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Economy #266056

CBS Evening News for Tuesday, Aug 07, 1979
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(Studio) Extension of wage/price guidelines reported proposed by Carter administration today; details given.
REPORTER: Roger Mudd

(DC) Council on Wage and Price Stability's report examined; increases in food, hsing., energy noted. Figs. listed on screen. Alfred Kahn quoted re: proposed wage/ price guidelines for next year

(Studio) Change in investment patterns of Americans cited
REPORTER: Roger Mudd

(NYC) [AUCTIONEER - sets price.] Incring. investments in art and other material valuables by Americans due to inflation rate examined. George Pollock's income and art purchases this year outlined; paintings shown. [POLLOCK - says he's buying art because he's scared.] Investment in Salvador Dali work by bank teller Virginia Ralph due to credit card system noted, [RALPH - comments on amount she invests each month] Push by stk. brokers and pension fund mgrs. for clients to invest in art examined. [Salesman Mike DAVIS - discusses investment returns seen by stamps.] Results of Wall Street study with regard to gold Chinese ceramics, stamps, rare books investments outlined; figs. listed on screen. Annual rates of oil, hsing., bonds and stks. compared; figs. listed on screen. Difficulties faced in art speculation considered; increase in Norman Rockwell painting over past 10 years stated as example

Brady, Ray;
McManus, Jim;
Mudd, Roger

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