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Facts Forum News, Vol. 4, No. 10, November 1955
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Facts Forum. Facts Forum News, Vol. 4, No. 10, November 1955 - File 021. 1955-11. University of Houston Libraries. University of Houston Digital Library. Web. October 29, 2020. https://digital.lib.uh.edu/collection/1352973/item/629/show/580.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1955-11). Facts Forum News, Vol. 4, No. 10, November 1955 - File 021. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/629/show/580

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 4, No. 10, November 1955 - File 021, 1955-11, Facts Forum News, 1955-1956, University of Houston Libraries, accessed October 29, 2020, https://digital.lib.uh.edu/collection/1352973/item/629/show/580.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Facts Forum News, Vol. 4, No. 10, November 1955
Alternate Title Facts Forum News, Vol. IV, No. 10, November 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date November 1955
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 4 1955; OCLC: 1352973
Collection
  • University of Houston Libraries
  • Facts Forum News
Rights No Copyright - United States
Item Description
Title File 021
Transcript J-.<$ ^ .t < ** America's Purse Strings [NTERVIEW OF SEN. \\ VLLACE FOSTER BENNETT (R) OF UTAH . . . *jr> w il-. who (Inr nation " ri upon what specially true e nf scientific lity nl mem I . io evaluate you pun i<I'll icli to Iniil'l' -. tomorrow - eir impiirlellit nber, 1955 • Americans arc watching closely for inflationary trends in the national economy growing oul of zooming expansion of public anil private credit. Jusl recently, tin- Federal Reserve Hoard, reflecting government concern over expanding credit, raised the interest rates on money il loans lo banks. • Senator Bennett, of Utah, member of the Senate linking anil Currency Committee and Ihe Senate Finance Committee, answered questions regarding the economic outlook for lhe United Slales on a recent Facts Forum REPORTERS' ROUNDUP. Be was interviewed by L. Edgar Prina of the Washington Cvcning Star and Glen Bayless, Washington bureau editor of Business Week Magazine and McGraw-Hill Publications. Robert F. Iliicloi-ili served as moderator. PRIM \: Senator Bennett, there appears to l>r a tendency on the part of sonic American industries to granl labor's il. in..ml- without inn. li of a (mill, and then to pass on in the form of higher price- these higher costs. Now, does this tendency and other factor- indicate that the American people may he in for another wage-price spiral? well, to look back to the beginning of the Eisenhower ad- 'iiini-tralion. we look back over two and a half years during which tin-re has heen no price spiral al the consumers level. The consumer price index figure in Angus! '52, which was ''"■ Truman high, weis .'17.5 on the '47-49 average, and in -uly of '55 it's 87.6 so close thai the difference is infinitesimal. Now. I agree thai there is always presenl the r'sk and the threat ..I inflation when we go into ei period of 'er) high employment and very high business activity. Thus 'ar. the managers of the administration's fiscal and mein. '-'rv policies bene heen able to keep it under control. PRINA 1 Senator Bennett, these Steps, to jour opinion, do thev represent a return to the so-called "hard money" polic, thai was announced informally hack in 1953? m. I think thev represent a currenl phase of the monetary Policy—-an attempt to keep an adequate supply of money '" serve the expanding economy, bul neither to depress nor '"Hale the economy. PRINAi ^oii don't believe that thc«- steps thai have heen taken will cause einv sorl of a dip in our presenl rising economy ? No, I think ihey are intended and will be successful in 'ACTS FORI M NEWS, Vovember, 1955 more or less leveling mil the rale al which we continue to rise. I Ihink we arc going to continue to rise Presidenl Eisenhower in his 1955 State of the Union message predicted that in ten years we'd he up to five hundred million grnss national product. Now. if we gel there we've got to have aboul fourteen million a year increase over the next ten years, and we've been lining a little heller than that, bul nol appreciably. PRINAi I see; well, some observers believe lhat the pattern should he a steadily rising prosperity, with em occasional dip rather than a sky-rocketing one that might (-nd in a bust. 1 ihink lhe administration feels lhal wav. hut there is another phase nf the pattern thai you didn'l mention and thai i- an occasional plateau- -an occasional leveling off where there i- nol necessarily a dip. hut a pause. BAYLESSi I wonder, with money being a little tighter in the hank, whether 1 can fro down to the hank and f-et that 36-month loan for a new car now. that I could last year, and will that hurt things any? Hen- an- smiie- basic figures thai arc very interesting. Tbe disposable, personal income, which is lhe actual money we hem tn spend, has increased al lhe rale nf 17 billion dollars since the firsl of the year. Sn. theit mean- we don'l hee\e' lei depend upon our borrowing capacity tn lake up the additional production thai we can expeel it- coming oul of our earning capacity. BAYLESS: Well now. take housing as a bit: boom segment of thi- prosperity we're having. People are going In have to pay more monev now for down-payments and their mortgages are going to be shorter and therefore the monthly payments are going to Im- up. something like. oh. SI.7.V lo S5.00 ei month. I- this going to put ;i crimp in this great housing boom we're Inning? I don't think so. Take tbe average factory worker et- an example his actual spendable income in terms of stable dollars is up nearly li per cent since the Eisenhower administration came in, so tbat be can stand ei little more responsibility in buying ;i house. And, main | pi.-, when they think aboul llii- change in lhe down-paymenl program, think that this is something new llml's never happened in iln- past. Il's actually a return tn a mine- conservative basis that existed before the la-i heni-imj eat wei- passed in 1954. We're jn-t minim: hack In what weis considered prett) liberal more than a year ago. BAYLESSi Have you had een, correspondence from .our people out ill the western part of the country so leer. either from hanker- or from borrowers, that thing- were tougher because of the new governmenl action? No. 1 haven'l had a word. (If course, the Federal Reserve has stiffened things up. it men li>,,k as though il'- tougher, hut when ihe Eisenhower administration came in. the Fed- Page 19
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