Word: hike
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Within hours after the FRB announced the hike in discount rates. Johnson affirmed the Board's statutory right to act independently, but regretted its refusal to hold its decision until next year's economic prospects have been appraised and a budget prepared...
...prices. What the Administration seems to be demanding is restraint on a staggering scale, under loose rules and without force of law. Such indirect controls are difficult to administer and impossible to police equally; it remains to be seen how firmly the Administration will handle the next big wage-hike bid. But the message to business is clear: cooperate-or else...
...imports, and increased agricultural production for export. Given the temper of Uruguay's 1,000,000-man work force, any steps at all may well prove impossible. Last week 130,000 government workers rejected a relatively reasonable 15% raise, walked off their jobs demanding a fat 60% wage hike...
...thus enabling Lyndon Johnson to keep in the background. McNamara quickly moved into the limelight in front of Gardner Ackley, Treasury Secretary Henry Fowler and Commerce Secretary John Connor (who opposed the stockpile dumping as unworkable, confined his own action to a speech defending the Administration after the price hike had been rescinded). McNamara used roughly the same technique that the U.S. had used on the Russians during the Cuban missile crisis: turn the screw only half a notch at a time, then release it to enable the foe to back off. Turning the screw again, McNamara let word...
...York Times, acting on information from the Administration, headlined a story linking the two events. It quoted "Administration sources" as saying that Lyndon Johnson was "sputtering mad," intimated that the surplus sale-which presumably would weaken aluminum prices-was a reprisal against the industry for its price hike...