This Day In 1970's History: Monday January 27, 1975
- Seven economists of various political persuasions agreed unanimously that a tax reduction of at least the $16 billion proposed by President Ford, perhaps as much as $25 billion, was needed to pull the economy out of its recession. They testified before the House Ways and Means Committee, which is trying to determine the kind of tax-cut and energy-conservation proposals it should recommend. [New York Times]
- The stock market in New York erupted in a sharp rally in the heaviest trading day in New York Stock Exchange history. Brokers attributed the upward surge in prices to further declines in interest rates from previous high levels and to a court ruling last Friday that was favorable to the International Business Machines Corporation, a market favorite. [New York Times]
- The sharply higher cost of oil imports pushed the nation's trade deficit to $3.07 billion last year, the second largest in this century, after $6.4 billion in 1972. The trade deficit -- the excess of imports over exports -- rose to $606 million in December from $113 million in November. If oil imports in 1974 had cost the same as in 1973, the nation would have had a huge trade surplus -- about $14 billion. [New York Times]
- The operations of the Central Intelligence Agency, the Federal Bureau of Investigation and more than a dozen other law enforcement agencies of the government will be investigated by a special Senate bipartisan committee. The Senate voted 82 to 4 to establish the committee, whose chairman is expected to be Senator Frank Church, Idaho Democrat, a severe critic of some of the practices of the C.I.A. [New York Times]
- A major statistical study by the American Medical Association has found that pills used by more than 1.5 million Americans to control diabetes are probably hazardous and capable of causing premature death from heart disease. Among the pills, the one most closely studied was one based on the drug tolbutamide, sold by the Upjohn Company under the trade name Orinase. [New York Times]
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