For the Record

Wall Street likes Ronald Reagan much better the second time around. Wall Street Journal/Gallup survey of 822 top executives at large and medium sized companies found nine out of ten favor Reagan re-election. Speaking of Reagan announcement of candidacy, Robert M. Gardiner, chairman and chief executive officer of Dean Witter Reynolds, said: “I think it would have been a disaster if he had said anything else.” . . . One gloomy note comes from Henry Kaufman, chief economist at Salomon Brothers and long-time booster of Democratic candidates. “The disappointing part to me,” said Kaufman, “is that the President this year will not go to bat to enforce a substantial reduction in the budget deficit.” . . . Milton Friedman blames high deficits on Congress, not Reagan. In interview with The Socioeconomic Newsletter, Friedman declared that the only way to cut deficits was a constitutional amendment to require a balanced budget and a limit on spending. “The truth is,” says Friedman, “Congress enjoys spending much more than it enjoys cutting.” . . . Supply-sider Paul Craig Roberts, former assistant secretary of Treasury for economic policy in early Reagan Administration, accuses Budget Director David Stockman, Chief Economic Advisor Martin Feldstein, and Finance Committee Chairman Robert Dole of “going out of their way to create hysteria over the deficit” in order to “maneuver the President into a situation where he will have to accept higher taxes.” . . . Stockman didn’t win himself any new friends among conservatives with his Fortune interview in which he saw little hope of cutting budget. Some conservatives call for dumping Stockman and replacing him with J. Peter Grace, who headed Grace Commission on government waste. . . . Conservatives are also going after Paul Volcker and his tight hand at the Fed, which some fear could hurt economic recovery. Rep. Jack Kemp wants the Fed to act to bring interest rates down. “Volcker and the board,” warns Kemp, “are inviting congressional action, and perhaps irresponsible action, if they abort the recovery.”

Conservatives have lost two friends in White House. In addition to Edwin Meese moving over to head Justice Department, Morton C. Blackwell, who was White House liaison with conservatives, has just left Administration. Blackwell was reportedly frustrated by “pragmatists” in White House. . . . After some grilling by liberals, Meese is expected to win Senate confirmation as Attorney General. What really worries liberals is that Meese may soon move on to Supreme Court. Only two members have joined Court since 1971—John Paul Stevens in 1975 and Sandra Day O’Connor in 1981. Jimmy Carter is only full-term President in history denied opportunity to nominate at least one Justice. . . . Reagan’s State of the Union Address and his speech to convention of National Religious Broadcasters in Washington—attended by Rev. Jerry Falwell, among others—emphasized social issues. He told NRB convention: “We cannot pretend America is preserving her first and highest ideal—the belief that each life is sacred—when we’ve permitted the death of 15 million helpless innocents since the Roe v. Wade decision.” . . . Who’s responsible for Reagan’s stress on social issues? Ben Elliott, director of White House speechwriting staff, gives credit to Reagan. “In this White House,” says Elliott, “the President is the chief speechwriter.” . . . Foes of abortion are elated over Vatican’s choice of Bishop John O’Connor of Scranton to head the archdiocese of New York. O’Connor has already said his “Number One priority” would be to “devote” himself to defending human life, “especially the life of the unborn.” Newsletter catholic eye spotted Bishop O’Connor well before rest of press. Back in November, eye surveyed field of candidates for New York and found very few “papal loyalists.” But of O’Connor it said, “Scranton’s Bishop O’Connor is the exception, not the rule.” The appointment, says latest eye, “signals John Paul’s strong desire for a change of course for the Catholic Church in the United States.”

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Wall Street likes Ronald Reagan much better the second time around. Wall Street Journal/Gallup survey of 822 top executives at large and medium sized companies found nine out of ten favor Reagan re-election. Speaking of Reagan announcement of candidacy, Robert M. Gardiner, chairman and chief executive officer of Dean Witter Reynolds, said: “I think it would have been a disaster if he had said anything else.” . . . One gloomy note comes from Henry Kaufman, chief economist at Salomon Brothers and long-time booster of Democratic candidates. “The disappointing part to me,” said Kaufman, “is that the President this year will not go to bat to enforce a substantial reduction in the budget deficit.” . . . Milton Friedman blames high deficits on Congress, not Reagan. In interview with The Socioeconomic Newsletter, Friedman declared that the only way to cut deficits was a constitutional amendment to require a balanced budget and a limit on spending. “The truth is,” says Friedman, “Congress enjoys spending much more than it enjoys cutting.” . . . Supply-sider Paul Craig Roberts, former assistant secretary of Treasury for economic policy in early Reagan Administration, accuses Budget Director David Stockman, Chief Economic Advisor Martin Feldstein, and Finance Committee Chairman Robert Dole of “going out of their way to create hysteria over the deficit” in order to “maneuver the President into a situation where he will have to accept higher taxes.” . . . Stockman didn’t win himself any new friends among conservatives with his Fortune interview in which he saw little hope of cutting budget. Some conservatives call for dumping Stockman and replacing him with J. Peter Grace, who headed Grace Commission on government waste. . . . Conservatives are also going after Paul Volcker and his tight hand at the Fed, which some fear could hurt economic recovery. Rep. Jack Kemp wants the Fed to act to bring interest rates down. “Volcker and the board,” warns Kemp, “are inviting congressional action, and perhaps irresponsible action, if they abort the recovery.”

Conservatives have lost two friends in White House. In addition to Edwin Meese moving over to head Justice Department, Morton C. Blackwell, who was White House liaison with conservatives, has just left Administration. Blackwell was reportedly frustrated by “pragmatists” in White House. . . . After some grilling by liberals, Meese is expected to win Senate confirmation as Attorney General. What really worries liberals is that Meese may soon move on to Supreme Court. Only two members have joined Court since 1971—John Paul Stevens in 1975 and Sandra Day O’Connor in 1981. Jimmy Carter is only full-term President in history denied opportunity to nominate at least one Justice. . . . Reagan’s State of the Union Address and his speech to convention of National Religious Broadcasters in Washington—attended by Rev. Jerry Falwell, among others—emphasized social issues. He told NRB convention: “We cannot pretend America is preserving her first and highest ideal—the belief that each life is sacred—when we’ve permitted the death of 15 million helpless innocents since the Roe v. Wade decision.” . . . Who’s responsible for Reagan’s stress on social issues? Ben Elliott, director of White House speechwriting staff, gives credit to Reagan. “In this White House,” says Elliott, “the President is the chief speechwriter.” . . . Foes of abortion are elated over Vatican’s choice of Bishop John O’Connor of Scranton to head the archdiocese of New York. O’Connor has already said his “Number One priority” would be to “devote” himself to defending human life, “especially the life of the unborn.” Newsletter catholic eye spotted Bishop O’Connor well before rest of press. Back in November, eye surveyed field of candidates for New York and found very few “papal loyalists.” But of O’Connor it said, “Scranton’s Bishop O’Connor is the exception, not the rule.” The appointment, says latest eye, “signals John Paul’s strong desire for a change of course for the Catholic Church in the United States.”