Word: beene
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Dates: during 1970-1979
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ARTHUR OKUN: "Sometimes I understand this economy and sometimes I don't," laments Okun, senior fellow of the Brookings Institution in Washington, D.C. "I was dead wrong," he admits, in expecting unemployment to go up in September. Instead it dropped, indicating that the economy was far more resistant to...
MURRAY WEIDENBAUM: "I really don't have any criticism of Volcker's approach," says this visiting scholar at the conservative American Enterprise Institute. "The Fed, by and large, is the economic bastion of strength and savvy in Washington." Up to now, he says, the Federal Reserve has been...
PERSONAL LOANS: In many states interest rates on loans to buy a car or boat, finance a vacation or "for any worthwhile purpose," as the bankers say, have long been as high as the law allows-13.38% in New York on a three-year car loan. But bankers will tighten...
Historically, bonds have been difficult to sell at a time of rapidly rising interest rates. The IBM paper carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's...
On a near freezing day in Boston, Nick Deane, 35, sees his dream in jeopardy. Two years ago, for $265,000, the novice developer had bought an incomparable old factory building for conversion into 21 condominium apartments and several offices. The 19th century structure, designated a historical landmark because it...