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US-Soviet / Wheat Deal-Scandal (Part3) #220574

CBS Evening News for Friday, Oct 06, 1972
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(Studio) Nixon administration defends sale of United States wheat to Russia as step on road to peace.
REPORTER: Walter Cronkite

(DC) [Commerce Secretary Peter PETERSON - says trade can increase prospects for peace, which is valued highly.]
REPORTER: Tony Sargent

(Studio) 6 grain export companies benefit most from deal, with excess profits from inside knowledge and government subsidies. Taxpayers, who paid subsidies, lost. Small wheat farmers who sold early and cheap also lost. Consumers, who will pay more for food, also lost.
REPORTER: Walter Cronkite

(DC) [Consumer advocate Esther PETERSON - jealous of Russian consumers who will get better price for bread, while Americans pay more.] Higher wheat prices result in higher flour prices. Baking industry feels Price Commission is ignoring appeals for help. [American Bakers, Robert GRANT - says small baking operations could be forced to close, but Agriculture Department says not to fear runaway flour prices.] Bakers apply for price rise, but most absorb incr. flour prices while waiting for decision.
REPORTER: Walter Cronkite (narrates)

(DC) [Price Commission chairperson C. Jackson GRAYSON - defends slow action by commission; says price increase will probably be granted.]
REPORTER: Joel Blocker

(DC) House agriculture subcommittee provides figures showing consumers will pay $290 million in increase prices for flour-based products due to US-Soviet wheat deal. Grains fed to cattle increase also; meat prices will also increase Consumers will pay additional $1.2 billion for meat.
REPORTER: Walter Cronkite (narrates)

Reporter(s):
Blocker, Joel;
Cronkite, Walter;
Sargent, Tony
Duration:
00:05:20

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