Word: rollback
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...America's truckers [Feb. 18] are the first statesmen to appear on the scene since Martin Luther King and Bobby Kennedy. They are trying to help all of us fight inflation by asking for a price rollback instead of following the politicians' advice to pass the huge price increases on to us. What a miscarriage of justice that the present Congress is siding with oil companies and not with these heroic drivers...
Under rent control, rents are initially rolled back to what they were six months before the local law was adopted. But, chances are even the rollback rent is more than most tenants can afford. And it's unlikely rents will stay frozen at this rollback level very long...
...Secretary George Shultz calculates that if the limit were in effect now, oil companies this year would pay $400 million more in U.S. income taxes -about as much as Exxon will spend to expand the Baytown refinery. The windfall-profits measure will die if Congress legislates an oil-price rollback, but some increase in taxes seems certain...
...raise the usury ceilings. They face strong opposition from critics who point out that mortgage lending has been running at a faster pace than a year ago (though it has begun to come down in the past month or so). In New Jersey, AFL-CIO officials want a rollback of permissible interest to 6%, contending this would enable people of modest incomes to afford housing. Oliver Jones, executive vice president of the Mortgage Bankers Association, calls such attitudes "medieval...
Consequently, bankers can see no way at the moment to get off the interest-rate treadmill. Wright Patman, chairman of the House Banking and Currency Committee, has urged President Nixon to order an interest-rate freeze or rollback, but there seems little chance that the Administration will take his advice. The best hope that bankers can offer is the rather wan one that eventually the psychological shock of a 10½% or 11% prime will finally make chiefs of big corporations think twice about seeking more loans...