Word: hike
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...Antarctica's Vinson Massif* is not particularly awe-inspiring in its height. A humpbacked hunk of granite that rises to 16,860 ft., Vinson is the highest known peak on the continent, but it is still lower than ten mountains in North America. For an accomplished alpinist, the hike to the summit would seem like a Sunday stroll -if only it weren't for a couple of complications...
...prevent just this, a tax hike was urged privately but none too effectively by Gardner Ackley, chairman of the President's Council of Economic Advisers, and publicly by such former CEA chairmen as Walter Heller, Arthur Burns and Raymond Saulnier, as well as the Federal Reserve's Chairman William McChesney Martin. Johnson rejected the advice. Administration insiders say that the President took soundings on Capitol Hill and decided that he could not persuade Congress to pass a tax increase in an election year. House Ways and Means Chairman Wilbur Mills and Senate Finance Chairman Russell Long opposed...
...raising the discount rate from 4% to 4½%. The discount rate is, in effect, the interest that the Fed charges to its member banks for borrowing from the Federal Reserve System. Because it is the rate upon which all U.S. interest rates are based, the Fed's hike effectively raised the cost of borrowing...
M.I.T.'s prestigious Paul Samuelson is against a tax increase. So is New York's First National City Bank, which warned that it could have a "perverse" effect on the economy. Richard Nixon said last week that a tax hike might cause a recession that "would wipe out the gains of the past ten years." House Minority Leader Gerald Ford believes that it would be a "tragic mistake." Democratic Senators Vance Hartke of Indiana, George Smathers of Florida and William Proxmire. of Wisconsin all oppose it. The President's influential fellow Texan, Chairman Wright Patman...
Political Heresy. Ever since he was hit by a subway strike barely five hours after he assumed office a year ago, Lindsay has been involved in an almost constant courtship of calamity. After the transit strike came a fare hike, and neither of them endeared him to voters. Faced with an empty treasury, he imposed a new city income tax and made the New York Stock Exchange consider exile across the Hudson because of an increased stock-transfer tax. His cherished civilian-controlled board to review complaints against the police was ignominiously defeated 2 to 1 at the polls...