Word: boomingly
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Dates: during 1950-1959
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SENIOR Editor Joseph Purtell is rounding out the busiest of his ten years as editor of TIME'S BUSINESS section. After a heavy schedule of BUSINESS cover stories (six) in the magazine during the year, Joe finished the boom year 1955 with a doubleheader: Man of the Year Harlow Curtice of G.M.. followed by this week's Year-End Business Review...
...vowels for himself. I didn't send my child to school to guess at the vowels. I sent him there to be taught the vowels." The mother is now awaiting the school board election next month. "Then," says she, "we're going to lower the boom...
Credit for All. One of the big reasons for 1955's boom was credit; U.S. consumers went into debt at the fastest rate in history. Short-term consumer debt shot up to $36 billion, while long-term mortgage debt jumped to $88 billion, 380% greater than prewar levels. It was the year of the "no-no-down" payment mortgage (the builder pays the closing costs), the year when autos were funneled out with no money down, up to 42 months to pay. In Corpus Christi, Texas, movie houses even urged patrons to put admissions, popcorn and peanuts...
...Board under Chairman William Mc-Chesney Martin kept a steady hand on the nation's economic throttles. The trick was to keep credit easy enough to have a full head of steam, so that the economy would clip along full speed, yet not blow up into an inflationary boom and bust. As credit soared, the FRB put on the brakes by boosting the rediscount rate to member banks, thus making borrowing more expensive...
...Rise of Mass Marketeers. But credit was not the only power behind the boom. In 1955 businessmen saw the speedup of a revolution in U.S. merchandising methods as retailers learned to pare selling costs, thus get more goods to more customers...