Word: crunched
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Dates: during 1980-1989
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...culprit of the crunch is clearly the Federal Reserve's credit squeeze. Would-be house buyers are now finding it difficult to obtain money to borrow, and when they do, the rates are high enough to make any bail bondsman blush. The nation's average mortgage rate today is an astronomical 17%, vs. 11% late last year and 9% in 1977. Last November a family buying a $100,000 house would have needed an income of $36,500 to qualify for the normal $80,000 mortgage, and faced monthly payments of $761. Today, obtaining a mortgage for that...
Side one's first selection--"TV Set"--perfectly demonstrates this principle: a straight slice of rocking blues, with a sweeping crescendo of an opening fit for the King himself. The sheer crunch of two guitars with nothing to anchor them to the rhythm boggles. More often than not, all three instrumentalists seem to play a note or more apart, creating more sonic splash than a complete collection of Carl Perkins records. The middle eight finds either Ivy or Gregory imitating the sound of static on a portable radio as you switch from one station to the next...
...economic crunch is really hitting the lower income worker," Edward B. Childs, chief shop steward for Local 26, said yesterday. "Our demands are realistic and not extravagant," he added. Both Childs and Waldron refused to disclose the union's demands, but Waldron said he was "optimistic" about the outcome of the upcoming negotiations...
...program would be felt by banks and other savings institutions. The President's decision to use the Federal Reserve to slow the growth of credit would pinch every sector of the economy from department-store dishware to heavy-industry assembly lines. Some bankers even feared that a credit crunch, when almost no loan money would be available, could hit by summer. That would doubtlessly slow the economy, which is still lurching forward unsteadily at a 2% annual rate, and thereby begin to curb the rise in prices...
When familiar kiddie cereals, such as Cap'n Crunch, Franken-Berry and Count Chocula, are joined on supermarket shelves by Most, Smart Start and Corn Bran, it signals a shift in American breakfast habits. And in the fickle but fruitful cereal industry ($2.3 billion in sales this year) breakfast-food makers are scrambling to keep pace...