MARCH 20, 1973

Full News Archive

• Headline: Bank Profits Surge and Exec Pay Rises. Impact: The sudden spike in bank executive pay led to a cascade of greed-driven decisions, ultimately resulting in the 2008 financial crisis. Who knew a few extra zeros on a paycheck could topple the global economy?. Fact: Did you know that the only thing faster than a bank exec's pay increase is the speed at which they can deny responsibility for a financial meltdown?.
• Headline: Leadership Change at Red Owl Stores. Impact: H.P. Asselstine's ascension to president of Red Owl Stores sparked a chain of events that ultimately led to the popularity of grocery store self-checkouts—because who doesn't want to check their own groceries while wondering how you got stuck in this job?. Fact: Fun fact: Red Owl Stores probably had more drama in their boardroom than in most soap operas at the time!.
• Headline: Personal Income Jumped $8.3‐Billion in February. Impact: The $8.3 billion surge in personal income in February set off a frenzy of spending that created the '70s disco culture—because who doesn’t want to dance away their financial woes in polyester?. Fact: Fun fact: That $8.3 billion could have bought everyone a slice of pizza, but instead, people opted for disco balls and platform shoes!.
• Headline: Steel Output at Record on 1.8% Weekly Advance. Impact: Steel output hitting record highs meant that, for a brief moment, everyone thought America was invincible—until they realized that the real 'iron' was in the metaphorical sense of their crumbling infrastructure.. Fact: Did you know that when steel production peaked, so did the number of people who thought they could become blacksmiths after watching a single episode of 'Forged in Fire'?.
• Headline: The Stage: ‘Dr. Ma‐Gico’. Impact: Dr. Ma-Gico's magic show sparked a nationwide obsession with all things magical, leading to a boom in magic kits for kids—because what's more appealing than making your parents' money disappear?. Fact: Fun fact: The only thing more surprising than Dr. Ma-Gico's tricks was the fact that people thought they could actually pull off a decent magic act at parties!.
• Headline: Union Carbide Rights Award Cancel. Impact: The Urban League's decision to rescind the award to Union Carbide sparked a wave of corporate accountability that led to many companies pretending to care about social issues—right before they went back to business as usual.. Fact: Did you know that Union Carbide’s corporate motto could have been 'Investing in trouble since 1972'?.
• Headline: Cahill Vetoes ‘Shield’ Bill For the Press as Extreme. Impact: The veto of the 'Shield' bill by NJ Gov Cahill reminded journalists to keep their secrets close, which eventually led to a rise in investigative journalism and the classic trope of the rogue reporter—think 'All the President's Men,' but with more coffee.. Fact: Fun fact: The vetoed bill was so controversial that it made journalists more determined to dig up dirt—because nothing says 'freedom of the press' like a good old-fashioned mystery!.
• Headline: The Jobless and Their Problems Jam Asian Cities. Impact: The jobless crisis in Asian cities led to a surge in international aid programs, which ultimately resulted in a series of 'Feel Good' documentaries—because nothing says 'we care' like watching someone else's struggles while sipping a latte.. Fact: Did you know that the term 'jobless wonder' originally referred to the people in these cities before it became a badge of honor for millennials?.
• Headline: RECAPITALIZATION OF MOPAC BACKED. Impact: The recapitalization of Missouri Pacific RR became a cautionary tale of corporate mergers gone wrong, leading to future CEOs being more cautious and, ironically, a bit more creative in their bankruptcy strategies.. Fact: Fun fact: The only thing more convoluted than a railroad recapitalization plan is trying to explain it to someone who doesn’t own a calculator!.