Page 12/The Battalion/Wednesday, August 10, 1983
Reagan administration
ignores prime rate hike
United Press International
The Reagan administration
played down the significance of
an increase in the prime lending
rate, but the National Associa
tion of Realtors blamed the rise
on the president and Congress
for not dealing with huge
budget deficits.
On Wall Street, the Dow
Jones average plunged to a four-
month low Monday because of
the first raising of the prime in
terest rate by the nation’s major
banks in 18 months.
The prime rate hike was long
expected following recent sharp
increases in other interest rates.
Economists say the prime rate
could climb to 12 percent in the
next few weeks before easing
again later in the year.
But presidential spokesman
Larry Speakes said, “We would
be hopeful this does not indicate
a trend.”
Speakes, echoing a view ex
pressed by the Treasury Depart
ment and the Council of Econo
mic Advisers, said the increase
“basically brings the prime rate
into line with the recent rise” in
market interest rates and
charges paid by banks.
“The best way to keep interest
rates down is to keep inflation
under control by appropriate
monetary and fiscal policies,”
Speakes said.
Economists say the higher
prime rate and the rise in other
interest rates will likely squeeze
some of the steam out of the
Economists say the
higher prime rate and
the rise in other interest
rates will likely squeeze
some of the steam out of
the robust economic re
covery.
robust economic recovery.
“There’s no question the eco
nomy is going to slow down,”
said Washington economist
Michael Evans, president of
Evans Economics Inc.
The real estate association, in
a statement issued Monday, said
Congress and President Reagan
have “failed to offer any hope
that they will start solving the
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federal budget deficit crisis any
time before the November 1984
elections.”
Jack Carlson, chief economist
for the association, said, “Lower
interest rates mukt be achieved if
this recovery is to be saved.”
But Speakes insisted Reagan
has pushed a fiscal program
leading to declining deficits. He
dismissed the rise in the prime
rate as a short-term phenome
non that will not disrupt either
the economy or the administra
tion’s economic policy.
As an indicator of the recov
ery, construction of new hous
ing units rose 82 percent in the
second quarter of 1983 over the
same period in 1982, F.W.
Dodge, a division of McGraw-
Hill, reported Monday.
“The nation’s rebound from
the recent economic recession is
largely responsible for the
second quarter’s homebuilding
surge,” the report said.
The last time the prime rate
went up was February 1982
when it moved to 17 percent
from 15.75 percent. That in
crease briefly interrupted the
general decline in the prime rate
since it reached a record high of
21.5 percent in December 1981.
The Dow Jones industrial av
erage fell 20.23 to 1,163.06
Monday, the lowest level since it
closed at 1,156.64 on April 13.
The average of 30 blue-chip
stocks has dropped 80.63 points
in the past two weeks.
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staff photo by Brtniji
Gloria Ovalle, a senior elementary education
major from Corsicana, takes time to prune a
flowering garden. Gardening in ‘ small pots
a favorite hobby of many college students,
Churches call for world seminar
by
Bat
On Aug. 1
en ts will de
United Press International
VANCOUVER, British Col
umbia — Delegates to the Sixth
Assembly of the World Council
of Churches have approved a
plan that could lead to a major
breakthrough in healing centur
ies of division within Christ
ianity.
With an overwhelming vote
of approval, the 835 delegates
agreed to call for a major world
conference — to be held in 1987
or 1988 — on faith and order at
which churches could take steps
to announce their agreement on
the divisive issues of the doc
trines of baptism, eucharist (the
combination of the liturgical
proclamation of Scripture and
holy communion) and ministry.
“This gives us the potential of
resolving the differences in a
way that is unparalleled in his
tory,” said the Rev. Paul Crow, a
Christian Church, Disciples of
Christ, delegate from the Un
ited States and a key figure in
the church unity movement.
Crow made his comments at a
news conference after the
Assembly ended the 16th day of
its 18-day meeting — sessions
marked by some of the World
Council’s most intense involve
ment in theological matters
since its founding in 1948.
Tuesday, the delegates from
the council’s 300 member com
munions, were expected to deal
with several other issues, includ
ing increasing participation in
the church, relations with the
Roman Catholic Church and
statements on secular political
issues such as Central America
and Afghanistan.
Acceptance of the report on
unity, however, was somewhat
overshadowed by a plea from
dissident church members in the
Soviet Union to the World
Council to aid them in their
struggle against government re
strictions and repression.
It is an issue that has
threatened the council for two
decades and has hovered on the
edges of the Vancouver meeting
since it began July 24.
The letter', oy Deacon Vladi-
iy’s growth
mir RusakoftheRussu: (They will
tlox church, was madep.;j n( l propos
Keston College, a primByear capi
ish-based group that inlTbonds w
religious repression in idling and
ei n bloc countries. Rr’s facilities
Rusak said a historvh(l|'he 10 boi
ing of the church isbei^tl two seci
pressed by the KGB and Mains five
officials. yell could
The WCC, he sanl $ 0 ik1 sectic
expand its mandate to
the vital principle o
against disbelief and tht
of believers wherever
ains to t
ity’s tax
he reve
rights are violated.
U.S. forces deployed to region
mprovei
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President keeping tabs on Cha
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United Press International
WASHINGTON —President
Reagan stayed in touch Tuesday
with the situation in Chad where
a spokesman said Libyan forces
and Libyan-backed insurgents
are poised to attack the northern
oasis of Faya-Largeau.
Deputy press secretary Larry
Speakes said the White House
had no specific reports of
ground fighting, and added that
the two Airborne Warning and
Control System surveillance
planes and eight F-15 fighter
jets sent to the Sudan to help
Chad keep an eye on Libyan
planes had arrived. As required.
President Reagan complied with
the War Powers Act and notified
Congress Monday the AWACS
had been dispatched.
Speakes declined to go into
detail about the operation of the
giant radar planes.
As for the situation in Guate
mala, where Brig. Gen. Oscar
Humberto Mejia Victores over
threw the government of Presi
dent Efrain Rios Montt Monday,
Speakes said the United States
understands that Mejia “has
pledged to continue the process
of democracy and pluralism.”
Repeating a State Department
statement of Monday night,
Speakes added, “We would wel
come any concrete step to set up
an orderly process for a return
to democratic rule.”
Speakes also said the United
States understands the deposed
Guatemalan president is safe
but his whereabouts are un
known.
If the American aircraft
come under attack, the
“normal rules of en
gagement’’ will prevail,
said deputy press secret
ary Larry Speakes.
Speakes said there have been
“some private contacts” with the
new government in the after-
math of the coup d’etat in
Guatemala City, but said that
Ambassador Frederick Chapin
has not yet met with the leaders.
The three Central American de
fense ministers met with senior
U.S. officials in Honduras Sun
day, but he said the meeting was
“totally unrelated to other
events” in Guatemala.
Meantime, Reagan arranged
to gather with the National
Security Council, but Speakes
steered reporters off of specula
tion that the war in Chad or
coup in Guatemala were on the
agenda.
In a letter Monday, Reagan
formally informed Congress he
has sent two AW AC surveillance
planes and eight F-15 fighter
planes to Sudan in response to
an urgent request from the be-
>de a centr;
leaguered governmen tc unty of s
“The government ofRhe tax b
has requested the govfttBimprove
of France and the Unittdpj parks a
to assist in its self defenstfStreet im
armed aggression by Bbty
forces and Libyan-supp*® le 1
sur gents in Chad,’
wrote.
Notification he sent,#
con:
|he over;
ante to a war zone:isK!
under tire War Powei^'
I f t he American aircri
under attack, the"nonri
of engagement” will p|P
deputy press secretary gj
Speakes.
Reagan said it was no!
hie to predict how long®
forces would be deploy*
region.
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Frailest of quintuplets
^critical following surge
United Press International
INDIANAPOLIS — The
frailest of quintuplets born last
week was in critical but stable
condition Tuesday following
abdominal surgery performed
rforated intestine.
complications, it should have no
long-term adverse effect on her.
It’s not a rare kind of thing.”
to correct a peri
Doctors were examining X-
rays Monday when they disco
vered the perforated intestine
and decided to operate, she said.
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Ashlee Charlene Gaither,
who has been on a respirator for
all but eight hours since birth
last Wednesday, was listed in
very serious condition before
the one-hour operation, said In
diana University Hospital
spokeswoman Jan Michelsen.
“Her condition is critical but
stable, but otherwise she’s real
active and appears okay,”
Michelsen said. “Barring other
Ashlee has been fed intrave
nously since birth and the opera
tion will delay the start of nor
mal eating for the baby,
Michelsen said.
The infant was the first of the
quints born last week to Suzanne
Gaither, 21, and her husband,
Sidney, 33, at the IU Hospital.
The Gaithers Monday changed
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the middle name of (M
quints, Brandon,
jam in to Burr us. 3
Ashlee was kept on J
ator until Monday, "bj
tors allowed her to trybtfj
on her own. After an
test, the child was put^
the machine becausetlif c |
level in her blood was»
enough.
“It may be a few days]
she can go off the respit'
good,” IU Hospital
woman Wendy Wiseniai , |
said Monday.
The decision to pi 11 ■]
back on the respiratorf
what doctors called a J
period of steady imp#]
during the weekend.
Paige said doctors wofl
tinue monitoring the 1#|
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ygen levels of the infant I
on 24-hour watch at tkj
Hospital for Children
T he children were W]
Hospitals.
Doctors said Ashlee'^l
ing weight faster than tl'l
four babies — JoshuiJ
Johnson, Renee Brook"
Frances and Brandon BA
— because she was being 1
travenously.
Gaither did not use j
drugs but had a familyB' 5
multiple births. The
the first quints born in I*
— were delivered six w^l
maturely by Dr. Frank J 0 '
Johnson said he belie']
Gaither children were J
lion’s first black quints