This Day In 1970's History: Wednesday February 9, 1977
- President Carter visited the Departments of Commerce and Labor to talk informally with massed federal workers, stressing their role as a bridge between the bureaucracy and the rest of the people. [New York Times]
- American friends of Tongsun Park, a central figure in the Korean bribery charges in Washington, say that he has asserted that he was the force behind the organization of the Diplomat National Bank, now under federal investigation. He was said to have brought in the Rev. Sun Myung Moon and his followers and to have provided some of the original financing. Mr. Park's identification as a covert Korean government agent by some American and Korean sources raises further questions about the bank's functions. [New York Times]
- The Carter administration has apparently decided against additional stimulus for the economy to compensate for the depressing effects of cold weather. Key spokesmen believe that, although first quarter growth may be less than in a normal winter, lost production will be made up in the long run. Relief to the areas most seriously affected remains a possibility. [New York Times]
- Stock prices declined sharply, with Dow Jones industrials dropping 8.40 points to close at 933.84. Bond prices, both federal and corporate, rose slightly and then fell even more. [New York Times]
- A federal move to bring heating oil to the East Coast through unusual measures without driving up prices from their present record level was reported to be imminent. A cost-sharing arrangement to be announced tomorrow could even lead to lower fuel oil prices in New England and the Middle Atlantic states if the rest of the winter is just normally cold. The action would avoid reimposition of price controls on heating oil lifted last summer. [New York Times]
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