ISSUE DATE: JANUARY 19, 1981; volume XCVII, No. 3

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IN THIS ISSUE:-
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COVER: THE ECONOMY in CRISIS. Why it's out of control. How to fix it. Cover: Gerard Huerta.

TOP OF THE WEEK:
THE U.S. ECONOMY IN CRISIS: When he enters the White House next week, Ronald Reagan will face the most dangerous economic crisis since 1933. Another recession seems imminent, interest rates remain sky-high and the Federal budget deficit spirals upward. Above all, the new President confronts an inflation that is both the prime cause and chief effect of U.S. economic ills. A two-part SPECIAL REPORT describes the crisis and how thorny it will be to resolve and explores Reagan's first challenge: the budget mess.

STRIKING A BLOW FOR REALISM: A huge show at the Pompidou Center in Paris celebrates the old-fashioned cause of realism in modern art. It ranges from the neoclassicism of Giorgio de Chirico to the savagery of German satirists like Rudolf Schlichter (below). Page 90.

ELEVENTH-HOUR OPTIMISM OVER THE HOSTAGES: With the Carter era trickling away, Iran had to choose whether to release its American hostages or negotiate from scratch with Ronald Reagan. A new burst of optimism seemed to suffuse the discussions in Algiers and Teheran. In Washington, meanwhile, Reagan's Cabinet nominees-most notably Alex- ander Haig, who would succeed Edmund Muskie at State- took their confirmation hearings in stride. Page 18.

MORE BLOOD IN SALVADOR: El Salvador was girding for all-out civil war last week as the left announced its "final" offensive. With violence mounting, two U.S. advisers to the controversial land-reform program were slain. Page 42.

THREE CLONED MICE: In a dramatic achievement, two researchers have succeeded in cloning mice-the first time the feat has been performed with mammals. Can the cloning of man be far behind? Page 65.

[FULL NEWSWEEK LISTINGS]:
NATIONAL AFFAIRS:
Eleventh-hour optimism over the hostages.
The transition: hitting the ground slowly.
Is Reagan a Reaganite?.
Sinatra and the President-elect.
Defense: the hard choices.
Tales of the Carter years.
Louisiana: the judges' war.
SPECIAL REPORT:
The U.S. economy in crisis (the cover).
Reagan's battle of the budget.
INTERNATIONAL:
El Salvador: an all-out civil war?.
Land reform under fire.
Israel: Begin's last hurrah?.
End of the Yorkshire Ripper?.
Poland's five-day work crisis.
Yet another liberation front.

BUSINESS: Stocks: a warning triggers panic selling; Uncle Sam takes on Ma Bell; The peanut-butter crunch.
NEWS MEDIA: The man who'll speak for Reagan; Britain: the Queen was not amused.
SCIENCE: Three cloned mice; Sowing a superplant.
EDUCATION: Reagan's man for Education; Yale sells its Brasher doubloon.
RELIGION: The Adventist schism.
SPORTS: The L.A. Kings seek a crown.
MEDICINE: The Philadelphia peel; Cholesterol counts.
THE COLUMNISTS:
My Turn: Carolyn Lewis.
Jane Bryant Quinn.
George F. Will.

MOVIES:
"First Family": splendid farce "The Formula": murky "The Mirror Crack'd": starchy THEATER: Victorian wonderlands.
ART: The Beaubourg gives the realists their due.
BOOKS:
"Personal Impressions," by Isaiah Berlin.
"Other People's Worlds," by William Trevor.
"Sergeant Back Again," by Charles Coleman.
Roger A. Bruns's hobo history.
Barbara Pym's "Less Than Angels.
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