A major loser in the tense maneuvering leading to the President's new anti-inflation policy was his Treasury Secretary, W. Michael Blumenthal. TIME's Washington bureau chief Robert Ajemian writes:
Mike Blumenthal was finishing his regular weekly breakfast in the Federal Reserve Board dining room with Chairman G. William Miller when the phone call came: the President urgently wanted to see him at the White House Only four hours remained until Jimmy Carter was to deliver his televised speech on inflation, and as Blumenthal was driven across town, he wondered if the President had any additional changes...
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