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.