Word: money
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Dates: during 1950-1959
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Basic & Bothered. The grimness came with the sudden realization by pickets and public that management had its teeth clenched. Setting a post-World War II precedent for a major industry, the steel companies let the negotiations sputter to an end without making even a minimum money offer for the workers to think about. The steelworkers had offered to settle for the same terms they won in 1956 after a 36-day strike: a three-year contract with a yearly raise of about 15? an hour, plus a cost-of-living escalator clause. Management's counteroffer: either...
...specific cases with a hue and cry, like that of Crichel Down, where a farmer defied the War Department's right in time of peace to hold onto land commandeered in time of war. or pleads for a Mrs. Christos, who went to jail for earning milk money for her children while on the dole (TIME, June 15). But often an M.P. has either too much work or not enough spunk to see an issue through, and the press is quick to shift to fresher news...
Behind Martin's alarm lay an attempt by easy-money advocates in Congress to use the Government's bond crisis (TIME, June 15) to put pressure on the Federal Reserve Board to go back to the wartime policy of supporting the market for Government bonds. The Fed now buys short-term Treasury bills only. The Fed believes that if it bought bonds now, without wartime controls on spending, it would pump new money into the economy, thus nullifying its attempts to control the boom by tightening credit...
...Easy-money Democrats, led by Congressman Lee Metcalf of Montana, insisted on an amendment recognizing the Federal Reserve's "primary mission" of administering sound money, but demanded that the Fed "bring about needed future monetary expansion" by buying Government securities of varying maturities instead of, as it has been doing, lowering reserve requirements...
...Congress make a start at dictating the independent Fed's monetary policy. Martin pointed out that it would be very bad for the Government's credit if the financial community, here and abroad, got the idea that the U.S. had officially embarked on a soft-money policy. At week's end the Treasury was swinging around to Martin's stand, felt that taking the Metcalf amendment was worse than having no bill...