Word: beene
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Dates: during 1970-1979
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DIED. Edward Ardizzone, 79, children's book illustrator and author who created the popular Little Tim storybook series; in London. Born in Haiphong, in what was then French Indochina, but reared in England, Ardizzone, whose style has been likened to Hogarth's and Rowlandson's, served as...
The first signs of a housing decline are evident around the country. Average mortgage rates have jumped over two points since January of 1978 to 11.2%, and in California, Colorado, Indiana and other places they are 13% or 14%. Monthly payments are often no longer listed in the handy books...
Los Angeles area, where home prices formerly rose fast and frequently, sellers have been forced to reduce $140,000 bungalows to $120,000. In Chicago, sales in new home projects are down 68% since January.
Volcker's policy continues to earn raves abroad. The dollar's decline, which had precipitated the action, has been at least temporarily checked. Despite nervousness in world financial markets caused by events in Iran, the dollar has been strong for the past month. Typically, one Frankfurt banker says...
But as Volckerism continues to drive up the cost of money and tighten credit much further, the cheering will increasingly be mixed with catcalls. House Majority Leader Jim Wright of Texas is already bitterly denouncing the Federal Reserve for "pouring gasoline on a fire in a misguided effort to put...