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Monday January 18, 1971
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This Day In 1970's History: Monday January 18, 1971
  • Bethlehem Steel stated that it would back down on its 12.5% price increase to match U.S Steel's 6.8% increase; President Nixon was not happy but accepted it. He met with construction industry leaders and asked for recommendations within 30 days for ways to halt the wage and price spiral. Secretary of Labor James Hodgson said that the President was not "jawboning" and not threatening construction leaders. [CBS]

  • Banks dropped their lending rate from 6.25% to 6%. The Federal Reserve Board lowered the discount rate from 5.25% to 5%. [CBS]

  • The gross national product was down 3.3% during the last quarter of 1970. [CBS]

  • Chrysler and the United Auto Workers continued bargaining; a strike deadline is set for 10 a.m. tomorrow. [CBS]

  • Senator George McGovern announced his candidacy for the Democratic presidential nomination. McGovern stated that America should admit the mistake of trying to settle Vietnamese affairs with force and announce an early withdrawal date.

    Senator Edmund Muskie held a press conference although details of talks during his trip to Egypt, Israel, Russia and West Germany are confidential. Muskie is not sure that the U.S. should pull its forces out of NATO, and he made no comment on McGovern's announcement. [CBS]
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