ISSUE DATE: FEBRUARY 24, 1986, Volume CVII, No. 8

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IN THIS ISSUE:-
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COVER: The Second most powerful man in America: A revealing profile of Federal Reserve Chairman PAUL VOLCKER. Cover: Photo by Wally McNamee-NEWSWEEK.

TOP OF THE WEEK [Major Top Stories]:
AMERICA's MONEY MASTER: No public official except Ronald Reagan has more impact on the daily lives of Americans than Paul Adolph Volcker, the chairman of the Federal Reserve Board. Volcker pulls the purse strings, deftly, on the nation's $4 trillion economy. Yet to most Americans, he remains a mystery- the man behind the cloud of cigar smoke. After a series of exclusive interviews with members of his family, friends and associates, NEWSWEEK offers a revealing profile of the second most powerful man in America. Business: Page 46.

DOUBLE TAKE: While Ferdinand Marcos was stealing the Philippine election from Corazon Aquino, Ronald Reagan suggested that both sides might be guilty of fraud. The blunder left the opposition feeling betrayed. As Aquino prepared for civil disobedience, the White House belatedly admitted Marcos was at blame. Reagan sent a personal envoy to Manila, but the damage control came dangerously late in the game. National Affairs: Page 16.

WAS NASA TO BLAME? While NASA continued to amass technical evidence about the Challenger tragedy, a presidential commission said the decision-making process leading up to the launch "may have been flawed." NASA employees involved in the launch were barred from participating in the agency's internal investigation, and a source cited "a growing consensus that perhaps Challenger should never have been taken to the launch pad." Society: Page 58.

FIRED AGAIN: LEE IACOCCA had been sacked again, this time from one of his chairmanships on the Statue of Liberty project, and he took to the airwaves to vent his grievance. Nobody really won, but he proved again that he is a force to be reckoned with. National Affairs: Page 20.

[FULL NEWSWEEK LISTINGS]:
NATIONAL AFFAIRS:
Reagan's double take.
"The people's power".
lacocca: the politics of liberty.
Lee for president?.
Again, a Tylenol killer.
An Alabama sting.
Torturing an agent.

INTERNATIONAL:
Shcharansky's triumph of the spirit.
The ones left behind.
Playing the Mandela card.
Sicily's Mafia on trial.
"War to victory"?.
Haiti tries to settle the score.

BUSINESS:
America's money master.
Money out of thin air.
Princes of economic clout.
A bleak picture at Kodak.
Roberts's rules?.
Robert J. Samuelson.

SOCIETY:
Space: Closing in on the calamity.
Education: Georgia, a flag on the play.
Medicine: AIDS, a new finding.
Justice: Cocaine flies commercial.
Religion: Voodoo's faith and magic.

LIFESTYLE:
Television: "Today" takes off.
Sports: The sky's the limit.
Entertainment: Monster mash.
Fashion Bellybutton chic.
Lifestyle: Minnie is not mousy.

THE ARTS:
Music: How stars are made.
Books: Smiley's people.
A serpent by the tail.
Dance: A storybook premiere.
Movies: "The Hitcher".
*"My Beautiful Laundrette".

DEPARTMENTS:
Periscope.
Update.
My Turn: Raymond D. Strother.
Newsmakers.
Transition.
Meg Greenfield.
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