Word: boom
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Dates: during 1950-1959
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...Touch of Blackbeard. Conspicuously present at Cowes last week was the renaissance's principal architect: salty, roistering Uffa Fox, 57, one of the world's top yacht designers, boom companion and helmsman to the Duke of Edinburgh. He and Prince Philip fared no better than second, successively sailing in Uffa's 20-ton sloop Fresh Breeze, the Duke's Fox-designed Coweslip, and his slim Dragon-class sloop Bluebottle. But they had a fine time anyway. At his home, a converted waterfront warehouse, Uffa presided over the nightly after-dinner festivities that lasted until dawn...
Scientist Libby. for all his years at work inside the secrets of atomic energy, has never seen an atomic explosion, and does not want to. His main concern has long been not the atomic boom, but the atomic boon. It was because of his interest in the peaceful atom that he fell so naturally into his key role at Geneva's revolutionary conclave...
...reduced the maximum FHA loan period from 30 to 25 years, also boosted the minimum down payment by 2% to a total 7% on the first $9,000 of value. Though most of its loans were solidly secured (see below), the Veterans Administration also tightened up on the building boom by requiring at least a 2% down payment on previous no-down-payment loans. In Manhattan, major banks also cut down on credit by hiking interest rates on loans to brokers to carry margin accounts. But these actions were not likely - or indeed intended - to make a big dent...
Nothing perhaps pleased Tory Chancellor of the Exchequer Rab Butler and his Conservatives so much as the designation: "Chancellor of the Continuing Boom." Britain's boom and its attendant pleasures-the highest standard of living ever, the end of all rationing, a 50% increase of production over prewar years-was the largest single reason for the Tory sweep in the May general elections. After six years of war and half a dozen more of stiff austerity, all this seemed too good to be true...
...Last week Rab Butler rose in the House of Commons, and to the discomfiture of his party and the pleasure of the Laborites, announced that the boom had gone too far. Britons were buying too many of their own goods, exporting too few to maintain the island's economic balance. One immediate result: 1955's first half saw Britain's chronic trade deficit rise by a walloping $767 million over the same period a year...