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Economy #57000

ABC Evening News for Tuesday, Oct 09, 1979
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(Studio) Major banks reported raising prime lending rate to highest level in US history; stock market's resultant drop noted. President Carter's vow to control inflation and implication for deeper recession than originally anticipated cited.
REPORTER: Frank Reynolds

(NYC) Worst day on stock exchange since 1974 Arab oil embargo noted; Dow Jones, Amex and NASDAQ closing average shown, discussed. Incr. in prime lending rate said inevitable after Federal Reserve Bd.'s increase this wkend.; details given.
REPORTER: Dan Cordtz

(DC) Carter's 1st formal news conference since July featured. [AP reporter Frank CORMIER - asks if President is willing to pursue tight money policies despite possible political damage in primaries.] [CARTER - responds.] Carter reported staying with his program on vol. wage/price guidelines. [CARTER - comments on USSR combat unit in Cuba.] President said assessing Leonid Brezhnev's offer of decrease eastern European troops. [CARTER - says Brezhnev's offering to continue their rate of modernization providing United States doesn't modernize at all.] Pol. questions mentioned; reporter's referral to Senator Edward Kennedy as "President" noted. [CARTER - responds to question with regard to Senator Edward Kennedy and Chappaquiddick.] Carter said sidestepping question re: debating Kennedy in primaries. [CARTER - comments on campaign] 1st test of Carter-Kennedy strength noted coming this wkend. in Florida's non-binding party election
REPORTER: Sam Donaldson

(Studio) Effect on international gold and money mkts. by Federal Reserve Bd.'s actions noted; increase in United States dollar and gold price reported Figs. listed on screen.
REPORTER: Max Robinson

Reporter(s):
Cordtz, Dan;
Donaldson, Sam;
Reynolds, Frank;
Robinson, Max
Duration:
00:05:20

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