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July 22, 1972 - Image 9

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Publication:
Michigan Daily, 1972-07-22

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Saturdoy, July 22, 1972

THE MICHIGAN DAILY

Page Nine

DECADE'S BEST: U.N. calls for release
GNP, inflation rate combine of Israel's prisoners

to give U.S. economy boost

WASHINGTON (A) - The
economy grew at a rapid 8.9 per
cent pace from April through
June while the rate of inflation
slowed sharply, the government
said yesterday in handing Presi-
dent Nixon the best economic
news of his administration.
The President's chief eco-
nomic adviser, Dr. Herbert
Stein, was exuberant. He called
the release of the second-quar-
ter Gross National Product plus
a June Consumer Price Index
with the smallest rise in the
nine months "the best combin-
ation of economic news to be
released in one day in this dec-
ade."
The Commerce Department
said that GNP-market value of
output of the nation's goods
and services - surged to a 8.9
per cent rate of expansion, the
largest gain since the fourth
quarter of 1964. The increase
is in "real" terms, meaning in-
flation has been subtracted to
show how the economy is real-
ly performing.
Both measures of price in-
creases announced by the gov-
ernment 4ook good for Nixon as
this was the best rate since the
days of Nixon's wage-price
freeze.
At the Labor Department, a
report of the, June Consumer
Price Index showed that the
co, of living rose two tenths of
one per cent over May. And
with seasonal influences re-
moved,. the increase was only
one tenth of one per cent.
At the White House, presi-
dential press secretary Ronald
Ziegler said the cost of living
figures when coupled with the
GNP increase show "real evi-

dence of strong progress toward
a healthier economy."
Clearly the most encourag-
ing news as far as the White
House was concerned was the
way the GNP expanded beyond
the administration's expecta-
tions. Stein told newsmen he
doubted that the nation could
keep up that sort of rate of
growth in the next six months
because it was exceptionally
high.
But he said the rapid in-
crease may cause the adminis-

tration to revise its economic
forcast for this year, a forecast
calling for output to rise by
more than nine per cent with
more than six per cent of that
in non-inflationary growth.
Stein also said the figures
may hasten the day when Nix-
on's wage-price controls can be
lifted. He declined to speculate
on the date, but said he thought
it is unlikely the controls could
be removed by the end of this
year.

UNITED NATIONS. N. Y. (P)
-~With the United States alone
abstaining, the U.N. Security
Council voted 14-0 yesterday to
call on Israel for the return
"without delay" of six Syrian
and Lebanese a r m y officers
seized in Lebanon on June 21.
The council deplored the fact
that, despit their past efforts
to that end, nothing had come
of a resolution ithadopted June
26 expressing "the strong de-
sire" for the early release of the
officers.
The three-day debate that led
to yesterday's action had been
requested by Lebanon and Syria.
Israel Ambassador Yosef Te-
koah boycotted it because the
council had declined to debate
at the same time the question
of a general release of pris-
oners of war in the Middle
East. Though the council had
decided to accord him a sepa-
rate debate on that question, an
Israeli spokesperson said Te-
koah would not press for it.
In reply to questions from
the press, Tekoah said Israel's
position was that the efforts of
the secretary-general and the
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council president "should lead
to an agreement of all parties
to release all prisoners of war
, Israeli and Arab alike,"
He called the resolution un-
balanced.
Diplomatic sources have said
that Waldheim tried to arrange
a parallel release of the Syrians
and Lebanese held by Israel and
of Israelis held by Syria but
failed because Israel insisted
that Egypt be brought into the
exchange and Egypt refused.
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- Associated Press
When I was your age .. .
President Nixon tells William Eberle some pertinent facts about
geisha girls before he leaves for Japan for U.S.-Japan trade
talks. Eberle will relate to the President his experiences of
the Japanese nightlife upon his return.

It's hard to get a loan if
you happen to be a woman

I' i=

BOSTON UP) - Many New
England banks make it tougher
for women to get loans than
they do for men in similar fi-
nancial situations, bank offic-
ials -admit. And they agree the
wife's income seldom gets the
same consideration as her hus-
band's when a couple applies
for a loan.
When negotiating mortgages,
the banks say they routinely
give more credit for a man's
earnings than his wife's, even.
though the woman might make
more money than her husband.
A young single woman would be
given less credit than a man
with the same job and salary.
New England banks surveyed
give two reasons for this:
-First, they say, women are
apt to get pregnant and give up
their jobs, or just decide to
stay home and keep house.
-Second, women usually do
not advance as far in their
jobs as men, so their earning
potential is less.
Few people complain about
it, according to Eileen Schaevel,
a commission lawyer, because
"they don't feel they have any
rights as far as this is con-
cerned.
"But if a woman fulfills the
same financial qualifications
demanded of a man," she said,
"then banks have to give her a
loan."
Also, if a young man and

wife each earn $10,000 a year,
the bank refuses to give them
as large a loan as if the man
earns $20,000 a year and the
wife earns nothing.
In some states, however, this
reasoning is illegal. Under Mas-
sachusetts law, according to the
state's Commission against Dis-
crimination, it's illegal to deny
anyone a loan or mortgage on
the basis of sex.
The problems of a woman get-
ting a loan or credit is a na-
tional one.
The National Commission of
Consumer Finance conducted
hearings in Washington last
May. Testimony indicated "the
reasoning used to deny women
credit is often a cobweb of
myths and supposition unsup-
ported by research," Virginia
Knauer, special assistant to the
President for consumer affairs,
said recently.
Rep. Martha Griffith (D.-
Mich.) told the hearing that
women in all walks of life are
discriminated against when they
seek credit. Banks say that as a
woman who has worked most of
her life nears 40, her borrowing
capacity may reach that of a
man.
The New England survey in-
dicated banks would rather loan
to females who are nurses or
teachers, rather than business-
women, because there is a high
demand for their skills, and they
are able to work part-time.

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