January 16, 1975 - this day in history. Recession getting worse. GNP drops 9.1%, worst since 1958. Inflation rose 13%, worst since 1947. Calls for Gas Rationing. Soviet Union says detente not dead, just wounded. CIA Hearings continue. Ford Auto to offer rebates on new cars. Israel/Lebanon border skirmishes. Middle East Peace feelers continue. News Analyst Eric Sevareid on world reaction to Economy.
January 16, 2012

Pres. Ford (w/Joe "holy cow!" Garagiola) Rome burning? Where?

Your average day, only this one was in 1975. Economic news was grim, with reports on the Recession getting worse. The Gross National Product dropped 9.1% the previous month. The worst since 1958. Inflation shot up 13%. The worst since 1947. Meanwhile, calls on Capitol Hill for Gasoline rationing were roundly poo-pooed by President Ford, saying it wasn't really all that necessary. The grumblings continued.

The Soviet Union proclaimed Detente wasn't dead, it was just wounded.

Meanwhile, back on Capitol Hill - Congressional Hearings on the CIA brought up two former directors, Jesse Helms and William Colby who both had different takes on the matter of Domestic spying. It doesn't bode well when your own people can't get their stories straight.

Some good news from the Auto Industry, at least for consumers. Ford announced it was offering rebates of $200-500.00 on new car purchases.

In the Middle East, border skirmishes were taking place between Israel and Lebanon with artillery fire being traded back and forth. On the Negotiation front, Senator Charles Percy was in Cairo handing out peace feelers to Anwar Sadat in the hopes of getting something moving, however slow.

And in his Commentary, news analyst Eric Sevareid offered some pithy observations on World reaction to the Economic crisis.

All in all, a run-of-the-mill day for January 16, 1975 as reported by Douglas Edwards on CBS Radio's The World Tonight.

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