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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jun 03, 1987
Page
4
Paul Tully, former director of Gary Hart's presidential bid, joins Michael Dukakis's team as national political director after meeting with campaign manager John Sasso. Dukakis aide Steven Akey announced the move Tuesday night in Washington.
A Broward County deputy unmasked a 14 year old boy dressed in Ninja robes who terrorized a Fort Lauderdale neighborhood for two weeks. The youth said he was bored with school and seeking excitement, with the late night prowling starting May 18. A helicopter spotlight aided the capture after a chase.
A Memphis Tennessee federal building had its wall thermometers painted over after visitors remarked on the heat. GSA spokesman Quincy Culpepper in Atlanta cited public comfort as the reason for concealing the thermometers.
Chicago Riviera nightclub manager Michael Balog fired all security guards after suspecting some may have ties to a gang that terrorized 20 people, including two women who were raped, early Sunday. He replaced them with two teams of licensed guards for inside and outside monitoring.
Houston Heights high school valedictorian Michael Woosley faced suspension and did not deliver a valedictory speech as classmates received diplomas. A stripper posing as a police officer interrupted his physics class last week prompting controversy and threats of a boycott. Woosley said the incident was a misstep but claimed responsibility.
Washington notes Paul Volcker ends era as Federal Reserve chair but his policy choices shaped inflation fight and growth. He curbed double digit inflation, backed steady money supply, and helped stabilize the dollar while facing criticism from bankers and economists alike.
The nomination of Alan Greenspan to succeed Paul Volcker as Fed chair signals worries about price tolerance but shows Greenspan and Volcker share views on inflation and deficits. Across inflation, interest rates, dollar, and trade, Greenspan aligns in key areas while urging gradual policy shifts.
In Tokyo analyst Migliorato of Jardine Fleming says Walcker's resignation will have little impact on exchange rates as Greenspan may pursue similar policies. He notes the dollar fell as Japanese traders sold dollars while awaiting policy clarity. Britain’s Nigel Lawson praised Greenspan as an excellent choice and expected no policy shifts.
The Federal Reserve known as the Fed wields major unseen influence on the economy by controlling bank reserves and money supply. It buys and sells government securities to add or remove funds, and uses the discount rate to signal tighter or looser credit conditions affecting unemployment and growth.
Secrecy shrouds talks from Venice where U S officials say the summit crafted a new process for coordinating international economic policy. The plan remains largely secret while allies discuss Persian Gulf cooperation and a potential push on nuclear disarmament amid Soviet missile proposals.
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