Word: rollbacks
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...current market as bad as the last great break in 1962. That time, the slide was signaled in April after the famous confrontation between President John F. Kennedy and U.S. Steel's Roger Blough. The steel-price rollback resulted in a two-day loss of 9.79 on the industrials, but in the next week the average gained back two-thirds of that loss. In May, after a steady downturn, investors panicked. The industrial average declined 38.82 in five trading days, and on the following Monday sellers colored it blue. The industrials lost 34.95 points...
Costly Shows. Jan. 1, 1966 also brought some tax sweets along with the sour-at least in theory. In the second stage of a long-term Government rollback on excise taxes, cuts from .04% to 20% went into effect on items from stock transactions to club dues. The first cutback, effective last July 1, influenced such merchandise as furs, jewelry, leather goods and photographic equipment. According to government studies, manufacturers in their pricing passed 90% of the benefits of that $1.8 billion cut along to consumers. This year's cutbacks, which will cost the Government $1.6 billion more...
Government control of business can be mentioned only in whispers in Washington, and the slightest hint that the Administration might be considering such a policy has drawn pained denials. One of the President's top advisers last week dismissed as "silly" the idea that the aluminum-price rollback amounted to control. "Nobody," added White House Aide Joe Califano, "wants controls." Nonetheless, the Federal Government's influence over U.S. business is growing steadily more pervasive and persistent-and effective control of prices, by whatever name it is called, is part of that influence. Last week, as if to prove...
Heatless Pressure. A Republican, Murphy was among the 40% of the council members who supported Johnson for reelection. Last week he sympathetically defended Johnson's views on money, and declared after the bank rate rollback that "there was no feeling that the President was putting the heat on bankers." As for the council's future relations with Government, which were somewhat strained when it broke away from the Commerce Department in 1961 after a spat with Luther Hodges, Murphy says: "Our relations with the President are close and good, and we intend to maintain them that...
...wrong in saying that Goldwater's volunteers are motivated by nothing more than "an enormous and uncomplicated faith in Goldwater." Yes, they like Barry. But, what is far more important, they like freedom-and they want their freedom without ifs, ands or buts. Freedom activists believe that a rollback of Government power and controls is not only possible but necessary. Today's "dime-thin" margin is tomorrow's landslide...