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Can anyone tell me what the part shown in red in the photo is? It is near the throttle but just sitting loose and not attached to anything. Not sure what it is for or what it shoud be connected to. What is this cable for?
That looks like a kickdown cable. What transmission is in the car? In 68 the Cutlass only got the Jetaway or the TH400 for an automatic trans, and they don't use a cable for kickdown.
Definitely a trans cable. Someone upgraded your trans. Does it have a vacuum line going down to the trans on the pass side??( usually clips to the trans dip-stick tube) If it does have a vacuum modulator at the rear of the trans pointing towards the back it's a Th350, very common upgrade. If there's no modulator it's probably a 200r4 overdrive trans,also a common upgrade these days. Try to post a good pic of the trans pan.
That is a Chevy-style kickdown cable. The carb number isn't an Oldsmobile carb, either. I'm guessing that someone replaced the original 2 speed Jetaway trans with a TH350 and was not aware of the fact that Olds used a kickdown cable that went to the accelerator pedal, not the carb. They then had to change the carb to one that had the provision for the cable. Assuming everything else works correctly, that setup just needs a retainer clip to keep the cable on the carb lever.