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March 31, 1992 - Image 7

Resource type:
Text
Publication:
The Michigan Daily, 1992-03-31

Disclaimer: Computer generated plain text may have errors. Read more about this.



Runaway
car injures.
hospital
patients
DETROIT (AP) - An out-of-
control car crashed through a plate
glass window into the emergency
room of Sinai Hospital yesterday,
injuring nine people.
The driver was a woman who was
retrieving her car from valet parking
after outpatient treatment at the hos-
pital on Detroit's northwest side
about 10:50 a.m., hospital officials
said.
As she got in the car and adjusted
the seat, the Dodge Aries took off.
The car accelerated in a semicircle
and drove through a large window
next to the emergency room en-
trance, an eyewitness and hospital.
* officials said.
The woman apparently thought
the car was in neutral and mistook
the accelerator for the brake pedal,
said Janice Malach, vice president of
ambulatory and clinical services.
All but one of the injured was
treated and released from the hospital
by yesterday afternoon, said Sherri
Gelman, director of public relations.
The remaining victim was temporar-
ily in serious condition, she said.
"All you could hear was tires,"
said Patrice Glass, 34, who was
leaving the hospital with her brother
when she saw the crash.
The woman "jumped in the car,
slammed the door and went around
the island right into the emergency
room," Glass said. "It looked like a
stunt from a movie."
At least one of the injured was a
hospital employee. Another was a
woman who was struck by the car as
she was sitting in a chair in a wait-
ing area.
"Thank goodness it wasn't any-
thing more serious," Gelman said.

The Michigan Daily - Tuesday, March 31, 1992- Page 7
- Buchanan shifts focus of
attacks toward Congress

WASHINGTON (AP) -
Republican challenger Patrick
Buchanan shifted the focus of his at-
tacks away from President Bush
yesterday and aimed his venom at
Congress, calling it "a swamp that
must be drained."
Proclaiming himself "tanned,
rested and ready" after a short vaca-
tion in Florida, the conservative
commentator said he is still in the
GOP race.
"We do intend to direct a lot of
our fire at that other political estab-
lishment, the Congress of the United
States, which is desperately in need
of being dumped over," Buchanan
said.
After 17 straight losses to Bush,
Buchanan gave up the personal at-
tacks on the president that had been
a trademark of his earlier
campaigning.
Buchanan told a rally and news
conference on Capitol Hill his cam-
paign was entering a new, gentler-
toward-the president phase as he
headed for a week of campaigning in
Minnesota, Wisconsin and
California.

"We could never be as colorful as
Mr. Buchanan but we do share his
disappointment with Congress as an
institution," said Torne Clarke,
spokesperson for the Bush
campaign.
She said Buchanan's decision to
focus on Congress instead of Bush
'The campaign has
raised and spent just
under $7 million and
we will raise another
$4 million.'
- Paul Erickson
Buchanan adviser
"is largely irrelevant. We are going
to continue doing what we've been
doing all year long - campaigning
hard in all the states and wining all
the primaries."
Paul Erickson, a senior Buchanan
adviser, said money continues to
come into the campaign despite the
insurgent challenger's drubbing at
the polls.
"The campaign has raised and

spent just under $7 million and we
will raise another $4 million," he
said.
Erickson said, Buchanan will be
"picking our targets more effectively
than we have been" in the coming
primaries.
Buchanan would not comment on
Democratic frontrunner Bill
Clinton's disclosure that he had used
marijuana as a student at Oxford.
Asked if he had ever used mari-
juana, Buchanan said, "no."
He said Bush now has a golden
opportunity to press his agenda be-
fore Congress, with lawmakers
"reeling and staggering" under scan-
dals involving the House bank and
the House post office.
Buchanan also attacked Congress
for a variety of fringe benefits,
ranging from subsidized haircuts to
free parking places, prescription
drugs and picture frames.
Asked whether he was running
against Bush or Congress, Buchanan
said, "We are running for the
Republican nomination. We are run-
ning against the establishment of
both political parties."

Where's Roseville?
This sign paying homage to basketball player Chris Webber mysteriously
appeared at Crisler Arena Sunday night.

Despite pressure, Federal Reserve will not lower interest rates

. . _.

WASHINGTON (AP) - The
Federal Reserve, which hasn't cut in-
terest rates since December, will
hold to that course in meetings this
week despite pressure from the Bush
administration to do more to bolster
the economy, private analysts pre-
dicted yesterday.
If that view is correct, it would
mean that interest rates, including
the benchmark prime rate and mort-
gage lending rates, have probably
seen their lows for this year.
But even if the Fed's credit easing
days are over for now, analysts are
not looking for rates to head sharply
higher, given the absence of any in-
flationary pressures and the belief

that the upcoming economic recov-
ery will be one of the weakest on
record.
The Fed's top policy-making
group, the Federal Open Market
Committee (FOMC), will meet be-
hind closed doors today. The FOMC,
composed of the central bank's
seven-member board in Washington
and five of the Fed's 12 regional
bank presidents, meets eight times a
year to map monetary strategy.
The central bank last cut interest
rates on Dec. 20 when it slashed its
discount rate, the interest it charges
for direct bank loans, to a 27-year-
low of 3.5 percent and reduced its
target for the federal funds rate, the

interest that banks charge each other,
to 4 percent.
The Commerce Department re-
ported yesteray that sales of new
single-family homes fell 2.7 percent
in February to a seasonally adjusted
annual rate of 613,000. Most ana-
lysts were unfazed by the slight
downturn, however, contending that
there was enough underlying
strength to allow the housing indus-
try to perform its traditional role of
leading the economy out of
recession.
Still, some Fed critics worried
that an unexpected jump in long-
term mortgage rates could stifle the
housing recovery, and for that reason

they said it made sense for the cen-
tral bank to buy an insurance policy
in the form of at least one more
round of rate cuts.
A group of prominent
economists, including several former
Nobel Prize winners, released an
open letter yesterday in which they
called for further interest rate cuts.
They also urged Congress and
President Bush to support tax credits
for business investment and in-
creased federal payments to state and
local governments in the areas of ed-
ucation and infrastructure
improvements.
Bruce Steinberg, aneconomist at
Merrill Lynch in New York, said he

believed interest rates, especially
short term rates, would remain sta-
ble at least through the November
election.
"This will be one of the longest
periods of time we have ever gone,-
with interest rates not doing any
thing," he said.
Economists predicted that banks'
prime rates, the benchmark for many
business and consumer loans, would
remain at 6.5 percent.
Analysts were less certain about
the course for fixed-rate mortgages.
Some worried that the federal gov-,
ernment's need to finance a record
$400 billion deficit this year could
put pressure on long-term rates.

* I AH N "'. t s

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