Word: interests
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Dates: during 1960-1969
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...only precedent for Jackson's sweeping bill is the Full Employment Act of 1946, which established the framework for a managed economy and created the Council of Economic Advisers. If the Environmental Policy Act becomes law, the result may well affect every imaginable special interest-airlines, highway builders, mining companies, real estate developers. As for the effect on federal agencies, Jackson predicts: "The law will immediately hit the Atomic Energy Commission's nuclear power program by requiring the AEC to curb thermal pollution. It will have an immediate impact on all defense programs-everything from the siting...
After a year marked by turmoil and siege on campus, it is little wonder that Columbia University - without a president for much of that time - has been unable to find a willing candidate for the post. John Gardner, former Secretary of Health, Education and Welfare, showed no interest when overtures were made. Martin Meyerson, president of the State University of New York at Buffalo, demurred publicly after word of negotiations was leaked. Now the Columbia trustees have turned to Alexander Heard, 52, the able chancellor of Vanderbilt University and one of the small number of their preferred choices. At week...
...down." Adds a Firestone official: "Some cutbacks are likely next year." Demand for business loans has begun to taper. The Federal Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping by $262 million to $78.3 billion. One consequence is that interest rates are beginning to lessen, if ever so slightly. A string of three big recent bond issues -Weyerhaeuser, National Cash and Dow Chemical-all sold at successively lower yields, ranging downward from...
...timing and steepness, the Dow's 16% decline so far this year bears a chilling similarity to the 1966 plunge, when the index declined 25% from February to October. Could history repeat? Both market slides began with worries about overspeculation and increases in bank interest rates. There are, however, important differences. In both 1966 and 1969, the Federal Reserve Board tried to control the expansion of credit by restricting the money supply. But in 1966, the board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor...
...some huge bills coming due. They are beginning to pay for the $10.3 billion in new equipment that they have ordered, including the 374-passenger Boeing 747 jets that will go into service before year's end. In the tight money market, they have to pay about 9% interest on borrowed money. To avoid sinking deeper and deeper into debt, they must get a return of at least 10.5% on their capital investment. Last year their return was only...