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That good news comes with a reminder that a vigorous economy exacts its price, part of which is upward pressure on interest rates caused by the surge in loan demand. Short-term interest rates continued to climb last week, making borrowing more expensive. Rates on commercial paper rose by as much as three-eighths of 1%, to 5%. Short-term Treasury-bill rates went up to 4.57%, the highest in almost a year, and in a move that other banks are certain to follow, New York's First National City Bank raised its prime lending rate to businessmen from...
...attempt to capitalize on his auto-price ruling was predictable. Last month chiefs of the four U.S. automakers were summoned to the White House and asked by Donald Rumsfeld, director of Nixon's Cost of Living Council, to withdraw requests for price increases on 1973 models that ranged upward from $85 per car or truck. G.M. eventually agreed to reduce its increase to $54 per vehicle and Ford came down to $59. Then, last week Grayson announced that no hike at all would be permitted. Any boost, he asserted, would push G.M. and Ford profit margins above permissible limits...
...Administration has made only gestures toward controlling food prices more effectively. For example, it froze coffee prices at the factory level two weeks ago. Its major anti-inflation effort of the summer has been the White House campaign to jawbone automakers into withdrawing proposed price increases ranging upward from $90 a vehicle. Last week the Cost of Living Council, which has been prodding the companies to shave their proposed increases, evidently decided to settle for a partial victory. It remained silent and thus tacitly accepted offers from General Motors and Ford to reduce the increase...
Disparity Continues. Could the government have done better? In hindsight, some Indians now believe that Nehru placed undue emphasis on dams, electrical power projects and industrialization. "Gandhi said we should begin from the village upward and release the energies of the masses of the people," says Novelist Mulk Raj Anand. "Nehru and the Western-educated intelligentsia began with the cities and worked downward. So disparity continues. While we have jumbo jets, luxury automobiles and 100,000-guest wedding receptions, in many villages women have to walk a mile to get potable water for their badly lit homes." Indira Gandhi recently...
...moving toward limited growth and toward staying in your place, doesn't that mean no upward mobility? If we are going back to the Middle Ages where the little guy stayed in his place, we have to remember that the one thing that kept the guy in his village was the large cosmic vision of Christendom...