Viewpoint By Jim Earle The Battalion Texas A&M University Thursday September 11, 1980 i College Stat said that 11,746 some of it three Bstrict’s food j I The rotten f< Slouch “I'm getting encyclopedias, I belong to all the book clubs, I have been signed up for at least 50 magazine subscriptions. If I ever find out who did this to me. I’ll kill him!” Anti-inflation moves will hurt as they heal By MARY TOBIN United Press International NEW YORK — The Federal Reserve is the “only anti-inflation game in town” but the Fed’s latest play against inflation could make things tougher for business and consumers in the com ing months. Interest rates have risen substantially in the past two weeks and the rise already has been reflected in increases in the prime rate for busi ness and higher mortgage rates for home- buyers. increase delinquencies on current debt and “the banks are being very careful about their lending,” Jones said. Jones also said that Fed restraint at this time “puts any chance of recovery this year in jeopar dy. For every one percentage point jump in interest rates from now on the recovery likely will be postponed by six months.” “It’s necessary for the Fed to act since it appears to be the only anti-inflation game in town,” said David M. Jones, economist for Au brey G. Lanston & Co. “But a tightening in Fed policy is a much riskier business than it was six months ago.” Business will feel the effects of the higher prime rate announced by many banks last week and this could push the unemployment rate higher. “The current business inventory situation appears to present some real problems,” said Sullivan. “Clearly the business sector regards its current inventory as excessive and will con tinue to cut production until a better alignment with sales is achieved.” William V. Sullivan Jr., economist at Bank of New York, also noted that the ability of the economy to tolerate higher interest rates “is dramatically different than it was earlier this year. ” Unemployment is higher, the housing and auto industries are weaker and capacity utiliza tion is lower, Sullivan said. “Specifically, the higher interest rate struc ture represents a potentially negative develop ment for the residential construction industry and consumer spending on durables — espe cially autos — as well as business inventory investment.” Business and industrial loans have risen sharply in recent weeks, and while this has been interpreted as a sign of improved econo mic strength, William N. Griggs, senior vice president at J. Henry Schroder Bank & Trust says this is only “a minor factor.” Griggs said there are several reasons for the increased borrowing, among them the fact that “apparently many small and medium-sized cor porations, due in good part to a deterioration in earnings and cash flow, have had to finance inventories through bank borrowing.” Jones feels the consumer debt area “is espe cially vulnerable” to higher rates. Despite the lifting of the Fed’s credit con trols, banks didn’t completely relax the tough stance on consumer credit they adopted last spring. “The banks are using extreme selectivity in consumer borrowing,” Jones said. “And one of the reasons is the record debt consumers took on early this year in part to keep ahead of infla tion.” But continued inflationary pressures on households and the recession have combined to Also higher yields in the bond market have prompted some firms to turn temporarily to banks much as they did when interest rates were at record levels. Indeed Griggs notes that these yields and short-term market rates had begun moving up “way ahead of Fed policy.” And while he feels “borrower resistance to higher mortgage rates is some cause for con cern,” the current rates endanger the recovery only if they are sustained. “The market has moved ahead of events and because of this there is an opportunity for rates to come down,” Griggs said. Warped Hank Williams: Alive and Rid some food i Ruckload of s w Elementary pri Bill Goodwin ed the Brazos 1 [ standard pro< • checking th My magnificent obsession often causes peo ple to turn and stare. Why should people gawk and point just because I walk across the campus of a major Texas university singing Hank Wil- liams tunes at the top of my voice? Of all peo ple, Aggies should be understanding of my fet ish with the phrases of the immortal Hank, who depicts my life in every word of his songs. Of course, I realize that most who giggle and whisper as I walk by crooning “Your Cheatin’ Heart” have only just discovered what I learned years ago: my voice will never make me rich. But, I give it the old college try from the very depths of my diaphragm. Such sincerity must surely be worth something. By Venita McCellon Hank’s music would be as meaningful to my life even if Beverly Sills were singing it. The Texas twang is surely not mandatory. What is neces sary is a certain willingness to relate the words of every song to today’s lifestyle. Others may note the evident twang in my voice which identifies me as a born and bred East Texan and wish they could point me to the nearest hay barn for a rest. It wouldn’t be the first time. But, my own characteristics aside, I think For example, one of life’s never-ending n city streel nance violatio Pat Maher, thairman, aski enforcement j pance and nol Finding sal: for staff to see [ors is unlikel laid. "If neighbc ibout it (violal complaint ... solving the p Tony Jones s< Another sn soning. Larg Loned for cor Who’ It’s your turn Nominatioi hrough Fridi ho Among niversities ; 81. Nominatio om most ac; at the office o tudent Serv med to ball First Silver Taps draws comments Editor: Beautiful. And in the midst of it all, on a night just as any other night there was a gathering, and there was silence and darkness and rest, and it was the loudest prayer I had ever heard. Yet there was not a word spoken. Frat party rapped Editor: be a solemn occasion and not aplacefor| displays of affection. Escorts are should go no further than that. Belli I In the darkness, as I walked with a few of my new-found friends, I thought. I wondered why it happened this way, why hundreds or thousands (I could not tell) left what was impor tant to them at the time, and walked to a place where they passed everyday, to pay their re spects for those that I (and I assume many) did not know. I wondered why walking across a campus in the middle of the night classified me as a Good Ag. We would like to publicly admonish the ac tions of one or more fraternities for holding a rush party on the night of Silver Taps. How can any organization wishing to be called Aggies hold a party on the evening of one of A&M’s most revered ceremonies? Mark Ince ’80 Editor’s note: This letter was accompf 3 other signatures. Letters to the editor The Battalion solicits letters to the f guest opinions and comments for the Vie* 1 Editor’s note: This letter was accompanied by 65 signatures. page- 1 . ,j Letters to the editor should be limited! Taps not roman tic I did not easily find the answers to my ques tions as I stood shoulder to shoulder with those I did know, and dripped in the dampness. I found no answers, as I heard many voices trying to suppress a disruptive cough. I got no direct answer from the obviously meaningful yet vague rifle salute — proud as it was. And I got no clear answer from the simple and humble yet mystic chorus of taps. It was when I was walking back that all my answers came to me. I felt that I was walking back shoulder to shoulder with someone I knew but had not met. And I found that the phrase “Good Ag” more than not refers lucky Ag. Beautiful. Jerry Beaver, ’84 Editor: Every year before the first Silver Taps, flyers and articles are written about the code of be havior during the ceremony. We think that it is offending that some couples find the atmos phere romantic. The ceremony is intended to words, and are subject to being cut ill Letters may be edited for length, in\ every effort will be made to honorthespi | intent of the author. Letters will notbe'! due to editorial content. Guest columns and opinions mayadt wide variety of topics, outside the limits! F on letters. All letters, guest opinions# umns must be signed by the author,"' accompanying phone number. All letters and other material will bepf 5 at the discretion of the editor. The Battalion U S P S 045 360 MEMBER Texas Press Association Southwest Journalism Congres Questions or comments concerning any editorial 1 ® should be directed to the editor. LETTERS POLICY By Scott McCullar Editor Dillard Stone Managing Editor Rhonda Watters City Editor Becky Swanson Sports Editor Richard Oliver Focus Editor Scot K. Meyer News Editors Lynn Blanco, Gwen Ham, Scott Haring, Todd Woodard Staff Writers Kurt Allen, Nancy Andersen, Marcy Boyce, Mike Burrichter, Pat Davidson, Jon Heidtke, Uschi Michel-Howell, Kathleen McElroy, Debbie Nelson, Liz Newlin, Cathy Saathoff, Jana Sims, Rick Stolle Cartoonist Scott McCullar Photo Editor Pat O’Malley Letters to the Editor should not exceed300 wordsri t: and are subject to being cut if they are longer. Theeditf 1 * reserves the right to edit letters for style and length.!' I make every effort to maintain the author's intent, ® must also be signed, show the address andphonemMht 1 ' writer. Columns and guest editorials are also welcome, i subject to the same length constraints as letters. 0 t inquiries and correspondence to: Editor, The Mai** Heed McDonald, Texas A&M University, College SUM 77843. The Battalion is published daily during Texas A&M*'* ; spring semesters, except for holiday and examinationP* Mail subscriptions are $16.75 per semester, $33.25pf l! l year and $35 per full year. Advertising rates furnisht'l