European Stars and Stripes (Newspaper) - December 10, 1991, Darmstadt, Hesse                                Tuesday december 10, 1991 the stars and stripes b Page 17  s tip it is probably not the Best known fact in supermarket circles but Borden inc. Is fast becoming to pasta what Anheuser Busch is to Beer. In the last five years the company that is better known for Elsie the cow has nearly quadrupled its worldwide pasta sales to an estimated $800 million in 1991. Borden holds 34 percent of the National pasta Market. Earlier this month the new York based company opened a $50 million automated facility in St. Louis capable of producing 250 million pounds . That is 3,500 feet per second or 51,000 Miles per  rates London up mondays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $370.20 an ounce Silver at $4.06. Dec. 6 dec. 9 British pound.1.8100 1.8110 German mark.1.5730 1.5685 French franc.5.4265 5.3800 dutch guilder.1.7870 1,7762 belgian franc.32.42 32.35 italian lira.1,201.25 1,192.50 owls franc.1.3882 1.3865 greekdrachma.181.15 180.24 turkish lira.5,026.90 5,011.90 saudi Antrim rtyal.3.7493 3.7494 Spanish peseta.101.52 100.89 poit Louese escudo.140.63 139.95 Canadian dollar.1.1378 1.1360 austrian schilling.11.1590 11.0800 norwegian krone.6.2480 6.2060 danish krone.6.1710 s.1235 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.53 through tuesday based on mondays noontime  say the la accept Early retirement St. Louis a heavy response to an Early retirement offer aimed at trimming the ranks of management took southwestern Bell corp. By Surprise but it still May not be enough to head off projected layoffs. The company said Friday that 3,750 managers will leave the payroll by dec. 30, rather than the 1,900 managers the offer was designed to attract. About 900 of the managers who agreed to retire or resign Are based in St. Louis. But despite the High rate of acceptance to the voluntary offer the company May have to Lay off some workers anyway said Richard a. Harris senior executive vice president of human resources. Harris said the layoffs May be needed to a balance and adjust the work Force. In return for leaving Early the managers will collect fatter pension checks or Lump sum payments in lieu of pensions. Pact ratified new Haven Conn. A workers at Pratt amp Whitney ratified a new three year contract sunday just hours before their current contract was to expire. President s advisers wrestle Over ways to revive Economy by Greg Stein Metz new Day a struggle is raging inside the White House that could determine when the country comes out of the recession and what policies will guide the Economy for years to come. In one Camp is Nicholas f. Brady the Secretary of the Treasury who resembles president Bush in age appearance background and political philosophy. His moderate hands off approach to the recession is favored by the president. In the other Camp is Jack f. Kemp the analysis sex quarterback who is now Secretary of housing and Urban development. Kemp is promoting a Host of pro growth pro business tax revisions that come right from the playbook of former president Reagan. House republicans Are urging Bush to listen. A on the Domestic policy scene there is no chief adviser to carry out your initiatives a said reps. Curt Weldon r-pa., and Dan Burton r-ind., who want Bush to make Kemp head of Domestic policy. A there is no  Cheney to carry out a Domestic desert  the Winner will be determined by late january when Bush says he will unveil an economic growth package in his state of the Union address. Who wins will be decided by what happens to the Economy Between now and then. If it improves Bush will probably offer nothing More than the same ideas he has touted since taking office such As a Cut in the tax on investment profits known As capital gains. If the stagnation continues unabated Bush Likely will offer More aggressive programs to try to fix the Economy before the november election. And unlike his legislative efforts to Date he will fight for them. A a he a going to have to demonstrate his commitment to doing something even if it is just symbolic a said Stuart Rothen Berg who edits the political report a Washington newsletter. The plea to promote Kemp a which the president rejected a came As a slap not Only at Brady but also at budget director Richard g. Darman and White House economist Michael j. Boskin. Their policy so far has had one Central theme fiscal discipline Quot or preserving last years agreement with Congress aimed at slashing the Federal budget deficit by nearly half a trillion dollars Over five years. Because of the weak Economy the deficit actually has grown by $50 billion since the agreement was reached 14 months ago. The government now says it will be at least $360 billion in the red by sept. 30. That is Money that could be used to build Bridges or educate children but instead is being diverted toward paying interest to investors often overseas. The deficits size also makes the president reluctant to do anything that might make it worse such As backing either the pro growth tax Breaks suggested by Kemp or the pro family tax Breaks suggested by democrats. A larger deficit could drive up interest rates and botch any Chance for Long term Prosperity. A i done to want interest rates to go sky High a Bush said last week when asked what his january package might contain. A whatever we do has to be economically  to be sure doing nothing might be a sensible approach. Economists said the benefits of tax Breaks even if put in place immediately  be Felt in time to make any difference in the current slump. Besides the presidents advisers have maintained that the Economy is recovering thanks to the Federal Reserve boards repeated lowering of interest rates. A a done to worry about it a Brady said recently. A people Are not going to lose jobs in  on Friday however the government reported that 241,000 payroll jobs were lost in november the worst performance in eight months. . Unemployment remained at 6.8 percent in november despite the loss of jobs. The apparent deterioration in the Economy toward what experts Call a a double dip recession Quot puts Bush in a risky position. By doing Little to stimulate the Economy the president could become a victim to the same bad advice that quashed president Fords re election bid. N 1976, then White House economist Alan Greenspan who is now chairman of the fed suggested taking no action to revive the Economy beyond the previous years tax rebates. Unemployment continued High until the election and Greenspan got blamed for causing Fords defeat to Jimmy Carter. A criticism often heard about Brady 61, is that he is out of touch with people suffering from the recession. A Brady was born to wealth and does no to have a grasp of what makes the Economy go a said Daniel Mitchell an analyst with the conservative heritage foundation. Darman led the White House Effort to Fass the sweeping tax Reform act of 986. Last year he crafted the budget agreement he now fights to keep. Conservative economists say the agreements array of tax increases not Only made the a read my lips president look bad but also made the recession worse. A with the Economy sliding into recession the president and the Congress took All the wrong actions a said Murray Wei Denbaum who headed the White House Council of economic advisers . Unemployment percent of work Force seasonally adjusted 8.0 f in i n i ii i min i i his i him n i o j f 1990 1991 nov. �?T90 oct. �?T91 nov 91 5.9% 11 6.8% 11 6.8% i source . Dept of labor a Reagan. . Rep. Dick Armey a Texas also dislikes the budget agreement. He is convinced Darman supports it Only because he authored it. A a he a chronically Given the president bad advice a Armey said. Because of the discontent within his own party the president has begun to entertain views other than Bradys Dar Many a and Boskinis. He took the unusual step of inviting eight private economists to the White House last month. In addition Bush has endorsed a package of pro growth tax measures championed by rep. Newt Gingrich a a. The package Calls for a lower capital gains tax a repeal of the luxury goods tax enacted As part of the 1990 budget agreement restoration of Breaks for real estate and expansion of individual retirement accounts. The administrations confusion Over economic policy has increased the prominence a a Quot Quot Quot Quot Quot come school Low taxes encourage economic Opportunity and Job creation. Beside pushing everything in the Gingrich package Kemp wants to Foster employment in poor neighbourhoods by creating special economic zones eligible for generous tax Breaks. 600 Banks a amp is May be seized report says Washington up government regulators Are ready to begin the biggest round of Bank and savings and loan seizures in history rescuing nearly 600 institutions that could fail next year the Washington Post reported sunday. Officials Are devising strategies using new regulatory Powers and $95 billion provided by banking legislation awaiting president Bush a signature the paper reported. The Post said As part of the new strategy regulators plan to step in More quickly when signs develop that a Bank or a amp a is in trouble. Regulators also plan to seek mergers with healthy institutions rather than shutting Down the troubled institutions. The Post said As Many As 400 Banks and a amp is Are Likely to fail next year with the most costly cases expected to be in the Washington d.c., area new England and California. Savings and loan regulators said As Many As 170 thrifts could close the Post reported. The Federal Deposit insurance cop. Predicts failure by at least 200 Banks with $86 billion in assets for 1992. The Agency said the toll could reach 240 Banks Ana $116 billion in assets if the Economy remains weak or real estate markets decline further in Washington new York new Jersey new England and Southern California. The banking Bill Congress passed gives the fd1c authority to borrow up to $30 billion from the Treasury to cover losses from failed Banks. The measure also authorizes another $40 billion in Short term borrowings that will be repaid by Selling the assets of failed Banks