Word: markets
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Dates: during 1960-1969
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...gave, the enforcement authority (now the Food and Drug Administration) no power to rule on the safety of any substance that a food processor proposed to put in his packages. Not until 1958 did Congress give the FDA the power to pass on additives before they went on the market, but by then it had delayed so long that hundreds of additives had been in wide use for many years. So the new law contained a grandfather clause, exempting substances already employed and "generally recognized as safe (GRAS) for their intended...
...likely human consumption, have caused bladder cancer in mice and rats, as well as the birth of deformed chicks. This was duly reported to the FDA by Abbott Laboratories, major producer of cyclamates. Within a week, Secretary Robert Finch of Health, Education and Welfare ordered cyclamates off the market, save for fruit already packed for distribution or foods prescribed for health reasons, for diabetes, say, or obesity...
...hope to do is move things in the direction they ought to go. I try to be specific about the ideal and not worry too much about what at the moment is realistic." By following that precept, Milton Friedman has done much to revive faith in the competitive market and to change the theories by which nations guide their commercial destinies...
...that it has created a severe risk of recession. Though neither embraces Friedman's whole concept, they maintain that the board should pay less attention to fluctuations in the money market and more to fundamental trends. They also have been arguing since last August that unless the money managers act promptly, they will eventually have to release so much money to prop a slumping economy that inflation will begin again...
...stock market, a leading indicator that often foretells the economy's performance in months to come, shuddered through a disastrous year. The Dow-Jones industrial average dropped 19%, from a May high of 969 to a December low under 784. The conglomerates took a beating; LTV and Gulf and Western dropped more than 50% from their year's highs. Among the blue chips, strike-troubled General Electric has sunk to 79 from a historic high of 120 in 1965, California Standard to 49 from a high of 86 in 1966, Allied Chemical to 24 from 66 in 1961, Du Pont...