THE PRESIDENCY: The Importance of Being Arthur

In the pin-stripe halls of the Federal Reserve Building, appropriately located on Constitution Avenue and just a shadow's length from the Lincoln Memorial, the phones jangled incessantly last Wednesday evening. Aides to Chairman Arthur Burns listened, amazed and amused.

Arthur was going to make it — he would be reappointed next day by Jimmy Carter, whispered the first caller. Ring, ring. Another voice. Sorry, it was all off. The President was dropping Burns as chairman. The negative word from the White House would soon be public. Jangle, jangle. New rumor running through...

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