The Drift Of Things

W hen the blasts went off on West 11th St., just off 5th Ave. in New York City, James Michaels, editor of Forbes magazine, was in his office a few doors away reviewing color layouts with his production manager. Having once been a reporter, he grabbed his trench coat and dashed for the street to be con- fronted by the demolished townhouse which had been turned into a bomb factory by youths. To Michaels, this shocking episode supplied the exclamation point to thoughts he was formulating that an era had ended and a new one was beginning in the economic and social climate of the U. S. "For twenty years corporate profits, the stock market, middle income pay have gone up and up. . . The illusions of twenty years are in confrontation today with changed needs," he said. "International omnipotence is economically beyond our means, . . The anti-pollution and community renewal people are not nuts in tennis shoes who will go away. . . That corporation presidents can report an increase in earnings every year is an illusion that will be dropped. . . There has been a $200 billion shrink in value of stocks and bonds since Nixon came into office" were some indicators Michaels mentioned.