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Newspaper
Bennington Banner
Location
Bennington, Vermont, United States of America
Date
Aug 16, 1971
Page
2
President Nixon moves to shore up the U.S. economy amid high unemployment and inflation. He proposes a broad front program with wage and price freezes, rent controls, and a 10 percent import surcharge to curb dollar outflow, signaling a shift from earlier Camp David measures. The plan aims to halt inflation, protect the dollar, and spur job growth.
World money markets faced turmoil after President Nixon announced measures to curb the dollar. In Britain and Switzerland markets closed or restricted, Germany kept key markets closed, Japan sold over 300 million dollars with Bank of Japan intervention, and Singapore Hong Kong Manila and Canberra reported currency and policy reactions. Critics questioned impact on trade and inflation while domestic tax-cut plans were outlined. Four nude models in Sheffield seek sick-pay after joining a union, citing drafty studios as a health risk.
Democratic National Chairman Lawrence F. OBrien pursues gentlemen agreements among potential 1972 hopefuls to keep the party united before the Nixon reelect effort. He held two meetings, with Humphrey Muskie McGovern Harris attending both, Jackson Bayh Mills attending one, to limit preconvention TV spending and keep focus on Nixon program.
Boston UPI reports Paul Samuelson and John Kenneth Galbraith praised parts of Nixon’s economic plan but criticised its limits. Galbraith called the wage and price freeze sound yet too short. Samuelson urged dollar revaluation and cautioned against immediate tax cuts without spending restraint, forecasting a weak recovery and jobs impact.
Senate Democratic Leader Mansfield hailed President Nixon's wage price freeze as harsh yet necessary. House and Senate figures Patman Javits Byrd and Friedman weighed in from various locations, calling the plan bold, vital, and under pressure. Builders chief Stastny praised Nixon's decisive steps to curb inflation while Chrysler welcomed the tax repeal.
At sunset the Bennington Drive-In continues Love Story while other venues offer Tora Tora Tora Celebrations at Big Sur and On A Clear Day You Can See Forever. Williamstown screens Who Is Harry Kellerman rated GP with 7 and 9 p.m. showings.
Vincent Big Vinnie Teresa, a 300 pound loansharker and informant, is due in Boston to testify before a federal grand jury on Mafia knowledge after a Senate anti rackets appearance that captivated lawmakers. He faces questions from federal agents and Suffolk Norfolk Middlesex DA offices, with testimony to follow before a Suffolk County grand jury. He is serving a five year sentence for transporting stolen securities and may appear as a chief witness in a Superior Court security theft case involving a New York model, a Boston stockbroker, and an alleged underboss.
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