December 20, 1993

At his introduction in the Rose Garden last week as the nation's next Defense Secretary, Bobby Ray Inman promised to apply the experience he had gained in corporate America to the Pentagon, in the hopes of bringing what he called the "best business practices" to the Government and getting "a dollar value for a dollar spent on defense." But during the 1980's, Mr. Inman presided over a costly business debacle, a leveraged buyout that resulted in the bankruptcy of Tracor Inc., a Fortune 500 military contractor that made submarine and aviation weapons systems.

It was sweet for 11 months, but the honeymoon between President Clinton and the Federal Reserve has finally come to an end. The beginning of the end came with bickering over the President's proposal to have just one agency regulate the nation's banks, a move that would take away some of the Federal Reserve's power. And now it seems President Clinton could sue for divorce if the central bank raises interest rates early next year to fight inflation, as some rumblings from within the Fed suggest.

With an election year nearing and crime emerging as a dominant issue, Gov. Mario M. Cuomo has begun outlining a broad package of anticrime proposals that range from ending parole for repeat violent offenders to requiring weapons training for gun-license applicants. In an interview covering issues he is likely to highlight in next month's State of the State address, Mr. Cuomo said today that he would call for establishing a task force to investigate gun traffickers in New York City and a special court to speed their prosecution. He also said he would seek to toughen penalties against people who sell guns to juveniles, end parole for rapists, ban assault weapons and outlaw gun clips that hold more than 10 bullets.

Remember "The Immortal," a series about a race-car driver whose antibodies made him immune to aging? How about "The Duck Factory," about a wacky group of animators who produced a cartoon show called "Dippy Duck"? No? Well, there's a good reason. Both of these television series were canceled within a year and, by most viewers at least, probably weren't missed. Now, however, like Stephen King characters who refuse to stay dead, these series are back, revived not so much by popular demand as by new cable channels frantic for programming.

Israel and P.L.O. at Impasse Israeli and Palestinian negotiators, meeting in Norway, failed to break the deadlock that has imperiled the pact for the occupied lands. Page A10. Seeking the Political Spoils The Giuliani victory gives many political outcasts a shot at City Hall jobs, and many are knocking. Page B1. Who Gets Bragging Rights? Experts say the President is claiming more credit than he deserves for hopeful economic signs. Page A14. Serbia Party Lagging in Vote Initial results in Serbian elections appeared to indicate that Slobodan Milosevic's Party is in trouble. Page A3. World Cup Fills in the Blanks The United States will play Switzerland, Colombia and Romania, and Italy will face Ireland in soccer in Giants Stadium. SportsMonday, page C1.