Word: lowing
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Dates: during 1970-1979
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...strengthen Carter's already tenuous links with business, which remains uncertain about the thrust and competence of his Administration and about the health of the economy. That uncertainty was mirrored on the New York Stock Exchange, where the Dow Jones industrial average dipped to a two-year low the very day of the President's press conference. The foreign exchange value of the U.S. dollar also fell to a near-record low...
Carter's new combativeness also came at a point when his popularity was slipping and his domestic problems mounting. The steel industry has suffered large layoffs and is pressing the Administration for help against low-priced foreign competition. Farmers are upset about falling prices and want bigger subsidies. The President is also struggling to convince two-thirds of the Senate that the Panama Canal treaties should be ratified. A meeting with Panama's Omar Torrijos Herrera successfully clarified differing U.S. and Panamanian interpretations of key treaty provisions-notably the U.S. right to defend the canal...
...fight is all about. From 1974 through 1976, the farmer saw prices rise higher and higher as he found markets-at home or abroad-for just about everything he grew. But with worldwide bumper crops this year, the U.S. farmer has watched prices plummet to a five-year low: down 7% from 1976. Wheat, which sold for $2.92 per bu. last year, is bringing $2.55 in Kansas City. Corn has dropped from $2.75 per bu. to $1.80 in Chicago, soybeans from a high of $10.45 last spring...
...THIS IS NOT TO SAY that Carter will take no action on urban problems. White House discussion are underway on the prospect of a federal "Urbank" to help attract businesses into aging cities by promising low-interest loans. The President is clearly interested in ways of using the all-important private sector to help the cities. And it is still early. Carter has flooded Congress with other legislation; proposals on city problems had best not be sent up to Capitol Hill quite...
...question is not one of timing or foot-dragging. It is one of an impression of overall responsiveness--of whether there will actually some day be a comprehensive, well-thought-out framework for proposals on low-income housing construction (preferably low-level), public transportation, municipal bond underwriting, redlining, crime-fighting, etc. Carter's "let's work with what we have" attitude, combined with his reuqirement for rebuilding the cities--that it not come at the expense of a balanced budget and strong defense--does not bode well for those issues or the future of the nation's cities in general...