The Economy: Feeding the Bears

Everybody thinks that profits are just a problem for management and that no one else has to worry. But profits determine the level of employment, plant and equipment spending, and Government revenues. You cannot have a turnaround in the economy until you have a turn-around in profits.

—Economist Leif Olsen, vice president, First National City Bank

The pattern of first-quarter profits made clear last week that such a turnaround had not yet occurred. A preliminary tabulation of 692 corporations by New York's First National City Bank showed that profits in 1970's first quarter declined 7% from the same quarter last...

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