Word: billioned
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Dates: during 1960-1969
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...have had his finest hour when he prepared the present military budget while serving as L.B.J.'s Secretary of Defense. As one Pentagon official tells the story, an aide hurried into Clifford's office with the glad news that the year's budget would be $1 billion less than anticipated, and suggested that the Secretary call the President. "He certainly will be pleased," the aide said. In his most urbane accents, Clifford answered: "No, I'm not going to call the President. Because if I do, he will tell me to cut $2 billion...
...Their scientific caution is understandable. In a few short years, man's fossil record has been extended from less than 2,000,000 years to possibly more than 14 million. Yet even that startling leap back into the past amounts to only a few moments in the 4.5 billion-year history of the earth. Three billion years before man's ancestors took their separate evolutionary path from the apes, life already existed and flourished. Despite the new paleontological evidence, man remains a mere infant...
...Board study shows that businessmen plan little increase in spending for new factories and equipment during the rest of this year. Such outlays have been a major source of inflationary pressure, and for all of 1969 the Reserve Board expects capital spending to rise fully 12½% to $72.2 billion. Most of that increase has already occurred, and the Board forecasts a spending rise of only $55 million during the fourth quarter as against a $3.1 billion jump in the second quarter...
...that insurance policies provide look less attractive year by year. The share of the savings dollar used to purchase life insurance has dwindled steadily from 51% in 1945 to less than 15% today. Conservative management and restrictive federal and state regulations have kept most of the insurers' $240 billion in assets tied up in longterm, low-return investments, such as top-quality mortgages and gilt-edge bonds...
Even though they disclaim any thoughts of setting up a new class of conglomerates, insurers have so much cash to invest that their new tactics can have an enormous effect on the economy. Last year, life insurance companies alone had over $17 billion of new money to invest, or almost 14% of gross private investment. To investors who have been accustomed to getting only an interest return on loans, says Washington Economist Miles Colean, "an exposure to equities is like the taste of blood to a young lion." The insurance industry's new look may have an even greater...