Word: crediters
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Dates: during 1960-1969
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...elections are not scheduled until October 1966, but Lacerda is already running, and he has found his best ammunition in the government's tough but necessary campaign against inflation. Before the revolution, Brazil was headed for economic disaster with a soaring inflation approaching 100% a year. By tightening credit, freezing wages, and placing a price ceiling on many agricultural and manufactured products, Campos slowed the cost-of-living increase to barely 2.9% in May. Their confidence at last partly restored, foreign investors moved back into Brazil. Yet Brazilians have never been strong on economic discipline-and they...
...recession. And this is the fear that Lacerda plays on hardest. He describes his own, somewhat fuzzy economic plan as "a policy of development in spite of inflation." Instead of attacking inflation on all fronts, he would only cut back in certain "state-run monopolies." Rather than reduce credit, he wants to expand it, demands a salary policy that would increase consumer buying power, and asks an end to commodity controls. Says Lacerda: "I would give more money to agriculture and more credit to industry, even if I had to print the money...
President Hubert Humphrey, whom he had summoned to the bandstand with his wife Muriel, noted that it was Humphrey's 54th birthday. Said he: "Hubert does most of the things I take credit for, and if some of those votes get split up there he'll get some of the blame." Humphrey laughed, blushed and beamed as the President led the guests in singing "Happy Birthday." With that, Johnson headed for a waiting helicopter for a holiday trip to Texas...
Part of the credit for the bill's smooth passage went to the President, who persuaded Congress that he was asking only what he absolutely needed; previous Administrations often raised congressional hackles by padding foreign aid in anticipation of cutbacks. More credit went to AID Administrator David E. Bell, generally recognized as the best boss that foreign aid has had. Still more went to Congressman Thomas E. ("Doc") Morgan, 58, chairman of the House Foreign Affairs Committee, and a man with the comforting way of a small-town doctor-which is what...
Still, his purchases were so enormous that he needed plenty of credit. He got loans from two old-line Wall Street brokers, Ira Haupt and J. R. Williston & Beane, who also handled his futures trading and pocketed commissions totaling up to $100,000 a month. For collateral, they took De Angelis' warehouse receipts for the nonexistent oil. In turn, the brokerage houses used this paper to borrow money from such eminent banks as Chase Manhattan and Continental Illinois...