Word: local
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Dates: during 1960-1969
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...National Office of SDS had never given too much thought to the working class, and the New Left as a whole had prided itself on being undogmatic in its analysis and flexible in its strategies. And, anyway, the N.O. exerted almost no control over local chapters and it circulated its position papers to encourage debate rather than enforce policy. Many members of SDS who had previously relied on an inmitive feeling for politics now found that their intuitive notions could not match the clear. if mechanistic, analysis of their PL contemporaries...
...loans to corporate clients. Municipal-bond prices dropped, and interest rates on outstanding bonds rose from an average of 4.85% in December to 6.37% in September. Laws in several states, notably Pennsylvania, Michigan, Florida and California, forbid payment of that much interest on new bonds. Those states, and their local-government units, have been unable to float new issues. Last week local governments failed to sell $142 million in public housing bonds paying 6% interest -even though they were backed by the credit of the Federal Government. Proceeds from the bonds were intended to complete several public-housing projects...
Legislatures are considering bills to raise permissible rates in several states, even though that is likely to lead to higher state or local taxes to pay the interest. If the bills pass, some local governments may have another try at selling bonds. Philadelphia school officials plan to offer a $60 million issue at 7% this month. They found no buyers at 6% in July for two issues of $30 million and $17.5 million. The money is needed for a program of closing and replacing 42 slum schools, all of which were built before 1907, and are not fireproof...
...High a Price. As long as inflation forces the U.S. to restrict the money supply, states and cities will be at a disadvantage in competing against corporations for scarce investment funds. Some local governments may be able to increase taxes or find other ways to raise construction money. But most of the public facilities that were to have been financed by the unsuccessful bond issues probably will be long delayed, if not shelved entirely. That is part of the price that the U.S. must pay for having allowed inflation to rage unchecked for too long. The price, however, is being...
Paszter said the group would try to combat any SDS disruptions by legal means first, by encouraging the Administration to ask the local court for an injunction against anyone who occupied a building; and second, by bringing legal action themselves against SDS for breach of their civil liberties...