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The economist Rudiger Dornbusch, who died last month, studied in his seminal paper, "Expectations and Exchange Rate Dynamics", published in 1975, the apparently irrational ebb and flow of floating currencies. His conclusion was that markets overshoot in response to surprising changes in economic variables.
This compares with less than a third in 1975. I have just concluded the process of preparing the budget submissions for fiscal year 1976. In that budget, I will propose legislation to restrain the growth of a number of existing programs. I have also concluded that no new spending programs can be initiated this year, except for energy.
To paraphrase Tom Paine, 1975 was not a year for summer soldiers and sunshine patriots. It was a year of fears and alarms and of dire forecasts most of which never happened and won't happen. As you recall, the year 1975 opened with rancor and with bitterness. Political misdeeds of the past had neither been forgotten nor forgiven.
During the annual tour in 1975, a second plaque was added below the first by The National Park Service, designating Trinity Site a National Historic Landmark. This plaque reads, "This site possesses national significance in commemorating the history of the U.S.A." Lying next to the entrance of the chain link fence that still surrounds Trinity Site are the rusty remains of Jumbo.
And I know some German, and a little Russian." Blake Hartley was staring at his son, stunned. It was some time before he could make himself speak. "I could barely keep up with you, in French," he admitted. "I can swear that in the last thirteen years of your life, you had absolutely no chance to learn it. All right; you lived till 1975, you say.
Our attention centers on the political aspects of World Federation with economic considerations present and always operating, but not dominating the crucial decisions. For better or worse, in 1975 and the years immediately succeeding, we will be living on a planet divided into some 140 politically sovereign states.
I reassured America's allies and sought to reduce the danger of confrontation with potential adversaries. I pledged a new direction for America. 1975 was a year of difficult decisions, but Americans responded with realism, common sense, and self-discipline. By January 1976 we were headed in a new direction, which I hold to be the right direction for a free society.
In the grave situation which prevailed in August 1974, our will to maintain our international leadership was in doubt. I asked for your prayers and went to work. In January 1975 I reported to the Congress that the state of the Union was not good. I proposed urgent action to improve the economy and to achieve energy independence in 10 years.
And so, 1975 was a year of hard decisions, difficult compromises, and a new realism that taught us something important about America. It brought back a needed measure of common sense, steadfastness, and self-discipline. Americans did not panic or demand instant but useless cures.
Within the strict budget total that I will recommend for the coming year, I will ask for additional housing assistance for 500,000 families. These programs will expand housing opportunities, spur construction, and help to house moderate- and low-income families. We had a disappointing year in the housing industry in 1975.
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