Masonry Magazine October 1966 Page. 26
Washington Wire
(Continued from page 23)
INTEREST RATES ARE PROVING HARD TO ROLL BACK from the recent peaks. The President's several-pronged efforts have produced only minor results. In fact, some rates... on short-term Treasury and corporate paper are up. Johnson's measures may yet lead to lower rates but this will take time. He is cutting government spending, to reduce the Treasury's need to borrow. And suspension of the 7% credit should slow investment and trim money needs. What is more, the high rates and tight money are starting to curb borrowing.
But the short-run demand for credit will still be great. The Treasury will need a lot even after some economizing has been achieved. And industry's need for money, though down from June, is still very strong. Businessmen may decide to cut investment but this takes months to show up.
Meanwhile, the supply of new lending money is not growing very rapidly. So, there is still a great gap between the supply and the demand for credit. Until that gap narrows-perhaps in 1967-interest rates will not be dropping fast.
THE NEXT CONGRESS WILL BE NOTABLY MORE CONSERVATIVE than this one, because of changes in November. The "ins" always lose seats in off-years. This year won't be different. A loss of 30 would be normal and is likely. But, the Democratic losses will center in the young liberals who swept in with LBJ in 1964. Their replacements will contrast sharply in philosophy.
The Great Society will make less new progress in the next two years. Even those Democrats who do survive in the voting will be less prone to go along with the President. Their support has been fading away as his popularity has fallen.
There'll be less enthusiasm for legislation that did so well in 1965-civil rights... anti-poverty... or attacking the urban blight... and the many Johnson welfare programs.
GEORGE ROMNEY WILL BID ACTIVELY for the GOP Presidential nomination if he wins reelection as Governor of Michigan as big as his backers expect. He will then be one of the two leading contenders-along with Dick Nixon. Republican moderates are expected to unite behind him to block a come-back by the conservatives... to avoid another blitz at the convention as in 1964.
THERE'S AN AIR OF HOPEFULNESS ON VIET NAM in Washington these days. Officials think the prospects of negotiations with the North are growing. (Please turn to page 36)
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MASONRY
October, 1966