when that fails, arthur burns goes off to the fed, is that where he was -- >> um-hum. >> goes off to the federal reserve opinion he was in the white house as a placeholder. daniel patrick moynihan goes back to his tenured position at harvard so there was a vacuum then in the white house and the tack tigs that the president was very comfortable with, john urlichmann was there to fill that vacuum in part. >> i think is the first the president trusted urlichmann implicitly. the second is that urlichmann had a refined organizational intelligence, and that was a quality which wasn't -- that was a quality which was valuable to nixon. nixon used it. >> in the back? >> i have two questions. first one, was nixon a racist? and if so, why or why not, and the second question to the whole panel is, in nixon's economic policy, was he economics 101 or did he have a post doc? where and how much did he really know about what he was doing as an administrative president or as far as economic policy goes? >> i think the answer i would give is yes, some people might feel more comfortable with the wo word

arthur burns was one, pat moynihan -- >> whether for us or against us. >> yeah. and he talked about some of the people who wanted to go the other way and put, let's say, a phyllis schlafly kind of group on this task force. and i think what would have emerged had that happened would have been quite different from what did emerge. >> so that move early on, lee, made a big difference. >> oh, absolutely. and charlie clap in his oral history interview talked about the fact that we needed to get some republican women who could be, who could get some reputation out there for fighting the women's fight. he said so far, he says, it felt like the democrats had been in control of this issue, that president kennedy had had the president's commission on the status of women which had equivocal results but resulted in the creation of of the state commissions on women. >> right. >> and president johnson had done a number of things, but there were equivocal results there as well and no more significant appointments. >> no, that's a key. >> of women. and so the task force and some

particularly the federal open market committee under the chairmanship from 1970 of his chosen lieutenant arthur burns to pressure the fed to ease monetary policy to the point where unemployment fell or would fall in 1972 and be accompanied because of the imposition of wage and price controls by low and falling inflation. precisely those two things happened. politically, it was, in my view, a master stroke. indeed, a master clause. the wage and price freeze -- by the wage and price freeze, richard nixon abandoned his former conventional policy tools to control inflation. august 1971, the period between august '71 and november '72 marked his own deliberate and creative policy rupture both of his presidency and in the conduct of the united states' entire peacetime economic policymaking in the post-war world. he thereby comprehensively outmaneuvered his political opponents through the extraordinarily daring appropriation of their purposes, of their constituents as the result of november '72 election showed, and to their chosen policy instruments. domestic presidential politics, i think, give few more dra

arthur burns was one. pat moynihan was another.any tactic that some some of the peep of who wanted to go the other way. i must say a phyllis schlafly kind of group on this task force. and i think what would have emerged had that happened would've been quite different from what did the marriage. >> said that move early on made a difference. >> absolutely. and in his world history interviewee talked about the fact that we needed to get some republican women who could be -- who could get some reputation out there for fighting the women's fight. he said so far he said it felt like the democrats had been in control of this issue. that president kennedy at the presidents commission on the status of women, which had equivocal result, but resulted in the creation of the state commissions on women. .. >> to get more women, and i was after the vera glaser question, right? >> yes. her question was in favor of 69. this task force came into being later that year. a report i think at the end of 69, and it was released, the results were released,

i think a general lesson here is the picture of arthur burns, who was the chairman of the feds during the 1970s. in a rapidly changing world, the opportunities for making mistakes -- one way to think about this episode is after world war ii, the end of the conquest of the depression and the prosperity that we saw, the economist and policy makers became too confident about their abilities to keep the economy on an even keel. there was some fine tuning -- the notion that the fed and other fiscal policy and other government policies to keep the economy on course. to not worry about bumps and wiggles in the economy. that turned out to be too optimistic. we learned that collectively during the 1970s when the efforts of policymakers resulted not in the lower unemployment rate, which was the original goal, but instead into a sharp increase in inflation. i think one of the themes here is that -- and this applies in any complex endeavor -- humility never hurts. there was a reaction to the increase in inflation in the 1970s. the key person in this. is chairman volker mac -- ♪ ♪. to deal with do

here's a picture of arthur burns, the chairman of the fed in the 1970's and the quote is, in a rapidlyhanging world, the opportunities to making mistakes are legion, which are certainly true. i think one way to think about this whole episode is that after world war two, and the end and the conquest of the depression and prosperity that they saw, economists and policymakers became a little bit too confident about their ability to keep the economy on an even keel. and there was the term fine- tuning, the notion the fed and other fiscal policy and other government policies could keep the economy more or less perfectly on course and not worry about bumps and wiggles in the economy. now, that turned out to be too optimistic, too hubristic and learned that in the 1970's when the efforts of the policymakers resulted in the lower unemployment rate which was the original goal but a higher and very sharp increase in inflation. so i think one of the themes here and this probably applies in my complex endeavor, oh, humility never hurts. there was a reaction to the increase in inflation in the 1970

here's a picture of arthur burns, the chairman of the fed in the 1970's and the quote is, in a rapidly changing world, the opportunities to making mistakes are legion, which are certainly true. i think one way to think about this whole episode is that after world war two, and the end and the conquest of the depression and prosperity that they saw, economists and policymakers became a little bit too confident about their ability to keep the economy on an even keel. and there was the term fine-tuning, the notion the fed and other fiscal policy and other government policies could keep the economy more or less perfectly on course and not worry about bumps and wiggles in the economy. now, that turned out to be too optimistic, too huberistic and learned that in the 1970's when the efforts of the policymakers resulted in the lower unemployment rate which was the original goal but a higher and very sharp increase in inflation. so i think one of the themes here and this probably applies in my complex endeavor, oh, humility never hurts. there was a reaction to the increase in inflation in the 19

arthur aidala is here to let us know what to do so we do not get burned at work. >> we have covered theopics where the winnings, who wasn't at work, and who forgot to split the money after buying the tickets, and he retires, and, it is a minefield and the court had a ruling saying he had to split the winnings, and i am not trying to make the office lottery pool into a courtroom but to avoid getting to the courtroom put it in writing even it if it is on the back of an envelope, these seven people put in $2 every tuesday and friday, and the numbers will have someone sign, and that is ideal, and, again, i hate saying this, but if you want to avoid beginning to the courtroom and avoid missing out on the winnings, just put it telling, and you did not need a lawyer, you can literally did it on the become of a brown paper bag or the back of an envelope and put down a couple of things. who is in the pool. arthur, ainsley, jennifer, lauren, whoever. and we will put in $2 on tuesday. $2 on friday. and we will play to lottery game and that lottery game and the winnings are split equally among all