POLICY: Tough Time to Take Over

The economic news had rarely looked so discouraging. National production in the first quarter dropped more sharply than at any time in the past 16 years. Consumer prices continued to spiral up at a dizzying double-digit rate. Interest rates on some bank loans hit an alltime high. If the new figures had been deliberately chosen to do so, they could hardly have underscored better the dimensions of the job that faces Federal Energy Chief William Simon, who was nominated last week to be Secretary of the Treasury. Simon may end up with more...

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