JFK LAMBASTS STEEL PRICE HIKES
Washington, D.C. (JFK+50) On April 11, 1962, President John F. Kennedy lambasted steel executives on their recent price hike. In an opening statement at his afternoon news conference, the President said...
"The simultaneous actions of United States Steel* and other leading steel corporations increasing prices by...six dollars a ton constitute a wholly unjustifiable and irresponsible defiance of the public interest."
JFK went on to tell reporters that the "inflationary" price rise by steel companies would result in higher costs on many consumer products and would make it more difficult to sell American products overseas.
The President concluded his statement with these words...
"The American people will find it hard, as I do, to accept a situation in which a tiny handful of steel executives...can show such utter contempt for the interests of 185 million Americans."
Pressure from President Kennedy ultimately forced US Steel and other major American steel companies to rescind their price hike. Rex Bradford details three important actions by the Kennedy administration which forced the steel companies to back down....
1. The Defense Department announced plans to review steel contracts and switch to lower cost suppliers.
2. The Justice Department launched an investigation into the actions of the steel companies which might have violated monopoly laws.
3. The President explained publicly why the price hikes were a threat to the public interest.
*United States Steel Corporation was founded in 1901 by Elbert Gary, Charles Schwab, William Moore and JP Morgan. USSC, headquartered in Pittsburgh, PA, is the 2nd largest producer of steel in the U.S.
SOURCE
"JFK and Steel, Bush and Oil," by Rex Bradford, September 2, 2008, Mary Ferrell Foundation, www.maryferrell.org/
Washington, D.C. (JFK+50) On April 11, 1962, President John F. Kennedy lambasted steel executives on their recent price hike. In an opening statement at his afternoon news conference, the President said...
"The simultaneous actions of United States Steel* and other leading steel corporations increasing prices by...six dollars a ton constitute a wholly unjustifiable and irresponsible defiance of the public interest."
JFK went on to tell reporters that the "inflationary" price rise by steel companies would result in higher costs on many consumer products and would make it more difficult to sell American products overseas.
The President concluded his statement with these words...
"The American people will find it hard, as I do, to accept a situation in which a tiny handful of steel executives...can show such utter contempt for the interests of 185 million Americans."
Pressure from President Kennedy ultimately forced US Steel and other major American steel companies to rescind their price hike. Rex Bradford details three important actions by the Kennedy administration which forced the steel companies to back down....
1. The Defense Department announced plans to review steel contracts and switch to lower cost suppliers.
2. The Justice Department launched an investigation into the actions of the steel companies which might have violated monopoly laws.
3. The President explained publicly why the price hikes were a threat to the public interest.
*United States Steel Corporation was founded in 1901 by Elbert Gary, Charles Schwab, William Moore and JP Morgan. USSC, headquartered in Pittsburgh, PA, is the 2nd largest producer of steel in the U.S.
SOURCE
"JFK and Steel, Bush and Oil," by Rex Bradford, September 2, 2008, Mary Ferrell Foundation, www.maryferrell.org/
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