Word: abortions
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Savage Cuts. Throughout the summer and deep into the fall, the prospect of a default by New York City on its mountainous debt threatened to abort the recovery by wiping out most of the value of billions of dollars of city securities held by banks and individuals across the country, and by making it difficult for other cities and states to raise money in the bond market. Finally, President Ford, who had adamantly refused to "bail out" New York, agreed to $2.3 billion in federal loans this year, after the city had made savage cuts in expenditures and agreed...
...disputed by a host of critics who fear that a default could abort the recovery. Robert Nathan, a member of TIME'S Board of Economists, says that if New York goes under, the shock waves in money markets will drive up borrowing costs for many states and municipalities, forcing them to cut services and spending and hike taxes, and drastically harm the economy. A New York bankruptcy would also wipe out much of the value of $2 billion worth of city securities held by banks round the country. Though the Federal Reserve has pledged to lend the banks enough...
...most serious threats to the nation's growing business recovery has been the possibility of a continuing rise in interest rates that would discourage borrowing by businessmen and consumers, weaken the stock market and abort a barely begun revival of the housing industry. Last week, however, a consensus formed among experts that a three-month upswing in credit costs is ending, and that interest rates are expected to hold steady, or even inch down. For example, James J. O'Leary, vice chairman of New York's United States Trust Co., now predicts that the bank prime rate...
...flattened out in August at an annual rate of 1.3 million, v. a peak of 2.4 million in 1972. Largely because of high home prices, the $2,000 income tax credit to buyers stimulated sales very little. Continued disintermediation, says U.S. Savings and Loan League Economist Ken Thygerson, "will abort the housing recovery...
...polished images evoke whole landscapes and interiors. But on occasion they leave his characters as rigid as snapshots. Like the subjects of most candid portraits, the Neumillers sometimes appear querulous and unfocused, refugees wrenched by the camera from the context of their lives. The stop-and-start chapters abort their growth and development; some family members are simply dropped or disappear inexplicably for hundreds of pages. Though they struggle with life's standard challenges and disappointments, the stolid Neumillers are rarely compelling enough to carry the massive burden of their saga...