Word: cautious
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Dates: during 1970-1979
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...incision to relieve pressure. But he warns his fellow doctors against more drastic measures, especially premature amputation. "Keep your hands off," he says sternly, "and don't be discouraged by the appearance of the injury: clean, healthy tissue may be forming below." Unless complications occur, Mills adds, this cautious approach to frostbite usually ensures the victim's recovery in only weeks...
Nonetheless, the policymakers all think it necessary to keep a tight rein on the recovery, primarily by holding down federal spending, as Ford recommended in last week's budget. Thus a cautious theme runs throughout the CEA report: high unemployment must be endured in the short run to achieve higher employment in the long run. As Ford writes in a message preceding the report: "Overly rapid growth could lead to a renewed increase in inflation that would ultimately be self-defeating...
...want. Indeed, for the banking system as a whole, the current troubles have brought a pause after a dec ade of pell-mell expansion and diversification in which Citi bank and its aggressive, caustically droll Chairman Wriston led the way. The outlook now is for several years of more cautious policies - and tighter Government supervision...
...lowest interest charge on loans to top customers], and the margins over the prime will be greater also. Marginal credit situations are going to look a little more marginal for a while." Richard P. Cooley, president of Wells Fargo Bank in San Francisco, adds: "All banks will be more cautious, very quality conscious. No one is going to reach to make loans...
...prevalent view on Wall Street, however, is that stocks are entering a second stage of a major bull market that, in the opinion of followers of the Dow theory, began unmistakably a year ago. Though the second stage of a bull market usually is characterized by a somewhat more cautious advance than the first, some analysts are predicting that the Dow Jones average could again test 1000 before year's end. Says Harold Jane way, a senior vice president of White, Weld & Co.: "We are not in a runaway bull market with all the speculative trimmings, but we certainly...