Word: boom
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Dates: during 1970-1979
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What is really at stake for Thurmond and Helms--and Massachusett's Ed King for that matter--is the preservation of their charade. Their future, and the future of the right-wing boom as a whole, depends on the knack of these politicians for plugging into the money and power of corporate America while continuing to sound the horn of the little man fighting high taxes and big government...
...only hovering above 2 million houses and apartments a year, but it is defying the long established principle that housing is always hit hardest when interest rates climb. Says Brill: "The old rules no longer hold. Housing is no longer the first area of the economy to boom or the first to bust...
...mortgage rates run 9% in and around New York City, 9.75% in the Chicago area and 9.75% to 10% in Southern California. Many people, burned by the stock market, figure that real estate is their best hedge against inflation and a good long-term investment. The baby-boom kids of the mid-1940s are now setting up housekeeping; most of these young families have two earners, and they confidently assume the burden of double-digit mortgages on houses that often run to six figures. This house-hungry group could keep homebuilding strong for years...
...housing boom could hurt if the Federal Reserve tightens credit much further in its battle against inflation. Last week the discount rate hit 8% and bank prime-interest rates reached 9¾%-in both cases the highest levels in nearly four years. Worried that tight credit might cause a recession, President Carter last week said he thought rates were "too high," and added that he hoped the Fed would soon be able to ease the squeeze...
...prime mover was Resorts International, which set off the gambling stock boom by opening the first (and so far only) casino in Atlantic City, N.J., in May. This time, the Florida-based firm's big news was that its boardwalk betting palace had grossed $60 million in its first three months, about triple the revenues of the largest Las Vegas casinos...