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NEWSWEEK
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ISSUE DATE:
February 24, 1975; Vol. LXXXV, No. 8
IN THIS ISSUE:-
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COVER: Economic Advisor ALAN GREENSPAN. "How far is down?"
TOP OF THE WEEK [Major Top Stories]:
THE ECONOMY: HOW FAR IS DOWN?: The indices of economic gloom continued to pile up last week, and in their train followed a disturbing question: do Gerald Ford's crisis managers know how to stop the skid short of a deep depression? Is Ford, as one Democratic critic guessed sourly, getting the worst economic advice given any President since Herbert Hoover?.
In this week's cover story, Senior Editor Larry Martz looks at the team that put together Ford's conservative strategy for recovery, and tots up the program's assets and liabilities. One companion piece profiles Alan Greenspan, the laissez-faire advocate who chairs the President's Council of Economic Advisers; another reports on what happened when, at Newsweek's request, a Massachusetts think tank ran the emerging Democratic program through its computer to see if it might work any better than Ford's.
For Newsweek, the key man reporting the story was Rich Thomas. He is a veteran of a dozen years with the magazine as a Business writer and is now its chief economic correspondent in Washington. Economics was not quite Thomas's first love; it was his minor at the University of Michigan, and he taught English there briefly before discovering, as he put it, "that I was more interested in economics than Shakespeare." He abandoned academe for journalism, and was well established on the Washington economic watch when he first talked to Greenspan-then a private forecaster-in the early Nixon years. For the cover report, they talked several times; one interview took three hours. "I have to admire his courage, and I can only hope he's right," said reporter Thomas of subject Greenspan. "If not-well, he'll be Alan Shortspan back in New York." (Cover photo by Wally McNamee-Newsweek.).
THE NEW MERCENARIES: Cartoonists had a field day with the news: a private U.S. defense contractor was recruiting "executive mercenaries" to train Arab troops to defend the very oil fields that Administration officials had recently threatened to invade. As the controversy mounted on Capitol Hill (page 30), hundreds of Vietnam veterans besieged employment offices from California to Georgia with offers to ship out as mercenaries to Saudi Arabia, Oman or almost anyplace where the price was right (page 32). Meanwhile, Henry Kissinger returned for a ninth time to the Middle East to try to crank up a new Egyptian-Israeli peace agreement. The climate seemed slightly less tense than usual on this exploratory trip (page 28), but Kissinger had no shortage of other problems to fret over. Flying from Cairo to Damascus and Jerusalem, he dealt on the wing with crises in Indochina, Cyprus and Ethiopia.
THE LIBRARY AS SUPERMARKET?: Studying in the stacks and paying 5-cent fines for overdue books may soon become only fond memories. The nation's 75,000 libraries are facing major financial crises and a drastic information explosion. General Editor Kenneth L. Woodward reports on the changing world of borrowed books.
ENERGY QUESTIONS: Three important new sources of energy are in the news-all of them beset by problems. Solar power is becoming practical, but it remains expensive (Page 50). Expansion of offshore drilling for oil and gas in U.S. continental-shelf waters has run into strong environmental opposition, forcing Washington to delay its plans (page 68.) And opponents of atomic energy are warning about safety perils (right) and other unsolved drawbacks (page 23).
[FULL NEWSWEEK LISTINGS]:
BUSINESS AND FINANCE:
The economy: how far is down? (the cover).
Alan Greenspan at the fountainhead. [Full page article, profile of Alan Greenspan, with photo of AYN RAND and him with President Ford, at his swearing in!]
Crystal-balling the economy.
The row over offshore energy.
The new Arab blacklist.
HUD: a controversial nominee.
NATIONAL AFFAIRS:
The impatient voice of the people.
Ford on the road.
The food-stamp hassle.
Hats in the ring: Lloyd Bentsen.
The doctor and the fetus.
Did Helms lie?.
INTERNATIONAL:
Brezhnev is back.
Kissinger's matchmaking tour.
A day in the life of Super K.
The u.s-Saudi troop-training deal.
Mercenaries: the gathering of the clan.
France: discord on the left.
Britain: Maggie does it.
A My Lai in Eritrea.
ENTERTAINMENT:
CHER solo. [The former CHERLYNN SARKISIAN, new variety show. Great photo with ELTON JOHN, FLIP WILSON and BETTE MIDLER!]
Show biz: the college circuit.
NEWS MEDIA:
TOM SNYDER, new peacock of NBC.
A screaming Eagle.
THE ARTS:
ART: Max Ernst: artist-chameleon.
MUSIC: The comeback kids. [Profiles of PAUL ANKA, BOIBBY VINTON and NEIL SEDAKA, with photos]
BOOKS:
"Peking Man," by Harry Shapiro.
"Pepys," by Richard Ollard.
MOVIES:
"A Brief Vacation": De Sica's farewell.
"Rafferty and the Gold Dust Twins": no "Butch Cassidy".
"Andy Warhol's Dracula": kinky.
P.G. WODEHOUSE, 1881-1975. [A nice full page obituary of the great writer, with photo, and a drawing of "Jeeves".]
LIFE/STYLE:
A crackdown on child support.
The high-rise blues.
Fashion plating.
SCIENCE: Sun power. The koala glut.
IDEAS: Libraries: one crisis after another.
JUSTIC: The defense of Joan Little; His name's still Mudd.
EDUCATION: Teachers' private lives.
THE COLUMNISTS:
My Turn: W.W. Rostow.
Pete Axthelm.
Clem Morgello.
Bill Moyers.
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