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Very little is written about the history of Italian immigrants in Cambridge. Page after page chronicles the arrival and subsequent slow climb of the Irish, the Black and the Portuguese immigrants, with only occasional reference to Italians. And yet, their influence in the city is clear--large parts are predominantly Italian, the sounds and smells unmistakably reminiscent of the Mediterranean...
Ever since the nation first began slumping into recession last winter, economists have been warning that it would prove diabolically difficult for the U.S. to climb back to sustained growth without aggravating inflation. Last week, with the downturn already showing signs of beginning to bottom out, members of TIME'S Board of Economists somberly concluded that this recovery would not bring any significant slacking of price hikes. Democrat Walter Heller from the University of Minnesota appeared to sum up the views of his colleagues on the board with a rhetorical question: "Recession, where is thy anti-inflationary sting?" Instead...
...solid growth until mortgage rates declined to about 10%. He did not see that happening before early 1981 at the soonest. The cost of mortgages has fallen to 12% or so from last spring's peaks of as much as 16% in some states, but is starting to climb anew. This might result in a so-called double-dip recession or what Greenspan somewhat puckishly suggested might look like a "wobble-u," or "inebriated L," if laid out in a graph...
...vice president at Gruntal & Co. brokerage firm: "The market will continue to rise because the investment community anticipates a Reagan victory in November." One reason for this is lingering faith among investment managers in an old rubric that says that stock prices usually rise during election years, but they climb higher and longer when the Republicans win than when the Democrats do. But the Dow industrials have not risen in the first year of a Republican Administration since 1925, after Calvin Coolidge was elected; on the other hand, the only time since the end of World War II that...
...economic downturn still continues. Figures released last week showed that the nation's business declined at an annual rate of 9.1% between April and June. And industrial production plunged 2.4% last month, matching May in the steepest such drop since January 1975, when the economy was struggling to climb out of the last recession...