Word: businessmen
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Dates: during 1970-1979
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...stick to a tight-money policy as long as may be necessary to reduce inflation, which could be several years. Meanwhile, higher interest?New York's Citibank led the parade last week by increasing its prime rate to a numbing 10.75%?will raise the cost of borrowing by businessmen to build factories or buy machinery and by consumers to finance new homes, cars or college educations...
...President's shock treatment, he predicts, "will turn the situation around." It will give business leaders and consumers confidence that Carter intends to be tough in defending the dollar and fighting inflation, so that they will go on buying and investing. That view has some support even among businessmen who concede that the new program will cause them some trouble. Robert Corson, treasurer of Foxboro Co., a Massachusetts maker of controlling and recording instruments, warned his collection agents that they may have to lean harder on customers to pay their bills: "People try to get free credit out of their...
According to money traders, American companies have been selling dollars quite as actively as European and Japanese firms. Indeed, André Scaillet, chief money trader in Europe for First National Bank of Chicago, said before last week's rescue that American businessmen "are frequently more bearish on the dollar than the Europeans." Moreover, the selling had spread from U.S.-based multinationals to ordinary companies in the American heartland. In most cases, however, the selling was self-protective rather than speculative in the true sense; if a manufacturer in Illinois bought steel from a German mill, it had a strong motive...
...will Carter's measures work? Only if he holds to them even when the results begin to turn unpleasant. The clearest reaction among economists, bankers and businessmen in the U.S. and Europe last week was that borrowing to defend the dollar would "buy time" to tackle inflation and the trade deficit. That is no insignificant gain; until the mad dollar-selling orgy was stopped, no economic policy of any kind had a chance of succeeding. The Administration has now shown speculators that the dollar can go up as well as down, and the boldest seller will think twice about fighting...
...been indicted on charges of accepting kickbacks from local carnival owners in exchange for city permits to operate. Forbes admits taking $4,000 from them but maintains that he gave the money to charity. Fearing that the indictment might inflame racial tensions in the city, white political leaders and businessmen quickly rallied behind Forbes and began raising money for his defense...