Word: steels
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Dates: during 1970-1979
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...highways last week as independent truck owners sought to tie up the nation's road transport to protest the rising price and scarcity of diesel fuel. Rejecting an Administration offer aimed at satisfying their complaints, the loosely organized independents called a nationwide strike that has disrupted shipments of steel and other materials and threatens some cities with food shortages...
...cent from 1971 levels. Recently, profits have risen even more quickly: up 31 per cent between November 1972 and November, 1973. Profits in monopolistic firms and industries rose even more rapidly during that period: Exxon, up 86 per cent; Gulf Oil, up 91 per cent; the steel industry, up 89 per cent...
Four companies control an average of 42 per cent of the market in the 213 U.S. manufacturing industries. The four largest firms control at least 60 per cent of the market in such basic industries as computers, steam engines, tires, automobiles, aircraft, and steel. The power of monopolistic firms is rising; the House Judiciary Committee has found that, while the largest 200 U.S. corporations controlled 47 per cent of manufacturing assets in 1929, they control 60 per cent now. When a handful of companies dominate an industry, they can keep product prices at artificially high levels. Their prices go only...
...Administration tried to control inflation by causing the 1969-1970 recession, which raised unemployment while failing to check inflation. During the recession and the year of stagnation which followed it in 1971, business profits fell. As a result, producers of goods as diverse as oil, cattle, and steel refused to commit the money needed to expand production until they were sure of rising demand, prices, and profits. During the boom of 1972-73, the past restrictions on production during a time of fevered boom had clear effects: inflation and shortages. The record of the past four years shows that...
Part of O'Neill's own steel in presiding over the impeachment procedure is his absolute control of his district, built up in a lifetime of old-fashioned service and cultivation of his constituents. His voters, by his soundings, have, predictably in liberal Massachusetts, long since decided in favor of impeachment. But O'Neill continues at every opportunity to hear them out when he is home from Washington on weekends...