Word: billions
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Dates: during 1970-1979
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...will cause far more damage than its 19th century predecessor. A new study by the Midwest Research Institute in Kansas City estimates that a nighttime New Madrid-sized jolt during the next ten years could kill nearly 300 people, injure 27,000 others and cause damage totaling $3.2 billion. The survey also found little concern for building earthquake-resistant structures in the region and noted that only Memphis had any quake-preparedness plans. Explains Jimmy Cravens, the mayor of New Madrid (pop. 3,029): "All of us who grew up around here have felt earthquakes. It makes good coffee-shop...
Breaking the inflationary psychology after 15 years of ever higher prices will be a titanic task. The American consumer has developed the attitude of "buy now before it's higher," as new figures showed again last week. Consumer installment debt exploded by a record $4.5 billion during September to a total of $303.9 billion. The lemming-like rush of consumers into debt could force the Federal Reserve to push interest rates still higher or perhaps to begin limiting the amount of credit available...
Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros., which had underwritten the deal. Because of difficulties selling the IBM securities, Salomon and other traders had to swallow losses of $10 million. For the once staid bond market, it has been a fitting 50th anniversary of the Great Crash...
...Libya have pushed their prices beyond the ceilings set by OPEC in June, and last week Nigeria jumped to $26.27 per bbl. Oil executives now gloomily forecast that the official OPEC ceiling could soon reach $28 to $30 per bbl., raising the U.S. energy import bill from some $65 billion this year to as much as $90 billion next year...
Last week, like proud parents of a sickly child who suddenly won the bantam championship, AMC announced that profits more than doubled, to a record $83.9 million on sales of $3.1 billion for the fiscal year ended in September. True, earnings declined in the industry's dismal last quarter, but they were down less than those at the Big Three. In October, AMC rode up again: car sales surged 37%, while they sank 21% for the industry as a whole...