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WEDNESDAY, JANUARY 16, 1980
GUYS & GALS
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Americans not saving, Volcker says
5^6 It
United Press International
HOUSTON — Federal Reserve
System Chairman Paul A. Volcker
said Tuesday American consumers
were convinced for the first time in
history that inflation would continue
and as a result were spending rather
than saving.
“In a sense we re off" the map in
terms of the established economic
relationships of the past,” Volcker
said at a news conference, “Most
notably I think you see it in con
sumerspending. What’s happened is
consumer spending keeps being
stronger than people anticipate at
the expense of the savings rates get
ting very low.
“People for the first time in this
country really have become con
vinced that there’s going to be infla
tion and it’s better to buy now than
later. ”
Volcker said inflation-fueled
spending has kept the economy
stronger than might have been ex
pected and delayed a recession.
It was the intention of the Federal
Reserve System, he said, to try to
keep growth, the money supply and
credit restrained, and he predicted a
“winding down” of the inflationary
process in 1980.
“I think everybody has to be aware
of the fundamental futility during a
period when productivity is not ris
ing — and it’s not — and when we
have higher imported oil prices —
and we do — of thinking you can
increase your real income in the
aggregate, ” Volcker said.
He praised a “certain common
sense on the part of the typical
American worker or consumer” to
restrain wages even though prices
are rising rapidly. He said such re
straint was necessary because of pro
ductivity declines and imported oil
prices increases.
“And there’s nothing you can do
about that in the wage bargaining
process which would make that infla
tionary situation even worse without
that sense of restraint, ” he said.
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The fear of inflation, he said, com
pounded efforts to combat it.
“I share the view that we have be
come hostage to our import depen
dence on energy, ” he said. “That is
alongside inflation and the two are
obviously closely connected. Over
time we have no choice but to be
more effective in conservation and
be more effective to the extent we
can be in production.
“All of that takes time. Right now
we have a situation where there is a
current surplus in the oil market in
the sense that world production ex
ceeds by a reasonable margin cur
rent consumption but there s also a
tremendous urge to stockpile for
understandable reasons.
“People fear a price increase and a
supply disruption but the uncoordi
nated stockpiling that’s going on all
over the world leads to pressure in
the oil markets which leads to pres
sure on the prices which brings
about in part the very event people
are hedging. We are in a vicious
cycle here of fears about price in
creases producing the plrice in
creases.”
Kennedy experts deny new
Chappaquiddick allegations
United Press International
WASHINGTON — Sen. Edward
Kennedy has hired three nautical
experts to back up his account of the
accident in which a young woman
died in his car in response to new
Cappaquiddick articles.
Kennedy’s campaign manager and
brother-in-law, Stephen Smith,
Monday brought out two admiralty
lawyers from Boston and a Massa
chusetts Institute of Technology pro
fessor, hired at a cost of over
$10,000, to counter the reports —
one in the current Reader’s Digest
the
and one printed Tuesday in
Washington Star.
The articles question Kennedy’s
account of Mary Jo Kopechne’s
drowning in 1969 when Kennedy’s
car went off a bridge on the island of
C happaq uiddick.
Both articles challenge Kennedy s
testimony that after being unable to
rescue the woman, he himself nearly
drowned when he swam across the
channel to Edgartown. They con
tend scientific evidence shows there
was no strong current that almost
dragged Kennedy out to sea as he
claimed.
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In addition the Digest article said
Kennedy was driving at a speedof30
to 38 mph, was on the wrong sideof
the road, and he engaged in panic
braking” when he saw the bridge,
The Digest said a tidal study byan
oceanographic engineer showed i
“quite weak ’ current was flowingin
the opposite direction from whal
Kennedy claimed and would have
carried him inland — not out toward
the ocean.
“That’s a very serious misrepre
sentation,” Smith said about theDi
gest article. “Even our brief review;
of this material shows it to he se'
riously in error.”
On the speeding allegation Smitli
said investigators for the Massachu
setts Motor Vehicle Registry deter
mined the senator’s speed to be
20-22 mph and noted the judge in
the Kopechne inquest agreed with
him.
Jerome Milgram, oceanography
professor at M.I.T., said the
Reader’s Digest scientist based his
information ori studies in Novembe;
1979, while government publica
tions — including tide charts —ih
1969 when the accident occurred,
“confirm Senator Kennedy.”
Lawrence Hoch, a Boston admi
ralty lawyer, said extensive studies
by him and an associate of tidal
charts, newspaper reports and pho
tographs, confirmed Kennedy s tes
timony.
I
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Robert Baker
Rush Captain
779-3014
Charlie Baily
Asst. Rush Captain
696-2999
CAB reviews
fares policy
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House Dress Code
United Press International
WASHINGTON — The Civil
Aeronautics Board Tuesday opened,
an inquiry into whether it should'
prohibit airlines from assessing
passengers additional charges ifferesj
increase between the time tickets
are purchased and departure,
Most scheduled airlines ndw
adhere to a voluntary guaranteed air
fare policy, but 11 carriers and most
commuter airlines do not subscribe
to it.
In August, Texas International^
Airlines and Western Airlines asked,
the CAB to drop the voluntary pokj
icy, but the board refused. Howjf
ever, it said Tuesday that in light ol
increased airline competition sincel
the 1978 Airline Deregulation Act!
went into effect, it was willing to tab
a fresh look at the need for such a!
policy.
The board is seeking comment!
until Feb. 14 on whether to retail,
the current policy, make it manda-i
tory, or drop it.
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