Word: boom
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Dates: during 1940-1949
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William E. Knox, new president of Westinghouse Electric International Co., has a simple, realistic philosophy about foreign trade: "You can't do business with a poorhouse." Conceding that exports will boom for a while, he believes they are bound to fall off after a few years to the prewar level, or below...
...dozen ding-dong years as New York City's Mayor, liked the idea. The C.I.O.-P.A.C. thought it was wonderful. There was strong talk that if the Democrats made Butch their candidate the A.L.P. would put him and Jim Mead at the top of their ticket, too. A boom was born...
True enough, any increased flow of money tends to be inflationary. But the next chapter should be headed "deflation," for when the veteran and other people with fixed incomes have been squeezed dry, the market will fall out under the inflated inventories and the boom will end in bust. Let the wage earner sacrifice, you may say, let the veteran suffer, but in the long run no economy can continue to distribute inflated profits to one small class and inflated costs, a huge consumer tax, to the great mass of men and still be prosperous...
Some critics of the bill charged that boom earnings during the war were not a valid measure of a railroad's stability, made it too easy for shaky roads to qualify for refitted stockholders' management. Others pointed out that the bill exempts future transactions in rail securities from ICC and SEC supervision, leaving the field wide open for speculators. All agreed on one point: that the bill would reverse the usual position and give the stockholder a preferred position over the bondholder...
Growing Pains. The cause of all this bedlam: 1) the sudden boom in commercial aviation; 2) airlines' management. Personnel policies are antiquated, pay is low and big-business methods are virtually unknown. Some executives believe that bigger, faster planes will solve things, forgetting that they will only cause bigger problems at obsolete airports. Rather than use the partial benefits of radar in its present form, the industry is holding out for an all-purpose system, which is at least five years away...