The Economy: The Rising Star From Texas

A FEW weeks before John Connally was sworn in as Secretary of the Treasury last February, he threw a big wingding at his ranch in Floresville, Texas. Under a striped tent the guests dined on succulent barbecued ribs and homemade ice cream. Their host, glowing and happy, exclaimed: "You know, this is a damn good life."

For Connally, life has indeed been sweet. Beginning with his hardscrabble boyhood on a Texas farm, he has been irresistibly drawn to wealth and power and has managed, by an adroit mixture of dash and...

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