Word: nationalizes
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Dates: during 1970-1979
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When Jimmy Carter moves into the Oval Office in January, one of his first tasks will be to send out a batch of invitations to the nation's labor chiefs and business leaders. They will be asked to come to the White House to help the Administration devise a set of guidelines for wage and price increases that the President will then urge unions and companies to follow. Though the guideline strategy had only limited success in the 1960s, Carter is committed to another go at it to help keep inflation down while hoping to stimulate the economy...
...need for guidelines arises, Carter's advisers believe, because the U.S. is now experiencing a peculiar sort of inflation by momentum. Prices, in their view, are not being pulled up by excess demand (the nation's factories are at present operating at only 74% of capacity). Rather, the inflationary spiral keeps spinning because everyone expects it to. As Okun wryly puts it, "Wages and prices are going up because they have been going up." So some type of Government action is needed to break the momentum, and Carter is opposed to outright controls. Though he once talked...
...AMERICA INC., now Anta Corp. Record high stock price (1969): $91. Low (1970): 6?. Last week: $7.25. Like many of the highflyers, Four Seasons was built on a solid idea: cashing in on then new Medicare and Medicaid legislation and the growing need for facilities to care for the nation's ailing aged. The company actually built 45 centers in 35 states, but its earnings figures were inflated. At one point, one part of Four Seasons was lending money to another part to enable the company to "buy" nursing centers from itself. In 1970 the company declared bankruptcy, coincidentally...
Desegregation works. That was the major conclusion of a report the U.S. Commission on Civil Rights issued last August. The $2.3 million study (TIME, Sept. 6) declared that despite headlines about busing violence, 82% of the nation's school districts have desegregated without serious disruption, and only 10% report any decline in the levels of education. A pleased Commission Chairman Arthur Flemming stated: "We are prepared to debate the soundness of this conclusion with anyone...
...months' time, the report based its findings on four hearings (in Boston, Louisville, Denver and Tampa, Fla.), four open meetings (in Berkeley, Calif, Minneapolis, Stamford, Conn., and Corpus Christi, Texas), a mail survey of 1,300 school districts, and analyses of 29 school districts scattered across the nation. But in a memo to the eight regional directors, the commission director of field operations, Isiah T. Creswell Jr., wrote: "In the hearings, the emphasis will be more on districts that have made positive steps toward desegregation, or that have achieved a relatively higher degree of desegregation with relatively fewer problems...