25 Years Ago


* "If you are a big businessman, don't waste your time reading this article. If your yearly losses run into the hundreds of millions of dollars, and if you and your management team are sufficiently incompetent, your survival is assured: Washington, if it hasn't already done so, will bail you out and keep bailing you out." —Eugene Guccione, "Business Survival in the 1970's"

* "If you are going to use gold as money, people have to dig gold out of earth in one part of the world in order to bury it under the earth somewhere else. There is a strong incentive for people to try to avoid that process, and that's why they add fiduciary elements. That's why all gold standards deteriorate into credit standards, and that's why you can't really have an honest-to-God gold standard." —Milton Friedman, "The Role & Value of Gold"

* "Ken Russell's production of Tommy is an appalling example of what can happen when a filmmaker encounters a medium he does not understand. His destruction of one of the great works of rock music can only be compared to Mike Nichols' savaging four years ago of Catch-22; and why The Who allowed him to get away with it, I can't imagine." —Charles F. Barr, "Movies"