U.S.A.: PRESIDENT FORD OPENS ECONOMIC SUMMIT WITH WARNING THERE IS NO MIRACLE CURE FOR 'PUBLIC ENEMY NUMBER ONE' -- INFLATION.

Record ID: 1064132

  • Title: U.S.A.: PRESIDENT FORD OPENS ECONOMIC SUMMIT WITH WARNING THERE IS NO MIRACLE CURE FOR 'PUBLIC ENEMY NUMBER ONE' -- INFLATION.
  • Date: 28th September 1974
  • Summary: 1. GV Conference in progress 0.06 2. SV Hubert Humphrey taking notes 0.10 3. SV President Ford smoking pipe 0.13 4. GV Delegates seated 0.21 5. SV President Ford speaking 0.43 6. SV Senator Mike Mansfield speaking 0.51 7. GV & SV Delegates (2 shots) 0.58 8. SV Senator Mansfield speaking 1.33 "Representatives from every sector of the nation were present for the opening session of President Ford's Conference on inflation. The Chief Executive ruled out wage and price controls but he warned that there was no miracle cure to combat what he called 'Public Enemy Number One' -- inflation. Although the President did not mention the oil-producing nations by name, he did condemn those he said who seek to take some advantage of economic uncertainty." "Inflation is an international problem. The efforts of each nation can become more effective if concerted action is achieved. The United States Government will consult with friends abroad as we move to combat an international threat." "Mike Mansfield, the Democratic Majority leader, said the terrible cost of the Vietnam war was another major factor in the country's spiralling inflation rate. Mansfield also said the cost of the war would be paid for by the sacrifices of several generations." "How can more houces be built and sold when prices are higher, interest rates are higher and construction wages are higher. I am not an economist and make no pretences. What is clear to me however is that the time for words, micro, macro or whatever is at an end. Words will no longer satisfy the nation. Inflation is social dynamite. Walk through any food market in any suburb and take note of the comments." Initials BB/2211 CG/MC/BB/2226 ROY DAVIS Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 12th October 1974 13:00
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  • Location: WASHINGTON, U.S.A.
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  • Country: USA
  • Reuters ID: LVA6HF6U7YPDTVOYHFM0AS0NTT4N
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  • Copyright Holder: REUTERS - SOURCE TO BE VERIFIED
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