Ultimate70s.com: 1970's History Day By Day

This Day In 1970's History: Wednesday December 8, 1976

President-elect Carter will consider a proposal to aid the housing industry and thus the economy by putting an extra $2 billion to $5 billion into mortgage subsidies when he meets the economic experts on his transition staff in Washington tomorrow. This is to be the first of seven such meetings with his experts on areas other than defense and foreign policy. [New York Times] Attorney General Edward Levi, according to senior intelligence officials, has withheld approval of all requests for wiretaps in counterintelligence cases in the last year, citing insufficient "probable cause." The officials suggest that the Department of Justice rethink its criteria. [New York Times] The State Department contradicted the public South Korean allegation that the senior Korean Central Intelligence Agency officer who defected in Washington two weeks ago was being held against his will. A department spokesman said that Kim Sang Keun had chosen freely to remain in the United States and that the Korean government had been fully informed. [New York Times] A final American analysis in advance of the meeting of the Organization of Petroleum Exporting Countries went from the State Department to all American embassies. It calculated that a 5 percent price increase would strip nearly $4 billion a year from the seven major industrial powers and more than $1 billion would be the cost to the developing countries. [New York Times] Stock prices rose, with Dow Jones industrials lagging behind some other indicators, climbing up 2.57 points to close at 963.26. A $91.9 million bond issue by New York state sold well at an interest cost of 6.31 percent. All but about $6 million was out of the underwriters' hands at the end of the day. [New York Times]

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