Word: yeutter
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Dates: during 1970-1979
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...gold can be perilous. Says Clayton Yeutter, president of the Chicago Mercantile Exchange, a leading gold futures market: "As the price enters the stratosphere, the risks become extraordinary. If you look over the edge from here, it's a long way down." Even if there is no great plunge, the small investor especially can find himself paying more than he figured for his bullion. When buying or selling coins, for example, dealers commonly add a charge amounting to 5% or more of the market price. Thus someone who bought a Krugerrand when gold was at $380 last week would...
Agriculture Secretary Earl Butz, who normally backs any proposal that helps farmers, believes that this one would only encourage them to produce for Government guarantees. Its effect, says Assistant Secretary Clayton Yeutter, would be to take the nation "back into the dark ages of farm policy." Indeed, for four decades Government policy consisted of a labyrinth of props under income that expanded until it cost taxpayers $4 billion in 1972. By overhauling the old system, the Nixon Administration trimmed the price tag to about $500 million last year. Unless Congress can now override a presidential veto of the 1975 bill...