Money jumps
The three-way pact hammered out by industry, labor, and government ensured stability throughout the economy, since rising prices in the core industry had been the biggest inflationary factor in the postwar period. “Every time steel prices jump, your pocketbook jumps—with pain,” Estes Kefauver, chairman of the Senate antitrust and monopoly subcommittee, told American consumers in 1959.
David Talbot "Devil's chessboard"
So pocketbook here means the money a person has, doesn't it? So it means money jumps with pain? Please clarify. Thanks a lot.
Top answer
Vladv So pocketbook here means the money a person has, doesn't it? So it means money jumps with pain? "pocketbook" is a metaphoric reference to a person's buying power.
- Vladv So pocketbook here means the money a person has, doesn't it?
- So it means money jumps with pain?
- "pocketbook" is a metaphoric reference to a person's buying power.
- A rise in steel prices will trigger a rise in all other prices.
- That means people's buying power will decrease, which will hurt them (financially).
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VladvSo pocketbook here means the money a person has, doesn't it? So it means money jumps with pain?
"pocketbook" is a metaphoric reference to a person's buying power.
A rise in steel prices will trigger a rise in all other prices. That means people's buying power will decrease, which will hurt them (financially).
CJ
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