Word: ibs
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Dates: during 1960-1969
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...able to block any steel increase unless he did something about aluminum. Assured by Chief Economic Adviser Gardner Ackley that the aluminum industry's profits were high and that any price rise would be unjustified, he set out to force back the 10 price rise to 25? per Ib.-which still left the metal selling for 1? per Ib. below its 1960 peak...
Tales of Temper. It all began when Olin Mathieson, Reynolds Metals and Kaiser Aluminum announced plans to raise prices of primary aluminum about 2%, from 241? to 250 per Ib. Two days later, the Texas White House quiet ly posted a notice that White House Special Assistant Joe Califano would meet with three Cabinet secretaries (Defense's Robert McNamara, Treas ury's Henry Fowler, Commerce's John Connor) to consider ways of selling part of the Government's huge aluminum stockpile. Though the notice said nothing about prices, the New York Times, acting on information from...
...week's end the Aluminum Company of America, the industry's leading producer, announced that it would go along with the price rises (which left the metal selling for 10 per Ib. below its 1960 peak). That move, flagrantly ignoring Johnson's veiled warning, brought the Administration into the open. At a press conference in Wash ington, called at Johnson's specific command, Economic Adviser Gardner Ackley, Defense's McNamara and Treasury's Fowler declared that the alumi num price rises "have no justification under the wage-price guideposts and therefore are inflationary." Though...
...been spending much more than it has collected in taxes. The cost of such xtravagance is West Germany's gaudi est inflation in 15 years. With consumer prices up almost 4% from a year ago, the German Hausfrau has to pay $1.08 for a dozen eggs, $2 a Ib. for not-so-tender beefsteak. Last week Chancellor Ludwig Erhard, his re-election safely behind him, finally announced a cut back in government spending...
Somewhere Else was certainly the place to be. In congressional debates over farm policy, whose essential philosophy has long been accepted as sacrosanct, controversy generally rages over such red-hot issues as higher support prices for cotton and how to finance them. (They stayed at 30? a Ib. of which 9? for the first time will come directly from the Treasury...