Word: rollback
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Dates: during 1950-1950
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Despite the rollback on auto prices and hints that prices in other industries may also be controlled soon, food prices continued to skedaddle gaily upwards (see NATIONAL AFFAIRS). But though food comprises a big 40% of the Government's cost-of-living index (v. 4.8 for autos), there was little talk in Washington about slapping on mandatory controls. Reason: there was nothing that Price Stabilizer Michael DiSalle could legally do to stop the rise in most foods...
This week G.M. sent wires to Pontiac, Chevrolet and Cadillac dealers stopping sales, until further notice, of new cars shipped after the rollback order. G.M. did not say how long the freeze would last. But it looked as if it was done in hopes of getting the rollback rescinded or persuading Washington to roll back raw materials and wages as well. A price freeze, said G.M., would require an "equally arbitrary wage freeze" under the Defense Production...
...Very interesting," Valentine said, looking menacing and mysterious. "Very interesting suggestion." Obviously, Valentine hoped to scare price raisers by threatening a price rollback. But it didn't quite come off-it only made clear that, at the moment, Valentine wanted to achieve by threat what he was not ready to achieve by deed...
Other Congressmen were still trying to find a Baruch-like formula. Alabama's Democrat John Sparkman presented to the Senate Banking & Currency Committee an amendment to the Truman program which would authorize 1) a wage freeze, 2) rationing of scarce commodities, 3) broad rent control, and 4) a rollback of prices to June 25-the day the Korean war began-and strict control as of that date...