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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Aug. 3, 1982)
Battalion/Page 7 August 3, 1982 rH=national/features Warped By Scott McCullar LET'S SEE, UH... THE ACADEMIC BUILDING, UH. EXCUSE ME, COULD tOU TELL ME HOWI CAW FIM) THE REGISTRAR'S ASK SOMEBODY* ASK SOME Reagan cites reasons for Soviet grain sales Deficit closer to Congress’ budget estimate: official in s RBI l by Niel t 4-l in did pitcH the gaint the Astra .hasinj ater, E ic left Belt t Hawkim Scott tilt! d to secou light befoit n the riglt wo runs a streak toll i the •ed on Dij ■ fly. Gan the loss!* _ United Press International and Cnt |WASHINGTON — This ted to tki pr's budget deficit will be clos- s threewk i to the estimates of the Con ed risks,tkiRressional Budget Office than ■at of the administration, Com- was preitBierce Secretary Malcolm Bal- ikrosaid ’ drige said Monday, moved fflK Baldrige, appearing on nicely. BiHbC’s “Good Morning Amer- ag positiotfi" program, said the fiscal pitch.Ya|]983 deficit will be about $20 when yoigllion to $30 billion above what ■e Reagan administration has ^•edicted, moving it more in lie with the figures from the •.congressional office. I The administration’s revised Oficit estimate of about $115 ■llion, issued last week, has pen called too optimistic by some. Similarly, the administra tion generally calls the congres sional office’s estimate of $140 billion to $160 billion too pessi mistic. While Baldrige said the admi nistration’s mid-year economic review issued Friday has been “unfairly accused of trying to be a prediction of all time,” he dis- “I think the CBO estimate for - a & reed ^ith the report’s growth just this year is probably as close rate _P re< d lctlon - uttingcor 1 Colorado, aft chokf 15 othei Tim Park n Redskins 5 95 by cut' sive guard it end Bol eff Blais- Taft, Don' ian Sno*’ Crayton, tight end enter ” ive backs tiy Stout* .ms. i Bengali back John st for H xated his as you can get,” Baldrige said. “I think they’re too pessimistic for next year.” Deficit spending forces the government to borrow money that otherwise would be avail able for loans to businesses and consumers, and thus puts press ure on interest rates. President Reagan has blamed persistent high interest rates for delaying the economic recovery he has promised. “The report assumes a growth rate in the last half of the year in the (gross national pro duct) of about 4.5 percent,” he said. “That’s possible if interest rates come down dramatically. “It looks like they’re coming down, but not that steeply. So the growth rate will probably be less for the last part of this year than the report said.” Baldrige said the growth rate could reach 4.5 percent at the end of the year, but not for the entire final six months. “I suppose somewhere around 3 percent to 3.5 percent at the present interest rates is in the ballpark,” he said. He said the lingering reces sion will not cause the adminis tration to change its economic policies, and added that under those policies, inflation, taxes, interest rates and the rate of fed eral spending have fallen. “We are between the reces sion and coming out of it,” the secretary said, echoing Reagan’s remarks at his press conference last week. Baldrige made no mention of unemployment figures, which have been stubbornly high. United Press International DES MOINES, Iowa — Presi dent Reagan, hinting at possible record grain sales to the Soviets this year, said Monday that sanc tions against Moscow and War saw might be lifted because “martial law may be relaxing” in Poland. In remarks prepared for the National Corn Growers Associa tion, Reagan also blamed the current recession on his prede cessors, who followed a “reckless course of fiscal insanity that had us careening toward catas trophe.” Reagan, repeating a theme sounded last week, also appealed for trust that his eco nomic recovery program will take hold, and urged his farm audience to reject the “doom- criers.” The president cited an im proved situation in Poland to ex- E lain the apparent contradiction etween tough sanctions against U.S. technology being used to build a Soviet gas pipeline to Western Europe and his deci sion last week to extend a grain sales accord with the Kremlin. “There is still no cause to cele brate in Poland,” Reagan said, who imposed some economic curbs on both Moscow and War saw after the crackdown on the Solidarity labor movement. “I am, however, somewhat encouraged by indications mar tial law may be relaxing — that life will improve for the Poles and the sanctions can be re moved,” he said. “Indications are that we will sell a record volume of grain to the Soviet Union this year,” the president said, adding the ex tension of the grain agreement means “we will be able to sell large quantities” of corn and other grain during the next year. “The granary door is open and the exchange will be cash on the barrelhead,” he said. His address came with the farm industry in its worst slump since the Depression, a decline one industry analyst said has left farmers “frustrated and hos tile.” After the speech, Reagan was to fly 40 miles to the 500-acre farm of Donald Dee and his sons, Allan and Eric, for a meet- farm prospects with- farmers. Tuesday morning he will go to Hartford, Conn., to address a Knights of Columbus meeting before returning to Washington. Reagan also used the speech to deliver a bitter attack on past leaders, saying: “We believe the unbearable interest rates, the suffocating in flation, the recession that has griped our land for too many months, was bought about by government leaders afraid to trust the American people,” he said. “They were caused by 40 years of taxing and spending, by disintegrating faith caused by abandoned promises, and by a reckless course of fiscal insanity that had us careening toward catastrophe. “Despite most of the doom- criers abroad in our land,”” Reagan told the farmers, “I be lieve most of America shares your faith.” And he reiterated: “This administration does not have, nor will we have, a grain embar- ing on the grain decision and _ go on the Soviet Union. Proposed tourist attraction nothing but a pile of rocks Problem said to be worsening > 1 UN warns of acid rain take one and con' t arrives,' ict played golf since :n handed roon Iasi )by Clam' altered in But I’m > ; my pul- y setup a s helped' Southern use from day. The United Press International NAIROBI, Kenya — In Scot- nd and Pennsylvania, the rain metimes contains more acid ian table vinegar. In Poland’s Katowice indus,t- }al area, freight and passenger ains are limited to a speed of 25 miles per hour on tracks rot- :ed by acid rainfall. The Acropolis in Greece has liffered more damage in the last 20 years because of acid ain than in all the centuries nice it was built. Some 20,000 lakes in Sweden are ecologically dead or dying jecause of the acid that falls jom the skies, while all the fish n an 8,000-square-mile area of Southern Norway have died for the ame reason. Evergreen forests in Ger many have died mysteriously and some of Brazil’s lush tropic al rain forests have shriveled away from acid rain. The problem of acid rain has become critical in developed countries around the globe and, according to a recent meeting of the governing council of the Un ited Nations Environment Prog ram (UNEP) in Nairobi, the situation is probably the most se rious and challenging problem facing developed countries in the next decade. Acid rain means literally that it rains acid. It is formed from industrial wastes, especially sul phur dioxide, spewed into the atmosphere. These pollutants combine with water vapor, sunlight and oxygen to form sulphuric and nitric acids. These acids are washed out of the atmosphere by rainfall and return to Earth turning lakes and reservoirs into killers. Even heavy metals in the soil are dissolved by this acid rain and seep into water supplies. There have also been cases of acid snow and acid hail. In the past decade the prob lems have become critical. In dustrialized areas have been “exporting” acid rain to “clean” areas at an alarming rate. Bitter feuds have developed among countries. Canada receives four times more sulphur and 11 times more nitrous oxide from the United States than it returns. Britain, western Europe, East Germany and Poland are the main cause for the devastation of Swedish and Norwegian lakes. One supposed cure for acid rain has only succeeded in spreading it. On the recommendation of some environmentalists, power plant and industrial smoke stacks were built higher in the hope that harmful emissions might disperse in the atmos phere. The greater height in stead has caused acid rain to fall as far away as 1,200 miles from its source. With the increased use of coal as an energy source in many in dustrialized countries, the ex pected amount of acid rain is ex pected to increase. Already the United States dumps 26 million tons of sul phur dioxide into the air every year while in Europe 70 million tons finds their way into the atmosphere. The United Nations Environ ment Program was set up in 1972 but little has been done to alleviate the problem. “In the course of the decade we have seen unfold a series of complications,” said British sci entist Martin Holdgate. “It is not as simple as we thought.” One European delegate said: “It is a problem whose implica tions are expected to worsen in the years to come. Perhaps gov ernments should issue warnings before any rainfall, something like ‘walking in the rain can be hazardous to your health.’” United Press International BEDFORD, Ind. — The high ly touted authentic-style pyra mids for which the federal gov ernment contributed $700,000 are no more than a pile of rocks and the project’s director says that’s all they ever will be. The rocks piled up about 5 miles north of Bedford are sup posed to be a tourist attraction and a shot in the arm for the Indiana limestone industry. But so far the heaps of stone don’t even come close to looking like the pyramids they were bal ly hooed to become. And they never will, says Merle E. Edington, who directs the project. Sen. William Proxmire, D- Wis., has awarded the project his Golden Fleece award for foolish use of about $700,000 in tax payers’ money. The Indianapolis Star re ported in its Sunday editions that there is no plan to shape the unkempt hunks of stone into two gleaming symmetrical pyra mids and a miniature Great Wall of China as depicted in an artist’s conception of the project. Edington, president of the Bedford Chamber of Com merce, said the piles are stacked in the simplest way to get the stone up in the air where tourists can see, without going to the ex pense of cutting, forming and mortaring the exhibit — located on a 20-acre site. “I’m not going to smooth it up,” he insisted. “That wasn’t the intention. Never was.” Edington sold the U.S. Eco nomic Development Adminis tration on the project three years ago. EDA gave the Cham ber of Commerce $500,000 for it in 1979 and $200,000 more in 1981. In a retort to Proxmire’s digs, Edington claimed the project in cluded funds from private sources, but he admitted the only other cash came from his late mother — totaling $50. The idea behind the exhibit was to attract tourists to “the Limestone Capital of theq World,” and at the same time help the market for Indiana - 1 limestone, once used extensively . for building. Quarry companies around the city of 14,000 donated the land and the waste limestone. So far, all the site has is a rock- pile and an old railroad caboose-,7 to be used for a souvenir shop. £ Construction was suspended a* year ago. A 151-square-foot base of the i> Egyptian style pyramid is in^ place along with three tiers of a 7; Mexican style pyramid, which <v Edington says he hopes will bet! finished by Sept. 4. Several big banks lower prime rate United Press International NEW YORK — Citibank, Chase Manhattan, Chemical Bank and Morgan Guaranty Trust, responding to the Feder al Reserve’s discount rate cut, Monday lowered their prime lending rate a half point to 15 h whiii 'P ercent — t h e lowest level in 20 ’ ' months. > grow as deemed a major e greens ed occa- greens i not die. ■ been no in the iince this 7 Open, ie altera- nature, lich nar- my holes s, Isot Tm Kite ee of the 159yard, ires two rough a sure are uenders e on the iciuding d Jerry p five in to wait rst prac- The rest of the industry was expected to follow. Mellon National Bank of Pitt sburgh late Friday lowered its base charge along with the small Southwest Bank of St. Louis to 15 percent following the Fed’s e closelv second reduction in two weeks of its loan rate for member banks. The 15 percent prime rate is the lowest since Nov. 5, 1980, when the business loan rate was at 14.5 percent. The prime rate reduction, the second within two weeks from 16.5 percent, also resulted from the Fed’s report of an $800 million decline in the nation’s money supply in the latest statis tical week. The money supply growth rate has come down to Fed targets within recent weeks and set the stage for the interest rate declines. As a result, the Fed cut its discount rate to 11 percent Friday. It previously had re duced this charge a half point to 11.5 percent on July 19. 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