The Economy: Bending the Guidelines

Within an hour, 74,000 Chrysler auto workers were scheduled to walk off the job at 47 plants across the U.S., bringing production to a standstill just as the 1965 models were beginning to roll off assembly lines.

Suddenly, the strike was off. After 23 straight hours of haggling in Chrysler's Detroit headquarters, United Auto Workers President Walter Reuther got on the phone to the White House, let Lyndon Johnson know that he had just reached a milestone settlement. The President was delighted, but he wanted to know whether the agreement conformed to the anti-inflationary standards set by his Council of...

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