Word: less
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Dates: during 1980-1989
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...extend the VRAs when they expire next fall, but steel buyers like Caterpillar complain that prolonging the VRAs will boost costs. According to industry analyst Peter Marcus of PaineWebber, steel prices have risen 6% since early 1988, to $509 a $ ton, although after adjustment for inflation, they remain $40 less than five years ago. Critics are also concerned that a new set of VRAs will bring back Big Steel's complacency...
...subsidized to the tune of $57 billion since 1975, is now largely self-sufficient owing to higher productivity. Because of such moves, says Walter Williams, chairman of Bethlehem Steel, "we'll never be able to go back to the good old days." Big Steel has finally realized that the less comfortable it is, the brighter its future will...
...heart of Baker's ideas for pursuing the opportunities created by Mikhail Gorbachev's seemingly sincere desire to reform the Soviet Union. Like Bush, Baker does not fear a resurgent Moscow. "If they really reform their economic system," he says, "they'll be more secure at home and thus less inclined to military adventurism abroad." Baker's only worry, it seems, is that Gorbachev's days may be numbered. But as long as Gorbachev retains control, Baker is determined to deal wherever...
...following the Soviet invasion of Afghanistan in 1979. Now that the Soviets are withdrawing, the Europeans are urging an end to the restrictions. Baker is aware that the proximate reason for the embargo will soon end, but rewarding the Soviets for ceasing activities they never should have begun seems less important to him than trading the embargo's end for further moderations in Moscow's behavior. Linking U.S. actions to future Soviet concessions is what the game is all about. "Give away something unilaterally without a quid pro quo?" says Baker...
...overtaking Reagan. With the candidate on the road, Baker virtually yanked him from the race by confirming to reporters that the Bush effort in California was a scam. Bush was furious and convened a senior staff meeting in Houston. The candidate, like all candidates, could not have cared less about the math. He wanted to continue. Baker had a different concern. He knew Reagan would be "terminally ticked off" if Bush pressed ahead into California, Reagan's home state...