Word: crunchings
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WITH considerable unhappiness, moneymen still vividly recall the episode in the late summer of 1966 that came to be known as "the credit crunch." Restricting the nation's money supply in order to slow a rapid price rise, the Federal Reserve Board acted so decisively that the financial markets reacted with hysteria. Interest rates rose rapidly, the Dow Jones average sank 25%, and many lenders were so short of funds that it became extraordinarily tough for corporations to borrow...
...weeks; the only question was which bank would start it. New York's Morgan Guaranty Trust Co. took the reluctant first step. The bank is, after all, well attuned to credit pressures. A leading corporate lender, it was one of the banks most severely squeezed in the "credit crunch" of 1966. This time, the Federal Reserve Board's policy of gradual "disinflation without deflation" has kept U.S. banks at some distance from anything like the 1966 crisis. Though forced to pay interest as high as 81%, the banks have been able to bring home some $2.4 billion...
...seven Federal Reserve governors and twelve presidents. No one doubts Martin's courage. When politicians were unwilling to raise taxes to slow inflation and narrow federal budget deficits, the board did the job by restricting money. Then Martin calmly absorbed the resulting criticism, most notably after the "credit crunch" of 1966. To blame the Federal Reserve for that, says Arthur Okun, who was Lyndon Johnson's chief economist, is "like scolding a driver who just avoided hitting a jaywalking child because he stopped short with four feet to spare...
Aiming at Business. The last time funds drained out of lending institutions at such a rate was just before the crisis that bankers call the "1966 credit crunch." Bond prices crashed, the Dow-Jones average plunged 18%, and mortgage money grew so scarce that housing starts fell to a postwar low. Though some pessimists fear that all this could happen again, the banks have considerably more cash on hand in 1969 than in 1966. The Federal Reserve is also using its monetary weapons with more finesse...
...LINEBACKERS: Ron Pritchard, Arizona State, 6 ft. 1 in., 226 Ibs.; Bill Enyart, Oregon State, 6 ft. 3 in., 235 Ibs.; and Bob Babich, Miami (Ohio), 6 ft. 2 in., 225 Ibs. Pritchard is "a great hitter who can crunch the wide play" and has the speed to stick with a receiver coming out of the backfield. One scout ranks him with top Pro Linebackers Tommy Nobis and Dick Butkus. The only difference "is that Pritchard is one inch shorter." Enyart, who also rates high as an offensive fullback, is "a hardnosed kid who can make those snap judgments that...