Word: pricing
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Dates: during 1960-1969
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...same time, Nixon encouraged his appointees to hold news conferences. The danger of attempting to say nothing while talking, however, immediately became apparent. When Chicago Banker David Kennedy, who will head the Treasury, was asked about the Government's fixed price for gold ($35 an ounce), he declared: "I want to keep every option open." Kennedy really meant to avoid any policy statement at all. But his remark immediately set off a flurry of speculation that the gold price might be raised (see BUSINESS...
...serious effort in the Mississippi legislature to revoke Tougaloo's charter "in the public interest." Owens has no intention of caving in. Says he: "We could do it the other .way, give in a little, but we'd pay more in human dignity and self-respect. The price is simply too high...
...small doses, inflation can be an economic tonic, stimulating consumers to spend and businessmen to invest. Historians sometimes define the Dark Ages as 600 years of falling prices. The trick is to limit the price rises to about 2% a year or less, as was the case from 1960 through 1965. Over the last twelve months, however, consumer prices have jumped 4.3%, the greatest annual gain since the Korean War year of 1951. During October, the latest month for which statistics have been compiled, consumer prices rose at a frantic 7.2% annual rate. While the nation's output...
...pangs of inflation. The effects showed up in the form of $2-an-hour baby sitters, $3 men's haircuts and $72-a-day hospital rooms. Housewives complained about $1.99-a-lb. sirloin, and the President-elect of the U.S. yearned to find a good 50? hamburger. Price increases were so pervasive that not a single component of the Government's price index declined. Transportation rose 4.2%, food 4.5%, apparel 6.6%, medical care 7.2%. By Washington's official reckoning, which probably understates the cost of living in many large cities, it now takes $122 to buy goods...
...cause an abrupt contraction on some less lucky tomorrow. As usual, some of the worst victims of inflation were the poor, who had to pay more for everything and lacked either the resources or the sophistication to invest in property or paper with a rising value to offset price increases. Clearly, one of Richard Nixon's first priorities must be to slow the inflation without starting a recession, whose first victims would also be Amer ica's poor. Economist Arthur Burns, one of Nixon's most influential advisers, warns: "If inflation continues, an economic bust may become...