Word: michaell
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Dates: during 1970-1979
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...California drivers started at the first sign of shortage to "top off' their tanks -buy a few gallons for an already mostly full tank-and thus caused a huge surge of panic demand. Secretary of the Treasury Michael Blumenthal told Congress last week that the average California gas purchase has lately been a mere $3-barely enough to fill a quarter of the tank of a compact car at today's prices. "I've had this car washed four times in six days," reported Fred Tyler as he stood beside a dripping Mercedes 280 on Santa Monica...
Almost everybody seems to have a story about the energy problem. Secretary of the Treasury Michael Blumenthal phoned his 90-year-old father in California on a Sunday night. "Can't you do something about gas?" the old gentleman asked. The secretary's sister, also living in California, had always made a weekly drive to see their father. That Sunday she had called to say she did not have gas enough for the trip. "Well, Dad," answered Mike, a little extra feeling in his voice, "it's a big problem...
Like a latter-day Jeffersonian, Federal Trade Chairman Michael Pertschuk argued that large conglomerates should be banned because "they increase their power at the expense of smaller and less organized groups, and of the individual." In Pertschuk's view, the danger is all the greater because of the difficulty in measuring the consequences of the steady concentration of power...
...company wanting to expand would have to prove that competition would actually increase. Economist MacAvoy suggested that this approach was little more than a power play to make it easier for the Government to prove its antitrust cases. But, he contended, "the burden of proof should rest with the Michael Pertschuks of this world." The FTC is already empowered to act as both the prosecutor and judge in antitrust cases, and Senator Hatch is drafting legislation to transfer the judge's role back to the courts...
...Government economists that prices will rise by at least 8% this year, Jimmy Carter and his chief aides have insisted that the inflation rate could be held to 7.4%. Now one Administration member has dared to discuss reality out loud. Testifying before the Senate appropriations subcommittee, Treasury Secretary Michael Blumenthal said that the rate of price rises in 1979 will be "at least 8% to 8.5%" and maybe "slightly higher...