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Newspaper
Pecos Enterprise
Location
Pecos, Texas, United States of America
Date
Jul 23, 1975
Page
10
The recession deepens banking influence hurting US firms as overextended banks cut new credit, threaten asset seizure, and push costly regulations. With Loans drying up and inflation pressing borrowing costs, industries lag Japan and Western Europe in investment, delaying recovery and raising unemployment.
Editorial argues Secretary Schlesinger hints at possible first use of nuclear weapons against the Soviet Union. He stresses vagueness in policy as a deterrent, aiming to keep adversaries unsure of US reaction, while warning it does not alter the balance of terror.
Barron's Alan Abelson suggests a Jubal Hale Award for government officials who avoid work as the Federal Metal and Nonmetallic Safety Board of Review executive secretary did. He jokes awards could be issued by the thousands with many deserving recipients.
June figures show disposable income up 63.3 billion and personal savings at an annual 114.6 billion, a 10.6 percent rate—the highest in 29 years. Economists differ on whether high savings reflect readiness to spend or consumer insecurity amid high unemployment and persistent inflation. If the mood worsens, housing and auto rebounds may lag.
On this date events span 1914 Austria issued ultimatum to Serbia after Archduke assassination, 1588 English Tilbury muster against Spanish Armada, 1828 patent for a typographer possibly first typewriter, 1889 Kilrain fight for heavyweight title, 1945 Petain trial, 1952 Naguib seizes power, 1958 four women named to UK Lords, 1965 Goldberg UN rep appointment, 1975 Greece turns civilian rule, 2020 birthdays listed for Don Drysdale and Pee Wee Reese. thought: to teach is to learn.
Washington senators John Tower and Lloyd Bentsen Jr. are listed with Senate Office Building addresses in Washington DC 20510. Representatives include Richard C. White of the 16th District with offices in El Paso Odessa and the Rayburn complex, and Bob Kruger of the 21st District in New Braunfels Texas 78130.
The narrative recalls Rhode Island actions against colonial controls starting in June 1765 with an attack on the Maidstone in Newport harbor. It notes the scuttling of the Liberty in 1769 and the burning of the Gaspee in June 1772 off Warwick. It also mentions Rhode Island's rapid troop mobilization after Lexington and a declaration on May 4, 1776.
Texas Secretary of State Mark White Jr. warns the federal Voting Rights Act extension will reshape state voting procedures and redistricting, retroactively applying to Texas with potential penalties. Impeachment opens against Duval County Judge O P Carrillo, with 11 articles and a trial timeline. AG opinions include franchise tax implications and open records limits. Courts speak on tax debt, conviction reversals, and wire tapping rules. Short Snorts note tax impacts, Connally tribute, and a push by Texans for Somebody Else.
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