Word: breaking
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Dates: during 1970-1979
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...said citizens should form the American Energy Corporation to break up the oil companies' monopoly. "Congress is the best thing money can buy," he said. "The oil companies can blackmail the people in power, so we have to establish the consumers' sovereignty...
European Economic Correspondent Friedel Ungeheuer, who reported foreign reaction to the U.S. monetary moves, studied economics at Harvard (Class of '56) under John Kenneth Galbraith. "After breaking his leg in a skiing accident," says Ungeheuer, "Galbraith regaled his students with an unsentimental view of human fallibility, reminding them that man's greed and short memory make monetary history eminently repeatable." Such lessons, notes Ungeheuer, "blessed us with that indispensable tool of economic journalism: magnificent hindsight." Last year, however, when reporting on the coming gold rush for TIME, Ungeheuer demonstrated the much rarer gift of economic foresight, predicting...
...market break came on Tuesday. That was when the naition's banks reopened after the Columbus Day holiday, and made their response to the Fed's discount-rate rise. Led by Chase Manhattan, the nation's third largest bank, several institutions immediately raised the prime rate (the interest charged the most credit-worthy corporate customers) from 13.5%, already a record, to a new peak of 14.5%. Since quarter-point raises are the norm, the effect of the full-point boost in the prime was electric. Not only did it push the interest charged to margin investors up close...
...system will enable it to keep a day-to-day eye on what really matters?the money supply?and to feed just enough new cash and credit into the economy to prevent a crunch. Yet something very much like a credit crunch may be the only thing that can break the nation's addiction to easy money. The inflation psychology of spending to beat price rises is becoming a part of the national psyche...
Under the best of circumstances, the exchange floor contains the makings of enough ulcers and coronaries to fill a good-sized hospital. By noon Wednesday, the circumstances were close to the worst ever. "Better get down here," one broker telephoned a friend. "We're going to break some records today...