Word: lumbers
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Dates: during 1970-1979
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...means measures the full extent to which resurging inflation has become U.S. Topic A. In recent days, Congressmen have opened a drive to force President Nixon to freeze or even roll back prices, interest and rents, home builders have staged a march on Washington to protest soaring lumber prices, the Government has won a dubious victory in a battle with bankers over the price of loan money, and labor leaders have begun presenting demands that could give a new spin to the wage-price spiral. It hardly seems likely that President Nixon's imposition of price ceilings on beef...
...Lumber Mess...
...waning days of Phase II, lumber was often cited as a classic example of how controls breed chaos; under Phase III, it has become a standout illustration of how the loosening of controls can make a bad situation worse. During the period of mandatory controls, lumber prices were supposed to be held close to the relatively low level at which they had been caught by the 1971 price freeze, but as home-building demand soared shortages developed, and loopholes in the Phase II regulations allowed mills to sell the same types of wood at vastly different quotes. Trying...
...name of the new speculation game is soybeans. More precisely, it is soybean futures. One representative contract shot up from $3.20 per bushel last summer to a record $7 early in March and closed last week at $6.18. That outstripped even the performance of feed corn, lumber studs, and other commodities-including metals-that have also been putting on a pyrotechnic show. The fireworks have tempted investors, who not long ago considered soybeans to be little more than a health food...
Apparently satisfied that he had disposed of part of his price problem, the President took a more activist line on the cost of nonfood commodities, which have begun to rise at a worrisome rate. Wholesale prices of industrial commodities, such as copper, lead, zinc and lumber, jumped 1% last month. In this case, buyer power is definitely not the solution: the increases have occurred largely because manufacturers are scrambling to purchase materials to take care of expected increases in production. So Nixon announced that, to help keep prices down, the Government will sell off some of the $6.5 billion worth...