Word: restraint
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Boston is too much an American city to escape commercialized Christmas entirely. It showed no restraint in rushing the season--Jordan's and Filene's both had their windows and lights ready almost two weeks before Thanksgiving--the shopping crowds are no more courteous than in any other city, and the unavoidable traffic jams have elicited no examples of Christmas spirit from the participants. But somehow the city keeps her head. She looks with grudging admiration at Prudential Center, like the split level of a nouveau riche nephew, but stays home for the holidays. The stark slab may mean money...
Johnson's Law. Taking aim at inflation, however tentatively, the Administration shone the spotlight on business. In a telephone address to the 65-man Business Council, the President forecast record prosperity without inflation in 1966, made it clear that he expected businessmen to exert price restraint to match the effort of servicemen in Viet Nam. Said the President: "We can produce the goods and services we require without overheating the economy." Addressing the meeting of the National Association of Manufacturers a few days later, Richard Nixon evoked many businessmen's feeling that they are bearing the main burden...
...Administration has thus served notice on U.S. business that it intends to block price increases by every means at its disposal, using the Viet Nam fighting, when necessary, to invoke restraint. If anyone did not get the message the first time, Treasury Secretary Henry Fowler repeated it in a tough Chicago speech. The Government is determined, he said, to "blow the whistle impartially on labor and business" for any moves "that threaten economic stability and expansion." Businessmen began to speculate what industry would next suffer the leverage of the Government's stockpile, which includes 77 items ranging from asbestos...
Sharper Controls. The stockpile maneuvers are, of course, only the most visible examples of Washington's increasing use of guidelines to force restraint on industry. Businessmen have been grumbling about the "voluntary" controls in business spending abroad, and the Foreign Trade Council last week called for their abolition. Almost simultaneously, Treasury Secretary Fowler, Commerce Secretary John Connor and William McChesney Martin Jr., chairman of the Federal Reserve Board, appeared together to announce some bad but expected news: the nation's balance of payments, after running a brief surplus in the second quarter, showed a $485 million deficit during...
...soaring demand, rising costs and strained capacity-inflationary factors encouraged by the Administration's expansionist policies-businessmen feel squeezed between the irresistible laws of supply and demand and the immovable determination of Lyndon Johnson to keep a lid on prices. What the Administration seems to be demanding is restraint on a staggering scale, under loose rules and without force of law. Such indirect controls are difficult to administer and impossible to police equally; it remains to be seen how firmly the Administration will handle the next big wage-hike bid. But the message to business is clear: cooperate...