Prices: The Cost of Neglect

Anxious to escape abrasive confrontations of the kind that embroiled his two immediate predecessors, Richard Nixon had hoped to avoid direct federal intervention against price increases by private industry. Yet last week the President took strong steps to arrest soaring lumber prices—and there was little grumbling. His tactics much resembled those of the Johnson Administration, which in 1965 fought off aluminum and copper price rises by threatening to release supplies of the metals from Government stockpiles. Nixon ordered the Interior and Agriculture departments to step up the sale of lumber from...

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