Word: crediting
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Dates: during 1970-1979
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When he boldly 'tackled the twin problems of runaway inflation at home and a hemorrhaging dollar abroad by tightening credit and raising interest rates a month ago, Federal Reserve Chairman Paul Volcker was almost universally hailed. The road down from 13% inflation would be long and difficult, but it was also imperative; and Volcker's policy was acclaimed as necessary. Now the costs of the descent are beginning to become evident...
...Volckerism continues to drive up the cost of money and tighten credit much further, the cheering will increasingly be mixed with catcalls. House Majority Leader Jim Wright of Texas is already bitterly denouncing the Federal Reserve for "pouring gasoline on a fire in a misguided effort to put it out." He argues that high interest itself is a cause of inflation because it increases the cost of buying a new home or constructing a new plant. Builders Union President Robert Georgine warned that President Carter's pledge to his workers to "not fight inflation with your jobs" would...
...figures showed again last week. Consumer installment debt exploded by a record $4.5 billion during September to a total of $303.9 billion. The lemming-like rush of consumers into debt could force the Federal Reserve to push interest rates still higher or perhaps to begin limiting the amount of credit available...
...strength is the presence of moneyed buyers, including many foreigners, who do not need or care to bare their finances to banks; nearly two-thirds of the city's co-op purchases are all-cash deals. Elsewhere, bankers and brokers are devising ways to ease the credit pinch on buyers. Some California brokers arrange deals whereby the seller acts as his own bank; he agrees to turn over his condo to a buyer in return for a so-called trust deed, which requires monthly payments directly from the buyer...
...family member loses his or her job, there is a better than 50% chance that another family member is collecting a paycheck and can take up the slack. This is a reason why the Federal Reserve Board felt prepared a month ago to put on extremely tight credit clamps, risking a jump in unemployment just as a recession appeared to be developing...