Word: buying
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Dates: during 1970-1979
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...core of the problem, the catalyst for throwing Youngstown out of work. Youngstown Sheet and Tube, locally-owned and highly-profitable in the '60s, was 1969's Ripe Takeover of the Year. Lykes Steamship Company, based in New Orleans and one-seventh the size of Youngstown, borrowed the buy-out capital from Wall Street and elsewhere, using Youngstown's positive cash flow as collateral. Since 1969, Lykes invested next to nothing in modernizing the Youngstown plant--profits went to pay off the buy-out debt. Meanwhile, Japanese and some American plants switched to the more efficient oxygen furnaces...
Alperovitz's scenario in the feasibility study removes corporate clutches altogether. With federal loan guarantees similar to New York City's and with several million dollars of federal seed money, the Youngstown workers and community could buy, re-open, and gradually modernize the plant. The government's other choice is to pay the estimated $75 million in unemployment and increased welfare benefits over the next three years in Youngstown alone. Alperovitz puts it this way: A corporation would never be satisfied with a 3 per cent return because it could make 8 or 10 per cent elsewhere. But owners from...
...structural, the supply of money has little effect on prices. But it has tremendous effects on the construction industry and the housing market. When the Fed tightens money, interest rates zoom (up to 10 per cent at present), and people can't afford to borrow money to build or buy housing. Construction workers go on welfare, real estate values skyrocket, and you just get more inflation...
Soccer coach George Ford: "If I had a dime for every time I said 'We couldn't put the ball in the net,' I could buy Pele and never have to say it again...
Okun concedes that a binding-pledge policy would be a "do-or-die, make-or-break" gamble. If so many businessmen refused to sign that the Government was forced to buy from non-pledgers?or, worse, if the Administration winked at violations as the price of avoiding crippling strikes?President Carter would lose all chance of winning wage-price restraint. In Okun's view, the risk in not adopting a tough guidelines policy is worse: negotiations next year in the construction, auto and trucking industries could result in a wage explosion that would push inflation firmly back to double-digit...