Word: townsends
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What happened? Although Townsend blames the President, many analysts say that the main problem with 1975-model sales is as plain as the price stickers pasted on the windows of the new cars. The average 1975 car costs about $450 more than the average 1974 model; over the past twelve months price rises have added a total of $1,000 to the cost of the typical new car. More increases are ahead, including a second round that Chrysler will announce on its 1975 models soon. Chrysler claims that as a result of steady rises in its bills for labor...
...Townsend's blast points to a potentially serious political problem for the President: the businessmen who have been his strong supporters may desert him if a recession really begins to bite. Last week Administration aides hinted that Ford may modify his package of anti-inflation proposals, notably the 5% income surtax, if the economic situation warrants it. But the feeling so far is by no means unanimous, even among auto executives, who mostly declined to join Townsend's attack on the Ford program. Speaking at an automotive engineers' convention last week, Ford Motor President Lee Iacocca said...
While reflecting a deeply felt concern, Townsend's very public dissent from what is, after all, an essentially voluntary anti-inflation program could only help weaken confidence in it among both businessmen and consumers. And that could only complicate the Administration's difficulties in successfully treading the fine line between inflation and recession...
...economic team grow more ominous. Month by month recently, the economy has sagged more than the Government or private forecasters have expected. Some economists are openly mulling over possibilities that even a short while ago were unthinkable. For example, just before Greenspan took office last month, his consulting firm, Townsend-Greenspan, warned clients that "although we do not expect a breakdown in the financial system near term, it cannot be ruled out as a possibility at some point in the future...
...this month a converted movie palace will open as the Austin Ritz, a 700-seat theater devoted to country rock. The city now has 65 resident bands; they all work regularly, since Austin's 28 clubs and bars often hire as many as three bands a weekend. Says Townsend Miller, country-music columnist of the Austin American-Statesman: "Austin is country gone berserk." The music is country picking and basic bluegrass, leavened with rock and lightly glazed with acid...