Word: forded
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Dates: during 1980-1989
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...Johnson: "A percentage point increase on the interest rate would not abort the expansion because it's got a lot of speed-but then it needs a lot of speed." He added, however, that "it would be dangerous to tighten too much." Observes Alan Greenspan, who was President Ford's chief economic adviser: "Higher interest rates now will have very little effect on the short-term economic recovery...
...last week: "Iacocca knows full well that it was the Chrysler workers, more than anyone, who made the sacrifices." The company's U.A.W. employees gave up nearly $1 billion in wages and benefits. Chrysler workers currently make $2 less an hour than their counterparts at General Motors and Ford. This week Chrysler and the U.A.W. will begin talks about immediate modifications of the current contract. An agreement could give workers at least a $1-an-hour raise by Labor...
...huge question mark, however, still hangs over Ford: the $2 billion debt load built up during the lean years. Says Auto Industry Analyst Ann Knight of Paine Webber Mitchell Hutchins: "They can dig their way out of it, but the deterioration of their balance sheet is cause for concern." Yet after all those recent bad years, Ford is not thinking too much about the debt. With a few good years, the company could pay off its old loans-and more...
More and more prominent economists, mostly conservatives, are endorsing a consumption tax. They include Princeton's David Bradford, James McKie of the University of Texas, Stanford's Michael Boskin, and Alan Greenspan, who was chief economic adviser to President Gerald Ford. The idea is also bubbling within the Administration. Martin Feldstein, chairman of the Council of Economic Advisers, calls the consumption tax "appealing." Says Treasury Secretary Donald Regan: "In the long run, we have to have fewer taxes on savings. A move toward consumption taxes will probably be an absolute necessity if the U.S. is to remain competitive...
Boyd began his career in the early 1900s, selling typewriters. He later opened an office-supply business in Muskegon, Mich., and was that city's first Ford dealer. In 1928 he invested in the Mount Forest Fur Farms of America, which raised muskrats. The company went bankrupt in 1931. He helped reorganize the failed firm as Vermilion Bay, and the company struck it rich when oil and gas were later discovered on the Louisiana muskrat farm. Vermilion now collects royalties on 60,000 acres of land in Louisiana. Last year the company had profits of $1.6 million on sales...