HERBERT STEIN:

Petty, Jealous, Condescending, Second Rate.

Dr. Herbert Stein. At one time he was Chairman of the Council of Economic Advisors under President Nixon in his first term (1969-1972). If memory serves me correctly (I have not checked) he was also Chairman for the early part of the second Nixon term but then he resigned to go to "The Brookings Institution".

The reason for the illustration should be obvious to you and if you ask by email who knows, I might explain even more!

My favorite memory of Herb Stein is in regards to a meeting with President Nixon. I was there as was Bill Safire, Herb Stein, Milton Freidman, Ray Price and Paul McCracken. The subject was the outlook for the economy in 1972 and most particularly for the quarter just preceding the election in 1972. After a relatively contentious meeting at which Milton Friedman made one of his dumber remarks ("unemployment doesn't matter") The President said that he wanted to give everybody a memento of the meeting. He went to his desk and started to hand out very ordinary ball point pens with his signature. I wasn't interested in getting one but noticed that all the other attendees were in line to get the pens. As I left I asked Herb Stein "why did you stand in line for a ball point pen?".

His answer, believe it or not, was "I want to prove to my kids that I do get to see the President". And he was a member of the Council of Economic Advisors!

Over the years I attended about 8/10 meetings in the White House with the President at which both Paul McCracken and Herb Stein were present. During my run for Governor of New York in 1990 the media took the position that I had grossly exaggerated my relation to Nixon. They called Herbert Stein and Paul Mc Cracken and asked them if I had played a role in the economic decisions by the White House. Both Stein and McCracken then lied and said "I don't ever remember meeting him in the White House and I do not know of any contribution he ever made to the decisions of the White House."

President Nixon issued a statement on June 19, 1990 in regard to the press accusations that I had exaggerated my relation to him:

"I have known Pierre Rinfret for more than 25 years; and before becoming president, as president and since have valued his advice including his counsel on economic matters.

 

As President I had hoped he would join my administration as a member of the Council of Economic advisors or later as a member of the cabinet"

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I sent a copy to Stein in rebuttal of his statement to the press which was widely played up by the New York Times. When both McCracken and Stein said what they did about me I stupidly did not rebut them and did not answer in kind. After Stein got a copy of the Nixon statement he wrote me back that "I could only answer what I knew". Still lying!

McCracken ,wimp that he is, never answered my letter including the Nixon statement.He doesn't have the guts to face up to anything!

I once asked "Tommy the cork", Thomas Corcoron, speech writer and brain trust for FDR, how could Roosevelt change his mind so easily about major affairs? He gave me two answers:

* "Since he didn't know very much about anything it was easy"

 

* "That's politics".

It is hard to believe that professional economists can be so hateful, so mean, so vindictive but unfortunately it is too true. They lie about life and they lie about economics,which has become a profession of opinions, biases, prejudices and politics and not facts (but that's another story).

Stein lacked integrity and he lied whenever it suited him or when he thought he had to do so to protect his position.

I, for one, had no respect for him way back then and with hindsight have even less respect for him now.

He didn't deserve it then and doesn't now.

Here's to honor, integrity, truth, courage and moral strength.

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