The Economy: First Outlines Of Phase II

The American people don't want to have a freeze followed by a thaw where you get stuck in the mud, and we are not going to have that kind of thing. [Phase II] will have teeth in it. You cannot have jawboning that is effective without teeth.

—Richard Nixon

LESS than a month before his self-imposed deadline for announcing the nation's post-freeze economic rules, President Nixon last week publicly discussed his "tentative conclusions" about Phase II for the first time. They left unanswered many questions about the JEAN GUYAUX sharpness of those teeth, or indeed just who will have the power to...

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