Buffalo Criterion, 1984-07-11

              wednesday july 11-17-1984 out of town 2*k vol vi -■ no 29 - rochester wny's necessary minority newspaper - featuring paid legitimate circulation the buffalo criterion niagara region kemp says money credit too tight congressman jack kemp r-n v has warned that current fed eral reserve policy is a direct threat to the ameri can recovery and to the rest of the world since the federal open market committee voted to tighten credit first in december and again in march interest rates have risen com modity prices have fallen sharply and the dollar has climbed the american and world economies are on the edge of outright deflation all of this adds up to one conclusion money and credit are too tight kemp said members of the fed talk of inflation when every market signal is warning of deflation bellwether of future price changes has fallen more than 15 in the past year ' the futures markets tell us that the commodity deflation is not yet finish ed the dow jones and commodity research bureau's future price in dexes are down sharply and dow jones futures are actually below spot prices kemp said ln the foreign ex change markets the dollar has risen sharply against the strongest foreign cur rencies 9-10 against the german and swiss marks and 6*7 against the japanese yen since march the dollar is near its ten-year high against the german mark kemp said and small business kemp said ameicans are not the only ones hurt by federal reserve policy kemp said the fed is squeezing developing na tions who have borrowed from american banks their debt burden is rising as the dollar becomes more expensive interest rates go up and prices for their products fall this puts pressure on the american banking system and leads to costly bank bailouts ' our central bank seems to have forgotten that it broadly controls the money reserves of the whole world which consist mostly of gold and doll ars kemp said every tightening of u s credit restricts the world supply of dollars and every 1 fall in the price of gold reduces the value of central bank reserves by $ billion the falling gold price has reduced world monetary reserved more . than 50 billion in the past year the dow jones spot commodity index the journal of commerce in dex and the economist index of industrial com motlies have all alien sharply since march at m-u-tiali*md rata of up to 60 - kemp noted the price of gold a this puts still more pressure on americans who export or compete with imports farmers auto and steel workers cooper producers and equipment manufacturers and all interest sensitive industries are pinched especially housing autos warns of deflation threat '' by trying to slow down economic growth by tight ening money and credit while ignoring market price signals the fed is causing a collision with the world-wide demand for dollars kemp said the nation's central bankers seem to be opera ting on the old-fashioned theory that too many jobs are inflationary but measured by any market indicator the economy is not overheating " kemp warned the fed eral reserve against rais ing the discount rate at its july 16-17 meeting of the policymaking federal open market committee if the fed raises the discount rate it will deepen the gathering com modity deflation and threatenen our banking system among other things it will also have a full-scale revolt on its hands in congress kemp predic ted if chairman volcker wants to reduce the gap between the discount rate from amherst to calcutta india this photo was taken last monday evening at the amherst north rotary club meeting at the holiday inn on niagara falls blvd in amherst where the amherst north rotary club's first guest speaker from calcutta india called his sister in calcutta india from a buffalo cellular telephone in the photo from left are paul baker vice president and program chairman of the amherst north rotary club ron coursey secretary for the rotary club jay mandel of the lions club international in calcutta india and first guest speaker dennis m rooney president of the buffalo cellular telephone company and second guest speaker and barry peterson amherst north rotary club president mr mandel rode his bicycle 147,000 miles around the world to raise funds for a hospital treating the poor and blind people of india the buffalo telephone co donated all calls to india for lions club international installation dinner set on thursday july 12 at 4 p.m at 567 richmond aye the new york state division for youth youth development center 6 held its first installation of officers dinner for their community advisory board leonard g dunston director of the new york state division for youth installed the following officers archie amos presi dent leon smith vice president barbara booth secretary treasurer in addition to mr dunston speaking there was a presentation of staff and youth awards hoyt bills aid buffalo schools in the last week of session the legislature has passed two bills sponsored by assemblyman william b hoyt id-buffalo i and senator anthony masiello designed to provide financial relief to the buffalo public schools the first bill a 8560-a was pre pared as part of an agreement reached earlier this year that allowed the buffalo schools to be kept open at the end of the school year the agreement provided for an 8.7 million loan from the city to the schools and the enactment of a bill that would restructure the buffalo schools debt the bill would delay the current deficit reduction payment for one year and would provide for the orderly elimination of all accumulated deficits over the next five years the bill establishes a flexible schedule by which the school board can work towards completely eliminating its deficit by the close of 1989 fiscal year because this amended plan is based upon a percentile reduction schedule it will naturally adjust to either surpluses or additional deficits in future budget years said mr hoyt mr hoyt added the need for this legislation is obvious and i am hopeful that the governor will agree with this workable proposal and sign the bill into law senator anthony m masiello d-buffalo is the sponsor of the bill in the senate 5.7434-a also passed was another bill sponsored by assemblyman hoyt and senator masiello which would provide for full payments of state aid to the buffalo public schools for the 1981-82 and 1982-83 school years the bill assembly bill 11308 senate bill 8666-a requires school aid payment as if the buffalo public schools had all of the days of public attendance 180 days required by the commissioner of education for full state aid as part of a continuing audit of the buffalo public schools the commission er of education has found that certain buffalo schools in 1981-82 and 1982-83 failed to provide 180 full days and therefore resulted in a buffalo schools liability of approximately 260,000 hoyt acknowledges that the legislature in recognition of the special needs of urban districts such as buffalo has provided extraordinary record state aid the buffalo schools have acted to provide this problem in the future both for current year 1983-84 and for next year 1984-86 the schedule guarantees that there will be at least 180 days of attendance i am optimistic that the governor will also sign this measure into law in order to avoid penalizing the already hard pressed buffalo school system by withholding state aid in the current or in a future year hoyt concluded group gathered for anniversary of civil rights act hundreds of civil rights leaders past and present convened in washington d c this month to commemorate the 20th anniversary of an historic event - the signing of the civil rights act of 1964 the bipartisan celebration took place at the 34th annual meeting of the leadership conference on civil rights lccr at the capital hilton hotel during the two-day meeting the hubert h humphrey civil rights award was presented to joseph l rauh jr right veteran civil rights campaigner and lccr counsel for selfless and devoted service in the cause of equality prior to the humphrey awards dinner at a reception co-sponsored by philip morris incorporated and philip morris u.s.a rauh was joined by from left lccr chairperson benjamin l hooks who is also executive director of the naacp donald s harris director public affairs programs philip morris inc and allene s roberts public affairs soecialist phipn morris as the oldest most broadly based civil rights coalition in the country lccr represents over 170 major national eirganixations comprised of blacks hispanics and asian-americans labor the handicap ped major religious groups women the aged and minority businesses and professions black family of major concern at nul's annual conference the present status of the black family and its prospects for the future will be two of the principal matters to be examined in depth during the course of the national urban league's 1984 annual conference in cleveland july 29th through august ist at the cleveland convention center the first examination of these critical subjects will take place on sunday afternoon july 29th at a special forum to be moder ated by one of the nation's most respected experts on the black family dr andrew billingsley author sociologist and the former president of morgan state university three other experts will join him on the forum they are dr robert b hill senior research as sociate bureau of social science research and former director of the nul's research dept dr asa hilliard fuller callaway professor of ur ban education georgia state university and evelyn k moore execu tive director of the national black child de velopment institute additional attention will be focused on the black family at another forum titled crime and black communities on mon day evening july 30th and again that afternoon at a session on community responses to teenage pregnancy on tuesday morning july 31st the issue of the feminization of poverty will be taken up at another forum and on wednesday morning august ist attention will be directed to the black aged in double jeopardy still while major concerns will be focused on the black family during the four-day conference many other issues of vital importance to black amer ica will also be highlight ed for example the presi dentail candidates of both major parties have been invited to address plenary session on monday • another special feature of that day will be a forum that morning children buffalo students met rep nowak rep henry j nowak d buffalo bottom right met on the steps of the capitol with a delegation of staff and students from the dr martin luther king jr multi-cultural institute 487 high st during a recent visit to washington d c 2nd annual grassroot leadership award dinner & show celebration planned the second annual grass root leadership award dinner celebration date is sat aug 4th from 7 p.m to 11 p.m at christ lutheran church fox and broadway for information call pastor christ or rev sanders at 854-2487 the celebration consists of a wonderful dinner gospel singing african dancers a drummer a piano player a soloist and a karate demonstration it's a time set aside for leadership recognition at the grass-roots level it's their appreciation for those people who have given their sincere interest and commitment of self toward the interest of helping folks the following persons were selected by the personnel committee on may 31st to receive the grass roots leadership award dinner celebra tion kenneth holley fred luper sara vickers mary daniels ron jackson dennis x elizabeth san ders maggie stroud ken yatta cobb tom pinck ney a dime hernandez roger langer ellsworth miller odessa quipones roosevelt rhodes barber smith mamie james and katherine alston black family see page 3 deflation see page 2 r serving i \\ orking leading in wny inner cities t since 11)23 price only 20 per copy