Word: steels
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Dates: during 1970-1979
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...energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After all, money traders, finance ministers and central bankers agreed that the long decline had caused the dollar to be grossly undervalued. The greenback will now buy more coffee, clothes, steel or whatever when spent as a dollar in the U.S. than it will when converted into foreign currencies and spent overseas...
...businessmen "are frequently more bearish on the dollar than the Europeans." Moreover, the selling had spread from U.S.-based multinationals to ordinary companies in the American heartland. In most cases, however, the selling was self-protective rather than speculative in the true sense; if a manufacturer in Illinois bought steel from a German mill, it had a strong motive to sell dollars and buy marks immediately to settle the bill, rather than wait until the steel was delivered when buying the same number of marks might require more dollars...
...practically everybody else as well. He gave in to-or actively encouraged -increases in the minimum wage, Social Security benefits, veterans' benefits, farm subsidies, civil service pensions, grants to states and a plethora of other payouts. He acceded to tariff increases or stricter import limits on sugar and steel, TV sets, CB radios and other products, thus sheltering domestic producers from competition and enabling them to get theirs-by raising prices...
...Iran. Under mounting opposition from critics of his regime, the Shah has been forced into a radical reassessment of his priorities. In recent weeks, strikes by workers angered over the country's inflation rate (currently 50%) have paralyzed the nationalized oil refineries, postal service, airline, and copper and steel industries. The nation's balance of payments deficit exceeds $5.5 billion. To pay for an across-the-board wage increase for at least 1 million workers, and for subsidized housing and other social projects, the Shah has canceled $7 billion worth of American and European military orders, including the controversial...
...million of the tires, primarily those produced between March 1975 and May 1976. In addition to the 500s, the recall includes similar tires sold as original equipment on General Motors cars and those marketed under other brand names, notably Montgomery Ward's Grappler 8000 and Super Shell Steel Radial. Firestone will have to replace them with its new and presumably improved 721 radials. It has also agreed to offer 50% discounts on the new tires to anybody who trades in a Firestone 500 model that was produced before March...