After Richard Nixon's re-election in 1972, Democrats accused Arthur Burns, whom Nixon had appointed chairman of the Federal Reserve in 1970, of rigging the election by overstimulating the economy. Burns, they charged, had produced a temporary reprieve from recession, but had also built up inflationary pressures that would burst forth later and produce an even sharper recession. In coming years, Republicans may make similar charges against Robert Rubin, Bill Clinton's secretary of the Treasury.
On the airplane, I caught sight of someone reading the latest issue of U.S. News and World Report, with a cover story on "How to Raise a Moral Child." It sounded like typical middlebrow sermonizing, based on the assumption that morality (that is, morality as defined by the editors of the magazine) could be taught in the same way as spelling or darts. It's not that simple, as I could attest. Here I was traveling to Las Vegas with a polygraph expert to interview a man who, I believed, did not have an adult sense of right and wrong.
LARRY KING: "Can a three party system work?" ROSS PEROT: "There won't be a three party system. One of these parties is going to disappear. One of those special interest parties will have a meltdown." KING: "Are you saying the Republicans or the Democrats are going to disappear?" PEROT: "Two will last. That is my fearless forecast." Here in Washington, campaign junkies obsess about whether Ross Perot's candidacy will help Clinton or Dole.
John Judis's 1996 cover story on Pat Buchanan's warm reception in the state.
When 367 Republican House candidates signed the Contract with America on September 27, 1994, they pledged to create "a Congress that is doing what the American people want and doing it in a way that instills trust." As they stood on the steps of the Capitol, Texas Representative Dick Armey declared, "[W]e enter a new era in American government. Today one political party is listening to the concerns of the American people, and we are responding with specific legislation.
I. In January, as the value of the Mexican peso plummeted, President Clinton, Majority Leader Bob Dole and House Speaker Newt Gingrich agreed to a U.S. Treasury plan guaranteeing $40 billion of new loans to the Mexican economy. The loans, it was hoped, would stop the peso’s fall and also save the investments of American banks and mutual funds that had bought high-interest Mexican bonds after the passage of the North American Free Trade Agreement (NAFTA). As Congress began debating the deal, hundreds of CEOs and business lobbyists led by John W.