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Thursday August 28, 1980
. . . where the 1970s live forever!

News stories from Thursday August 28, 1980

Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • Aid for business and the jobless was stressed by President Carter as he outlined an economic "revitalization" program that postponed individual income tax reduction beyond next year. Emphasizing that he sought to foster recovery from the recession "without reigniting inflation," the President called for speedy action by Congress to extend unemployment benefits to 52 weeks and passage of $1 billion of extra revenue-sharing for cities.

    Governor Carey hailed the President for his new economic program and pledged to work "zealously" to help win the Liberal Party's endorsement of Mr. Carter's candidacy in New York state. The Governor, whose support for the President Carter had seemed lukewarm, strongly lauded the program as "savvy and brilliant." [New York Times]

  • A white police officer will be suspended and charged with murder, Mayor William Green of Philadelphia announced. The slaying of a black teenager by the officer triggered three nights of turmoil in North Philadelphia. Black activists had expressed fears of increased trouble if a decision on prosecution was delayed. [New York Times]
  • A shake-up in the Anderson drive was reported. Campaign sources said that three senior aides to John Anderson resigned as he gave full control over running his independent presidential campaign to David Garth, the New York media consultant. The campaign is short of funds and Representative Anderson is losing ground in the public opinion polls. [New York Times]
  • A search for three extortionists was pressed by federal agents after the explosion of a bomb at a Lake Tahoe hotel-casino. They said they were searching for two men and a woman, but indicated they had few leads. Investigators said that the bomb, which exploded as experts tried to defuse it with a remote-control device, was a technically sophisticated weapon. [New York Times]
  • The Unification Church was rebuffed by a federal court jury, which awarded $30,000 to a father who contended that the church had violated his parental rights in recruiting his daughter when she was a minor. The father, who had fought for five years to see his daughter, also contended that the church, led by the Rev. Sun Myung Moon, exercised "mind control techniques" over the daughter. [New York Times]
  • The four aspirants for the Democratic nomination for the Senate from New York took part in a two-hour debate. The issues of effectiveness and qualifications prompted sharp exchanges involving Bess Myerson, Representative Elizabeth Holtzman, John Lindsay and District Attorney John Santucci of Queens. [New York Times]
  • Strikers in Poland were warned by a government spokesman that the situation involving increasing walkouts around the country "cannot go on much longer." It was the harshest admonition so far to the Baltic coast strikers, who have paralyzed much of Poland's economy.

    The Polish strikers are determined to gain free trade unions. As they listened to a Western news broadcast dominated by their walkout, one worker said that the right to have free unions and to distribute union newspapers was absolutely basic. Polish workers must be protected against the "red bourgeoisie," he said, adding that "there has to be some kind of control over those who are ruling." [New York Times]

  • Washingon assailed South Korea in the harshest public rebuke to date. In testimony before Congress, the government accused the authorities in Seoul of manipulating Korean newspapers so that recent American comments critical of the new regime there have been distorted to give the false impression of American support. [New York Times]
  • Iran was urged to halt executions and the imprisonment of people for their beliefs or origins. The appeal was sent to Iran's new Prime Minister by Amnesty International, the human rights organization, which said that at least 1,000 people were executed in Iran in the first 18 months of the Islamic revolution. [New York Times]
  • How much Danes spend for defense has generated a major political dispute. The government, pressed by a severe recession and costly energy imports, has said that military spending should be increased only enough to keep up with inflation. Washington has warned that it cannot guarantee protection unless Denmark increases its military budget by 3 percent a year above the inflation rate. [New York Times]
  • Increased aid for poor nations is a responsibility not only of the West but also of the oil-exporting countries and the Soviet bloc, according to Gen. Ziaur Rahman, the President of Bangladesh. At the United Nations meeting between developed and developing countries, he is pressing the oil exporters to halve the price of crude for the poorest importers and calling on the Soviet bloc to double its limited assistance programs. [New York Times]
  • China's need for talented new leaders was stressed by Deputy Prime Minister Deng Xiaoping as he set the tone for Peking's forthcoming government transition in a speech opening a meeting of an advisory body to the Communist Party and the parliament. It was the first time in 20 years that foreign journalists and diplomats were admitted to such a meeting. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 930.38 (-12.71, -1.35%)
S&P Composite: 122.08 (-1.44, -1.17%)
Arms Index: 1.12

Total Volume39.89
* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
August 27, 1980943.09123.5243.97
August 26, 1980953.41124.8441.70
August 25, 1980956.23125.1635.39
August 22, 1980958.19126.0258.21
August 21, 1980955.03125.4650.77
August 20, 1980945.31123.7742.56
August 19, 1980939.85122.6041.93
August 18, 1980948.63123.3941.88
August 15, 1980966.72125.7247.80
August 14, 1980962.63125.2547.65

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