Word: boom
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Dates: during 1940-1949
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Biggest, Richest. In the boom year, 1948, New York is the biggest, richest city the world has ever seen. Almost eight million people live in its boroughs, almost 13 million in its metropolitan area-at least three million more than in Greater London. Its wealth is incalculable. Its physical assets are worth as much as all the real estate in the eleven western states. Its 157 banks and 94 insurance companies handle treasures which would ransom an army of maharajas...
Notable among the allegorical figures was "Gloom," garbed in long black veil and sweeping Gay Nineties feathers, who delivered dire predictions ("Slump and boom, slump and boom, is the rhythm of your doom"). There was also "Black Market" in a Piccadilly zoot suit; he offered his wares "out o' patriotism so as ter keep the owld country goin'," Central character was "Fear" (entwined from head to toe by a prop serpent), who declaimed: "Of all lands, my favorite and pet is England, blitzed and starving and in debt...
...Federal Reserve Board's third annual survey of durable goods spending. With minor reservations, it was what businessmen wanted to hear: for at least the rest of this year there will be no letup in the demand for durable goods (autos, refrigerators, etc.), the backbone of the boom. About 20 million spending units (families) bought autos, radios, washing machines...
...boom has a foundation. Through the islands, hemp and copra production is steeply up; canefields converted to rice and cotton during the war have been turned back to-more profitable sugar; refineries are going full blast; inter-island shipments are heavier than prewar...
...Canadians," said Abbott, "are realists. We do not expect to get something for nothing." In that belief, he had given them a completely realistic budget. Though "we have stopped the abrupt decline in our exchange reserves," said he, and "our domestic economy has continued to boom . . . the general policy for this year should be to use our surplus [$670 million] to reduce our debt and thereby to fight inflation . . ." The nation should get set for an economic slump, and be ready for an international emergency. "A substantial surplus will help to keep our powder...