A Democratic President, blindsided by the cynical behavior of a few powerful industry titans acting in opposition to the common good, seizes the bully pulpit and rallies public opinion and congressional action to the cause, resulting in a rare instance of corporate interests bending to the public will.
Sounds too good to be true?
This, of course, was President John F. Kennedy in 1962 reacting to the surprise announcement from U.S. Steel's Chairman, Roger M. Blough, that the company, along with other key producers, intended to raise the price of steel six dollars a ton, not long after Kennedy and Labor Secretary Arthur Goldberg had actively participated in the negotiation of a new labor contract for unionized steelworkers.
The contract had been heralded by the Kennedy administration as an exercise in restraint - "non-inflationary", by both the steelworkers and the top steel companies. Kennedy praised the contract as an example of "industrial statesmanship." No wonder that the President was suddenly furious - his confidence and trust in one of his negotiating partners had been suddenly and markedly betrayed.
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