are condemned to repeat it....

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