Word: businessmen
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Dates: during 1970-1979
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Bankers and businessmen quickly hailed the measures, which many thought long overdue. "Superb!" exclaimed Robert Abboud, chairman of First National Bank of Chicago. "It is stiff medicine but very much needed medicine, and I applaud the Administration for having the courage to apply it." Ford Motor Co. Vice Chairman and President Philip Caldwell said the dollar-saving moves should "slow inflation and re-establish growth on a healthier basis." Richard Kjeldsen, senior international economist for Security Pacific National Bank in Los Angeles, asserted, "The President's economic package is drastic, abrupt and volatile?it's just what the doctor ordered...
...union leader, just to prove his manhood and keep his job, would strive to equal or top that figure. Blumenthal, Strauss and Carter himself repeatedly, if sometimes vainly, cajoled the Federal Reserve to keep credit easy and hold down interest rates. The President might have known that bankers and businessmen, many of whom considered money policy to have been loose in months past, would interpret this as yet another sign that the Administration was soft on inflation...
Many Japanese businessmen are enthusiastic about what they see as a potentially profitable opportunity to link Japan's export-oriented economy to a China in desperate need to acquire modern technology and expertise. Still, the Japanese business community wonders how the Chinese will pay for their gigantic import program. Since the early 1970s, China has been making most of its major purchases from Japan on credit. Because Peking has inadequate foreign-currency reserves, the Japanese must either grant loans or buy Chinese oil. Both solutions present pitfalls for Japan. Peking has hinted it wants the type of cheap loans, repayable...
...Teng wound up his historic visit at week's end, it seemed that his mission had not been an unalloyed triumph after all. Echoing the sentiments of many Tokyo political analysts and wary businessmen, the Japan Times said: "Teng charmed many people here, but worries persist that China's warmth may not only reduce our foreign policy options, but also trap us in an economic quagmire, rather than grant us the benefits of a combined market of 1 billion Chinese people." Still, that may be the price that Japan will have to pay, as it joins its neighbor...
Iowa's David Garst, one of the biggest U.S. farmer-businessmen (see box), argues that a young farmer can still get started if he is willing to rent land at first, buy used instead of. new machinery, and take a part-time job off the farm to supplement his income in the early years. But that requires a devotion to back-breaking labor and to the rural life that even many youths raised on farms no longer display...