Word: auto
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Dates: during 1950-1959
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...right to surfer is one of the joys of a free economy," genially blooped White House Aide Howard Pyle, former governor of Arizona and ex-public relations man, last week during the course of a rambling press conference in his Detroit hotel room. United Auto Workers' President Walter Reuther, all ears when it comes to hearing opportunity, promptly wired the White House: "To workers who are desperately trying to find ways and means to feed and clothe their families, this kind of callous facetiousness is, to say the least, in gross poor taste." Back in Washington, insisting...
Across the broad face of the U.S., businessmen were trying to see where the U.S. is headed. Farm-machine sales were down to the point where J. I. Case Co. shut one of its plants. In the troubled U.S. auto industry there was more talk of production cuts. Holding his first annual meeting, in a big tent in Dearborn, Mich., Henry Ford II put production this year at "less than 6,000,000 units." Said Ford: "Production will remain a negative factor at least until the last quarter." Furthermore, he added, "it seems unlikely that the general economy will expand...
Despite the drop in auto sales, there was no lessening of overall buying, since employment (66 million) and paychecks are at a peak. Retail sales are 3% above last year, and Philip M. Talbott, president of the National Retail Dry Goods Association (8,000 department and specialty stores), said that he expects this year's sales to break last year's record...
...fifth boost in the discount rate in a year (to 3% in two districts), although President Eisenhower publicly defended the right of the independent agency to use its own judgment. General Motors' President Harlow H. Curtice went so far as to blame Detroit's sliding auto sales on FRB's credit-crimping policies. On FRB's side are such experts as J. P. Morgan Chairman Henry C. Alexander, who thinks FRB "was wrong only in not being more vigorous a little sooner," Harvard Economist Sumner Slichter and retiring New York Federal Reserve Bank President Allan Sproul...
What worries businessmen, whose memories of 1954's recession are still fresh, is that FRB's credit brakes might have too harsh an effect on the econ omy, curb the industrial expansion that is now taking up the slack left by the auto industry. But FRB is watching the situation closely, and is ready to change at the first real sign of trouble. With its many monetary tools, it does not necessarily have to make money cheaper by relaxing the discount rate in order to ease credit. It may simply expand the money supply by stepping up purchases...