Word: clouts
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...recovery, however, could rejuvenate the cartel by driving up demand. Says James McKie, a University of Texas energy expert and member of the TIME Board of Economists: "If world recovery does proceed and the growth of demand resumes, I would expect OPEC to regain at least the amount of clout that it had before the Iranian crisis." OPEC may be gravely wounded, in other words, but rumors of its imminent demise are probably exaggerated. -By John Greenwald. Reported by Mary Earle/New York and Lawrence Malkin/ Vienna
...bowing to near unanimous advice from Republican congressional leaders that his proposal to shift the final 10% installment of his three-year income tax cut from next July to January had no chance of passage. In spite of that retreat, the President showed that he retains plenty of backstage clout. His friend and close Senate ally, Nevada's Paul Laxalt, led a successful drive to remove Oregon Senator Bob Packwood from chairmanship of the National Republican Senatorial Committee. Packwood played a major role in helping engineer the reelection of every Republican Senator in November, thereby maintaining the G.O.P...
Andropov will also need to consolidate his hold on the Central Committee Secretariat, the Moscow bureaucracy that manages the day-to-day affairs of the party. Officials who hold jobs in both the Secretariat and the Politburo, like Agriculture Specialist Mikhail Gorbachev, 51, wield the most clout. Andropov and his colleagues are answerable in theory to the Central Committee, a body made up of 308 voting and 147 nonvoting members who represent a cross section of the nation. In practice, the Politburo and the Central Committee Secretariat exercise limitless power in running the Soviet Union...
...surprisingly, considering the political clout of the farmers, the Government is not leaving the resolution of the agricultural problem to free-market forces. To boost exports, Agriculture Secretary Block has just announced a three-year $1.5 billion "blended credit" program, in which interest-free Government credits are combined with Government-guaranteed credits from private banks to lower the financing costs for foreign buyers of agricultural commodities. An additional $1 billion in loan guarantees has been provided to Mexico, which is a big buyer of grain but has run into financial problems because of the slump in oil prices. Other agricultural...
...estimates--because of accounting manipulation and outright falsification--were vastly inflated. According to a 1981 New York Times story. confidential industry documents revealed that airbags would cost only $100 to $300 per car. But the automakers see even this expense as prohibitive and have used their economic and political clout or lobby successfully against air bag standards since Congress first proposed...