Carrol Daily Times Herald from Carroll, Iowa on May 8, 1974 · Page 11
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Carrol Daily Times Herald from Carroll, Iowa · Page 11

Carroll, Iowa
Issue Date:
Wednesday, May 8, 1974
Page 11
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Many Misconceptions and Disillusionments About Nation \s Economy NEW YOflK (AP) -There are certain automatic phrases and assumption^ about which the citizenjry^should be especially Wary and critical, lest they.; fill their heads with misconceptions and disillusionment. This has long been so. For two decades Americans referred to "the balance of payments" and took pride in the nation's trading accomplishments, mindless of the fact that it really was an imbalance and the country was bleeding. Incredibly, you can still be served with the advice that stocks are a hedge against inflation, although it is either a lucky or a brilliant investor who could demonstrate that contention during the past five years. There are lots more misconceptions. For many months you had the banks encouraging people to chase after daily compounding, suggesting that there was a big advantage over quarterly compounding, when in fact it was a matter of pennies. These are harmless, however, when compared to that automatic response that comes from government officials about "the fight against inflation." What fight. what battle, you ask? The response comes back automatically — the freeze, the controls, the promises, the dedication. But then you look at the government red ink and you question whether rhetoric and appearance constitute the real effort. While extolling the virtues of the balanced budget, the present administration will, by the end of the present fiscal year, have exceeded its revenues by about $68 billion. And another deficit is anticipated for 1975. Almost any economist will readily agree that spending in excess of revenues, especially to such a degree, is a fundamental and probably the strongest contributant to inflation. Times Herald, Cairo!!, la. Wednesday, May 8, 1974 12 Another phrase repeated so often that it is seldom questioned anymore is this: The prime rate is the interest rate commercial banks charge their most credit-worthy corporate customers. It is now 11 per cent, a record high. But is it effectively 11 per cent, or might it even be more? Yes it could. A lot of very good customers pay \ JCPenney Remember Mom Sunday, May 1 2th N\\\ N •V •\YJ 20% off women's sleepwear. Sale 3 2tf to*10 40 Reg. S4 to 813. Hurry in and save now on all sleepwear. Choose pajamas, floor length gowns, baby dolls, shifts, and more. Many in gingham checks or floral prints. All bright pastels. Junior and misses sixes. Save 20 % on lightweight %r . w robes and dusters. Sale $ 4tol3 60 Reg. $5 to $17. Perfect Mother's Day- gift for summer days. Save on a wide selection of robes of nylon tricot long & short, and on polyester/cotton dusters. Variety of snap, button, and zipper front in colorful prints & solids. Misses & junior sizes. Catalog Phone 792-3524 STORE HOURS: 9:00-5:00 Mon., Tues., Thurs., Sat. 9:00-9:00 Wed. & Fri. 1:00-5:00 Sunday considerably more than 11 per cent even though their credit rating is as worthy as any in • the land. In addition to paying a fractional percentage over the 1 prime rate they are also asked to leave 20 per cent of the loan on deposit, that might bring the rate to an effective 14 per cent, although that in turn is reduced by the interest earned on the deposit. But the effective rate is in- Impeach Hearings Coverage NEW YORK (AP) -The CBS, NBC and ABC networks say they've agreed to rotate their live TV coverage of the public portions of the House Judiciary Committee's impeachment probe, which may start May 21. Under the rotation system, which the networks adopted last June during the early stages of the Senate Watergate hearings, the networks take turns providing live coverage of each day's open hearings. Any network has the option of "going live" with the hearings, even on days it hasn't the primary live TV duty. The rotation agreement can be ended at the request of any network at the end of any hearing week. The Public Broadcasting Service says it also will provide gavel-to-gavel TV coverage of the upcoming hearings. But it says it hasn't decided yet if it'll air the hearings live, or videotape them for replay at night as it did for most of the Watergate hearings. It appears that live or videotape coverage of the Judiciary Committee's public inquiry into the possible impeachment of President Nixon won't be anywhere as lengthy as the coverage of the Watergate fluenced upward by another possibility — that the loan might be amortized, or paid back in installments over a period of time. That has the effect of making an 11 per cent rate come out to more than 20 per cent in simple interest. More disillusionment is probably spread by so-called cost of living adjustments than any other misconception. In most cases, those adjustments are made on last year's inflation rate — not on the higher prices to come. Win Scholarships — Kristy Peterson of Westside, has been named recipient of one of three annual Dulcie Hanson scholarships at the Iowa Lutheran Hospital School of Nursing in Des Moines. The award, presented to Kristy by Nellie Osterlund, assistant administrator and director of the School of Nursing, is for $200. Dulcie Hanson was a nurses aide at Lutheran for several years and willed property to the hospital to be used for the education of student nurses. The scholarships have been awarded since 1971. Kristy is pictured (center) along with Darlene Orr (right) of Onslow, and Nancy Rosenbeck (left) of Guthrie Center, who were also giv.en scholarships. hearings. Those proceedings began on May 17 a year ago, lasted 53 days and didn't leave the nation's TV screens until November. A spokesman for the House committee said once the group's open hearings start, "the best estimate is that they're going to run about five or six weeks." And he noted that the committee's chairman. Rep. Peter W. Rodino Jr.. D-N.J.. "has said he's going to run them (the open hearingsi three days a week, morning and afternoon." The start of these sessions, the spokesman said, may come "the week after next. That's the best estimate right now." He said the committee may have to close some sessions to the public and reporters if certain testimony might "affect someone's constitutional rights in an ongoing court case or something like that. "But otherwise they plan on keeping the hearings open." Allocate Funds for Summer Employment KANSAS CITY (AP) — More than $2 million has been allocated by the Department of Labor for Iowa summer youth employment, officials said Tuesday. The la rgest amount. $402.800. is earmarked for various employment services in the Des Moines area. Other areas and the amounts involved: Cedar Rapids $58.300. Black Hawk County $69.000. Woodbury County $69,000. Scott County $104.900 and the rest of Iowa $1.7 million. The department also said 5.875 Vietnam-era veterans in Iowa have been placed in jobs in the first three quarters of the government's fiscal year 1974 which began July 1. Neal B. Hadsell. regional head of the Manpower Administration, said the veterans found jobs through the Iowa Employment Security Commission. Since a special veterans' program began in 1971, more than two million veterans from the Vietnam era have found work, he said. deal Get a free recipe book with 6 Festal labels You get 100 recipes for dishes wilh big Festal flavor in Festal Country Cookery. Budget stretching skillet meals and casseroles to top-it-off desserts. Loaded with full color photos. OPEN WED. & FRI. NITES TILL 9-SUNDAYS 1 to 5 Choose from 2 easy ways to order your copy. D FREE wilh 6 Festal labels (per cookbook) D SI.00 with 2 Festal labels (per cookbook) I've enclosed Festal labels and $ for cookbooks. Please send cookbook(s) to: Name. . Address .. - ,._. _„ City State __ -Zip- Mail cookbook orders to: Festal Foods, Box 447, Owatonna, MN 55060 OMpr expires July 1. 1974

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