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Hardly a man to make Panglossian predictions, Greenspan foresees an 8% inflation rate in the fourth quarter and "turgid" industrial growth and slimmer profit margins in 1975. In order to begin moving toward stabilizing the economy by 1976, he says, decisions for doing so must be made now. To help make those decisions, Greenspan is willing to take his quarter-of-a-million-dollar pay cut. "We are at a major crossroad," he says. "The actions taken in the next year or two will have a significant impact on where the U.S. is in 1980 and 1985."