Word: credited
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Dates: during 1970-1979
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...question that the economy is now going to turn down quite sharply. We are forecasting that unemployment, now 5.8%, will hit 8% by the second half of next year." Still, Eckstein thinks that the recession will be a bit less bitter than in 1973-75. "The use of credit by business has been considerably more cautious, inventories are not anywhere near as high as they were in 1974, capital spending has not been that excessive, housing activity has not been excessive, so the [current] exposure of the private economy is a lot less...
...have any criticism of Volcker's approach," says this visiting scholar at the conservative American Enterprise Institute. "The Fed, by and large, is the economic bastion of strength and savvy in Washington." Up to now, he says, the Federal Reserve has been following a policy of "expensive easy credit," meaning high interest rates, but free availability of funds; direct control of the money supply, he asserts, is preferable. But Weidenbaum cautions that there is "no guarantee" the new policy can bring down inflation, while in his mind it produces "more certainty" of a recession. Weidenbaum had thought the recession...
...less, the world markets would have responded terribly negatively. Yet the costs are high. The Federal Reserve is taking the agony route to lowering inflationary expectations: squeezing down total demand in the economy, thereby weakening both product and labor markets. Increasingly people are going to be squeezed out of [credit] markets at those astronomical interest rates." Heller does not, however, expect "a full-fledged credit crunch like we had in 1974." He also thinks that the U.S. can avoid a recession as deep as that year's, though only if Washington acts to ease its bite by cutting taxes...
...Federal Reserve's dramatic tightening of credit will in time hurt every consumer who wants-or needs-to borrow for any purpose, from paying medical bills to buying a house. Says Saul Klaman, president of the National Association of Mutual Savings Banks: "Those who need credit most will have the most difficulty getting it. That's the way it always is." As prices inevitably rise, says Charles Lehing, senior vice president of New York's Chemical Bank, the people who will have the most trouble will be those on fixed incomes. Adds Lehing: "Most of these people...
...Diego, Carter drew a standing ovation from the AFL-CIO Building and Construction Trades unions with a view that seemed totally at odds with the Government's new credit-tightening policies. Despite predictions of a slump in home-building Carter declared: "In fighting inflation, we do not sacrifice construction jobs." Carter forecast that his windfall profits tax on crude oil will finance energy programs that will amount to "one of the biggest construction projects in world history-on a scale comparable to building our interstate highway system." Despite such rhetoric, his flat delivery was received mostly with polite applause...