Word: depression
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JACOPO da Ponte suffered an unhappy fate. He painted in Venice at the same time as Titian and Tintoretto. It was enough to depress even the most talented artist, and 16th century Venetian dandies did not help matters by sneering that Jacopo was "full of provincial sap." Jacopo despondently returned to his nearby native town, whose name, Bassano, became his own because he rarely signed his work, and when he did. merely brushed the modest words. "Jack, by the bridge at Bassano...
...growers were tricked shortly afterwards, when Kosuga and Siegel switched to a short position in the market, CEA charged. In February they held short positions for 1,148 car lots, and the price was down to $1.02 a bag. They were engaging in "a conspiracy to depress the prices in order to cover their short position," in the March onion futures. To grease the price skids, they allegedly shipped some of their aging onions out of Chicago, had them culled, resorted and repacked, and then sent back to Chicago #151;to make it appear as though large quantities...
...grading and curing tobacco. Cigar makers who have switched to HTL binder can use imperfect broad-leaf (costing only 30? per lb. v. high-grade broadleaf costing up to 60?), find they need 50% less tobacco. Southern growers are complaining that use of man-made leaf in cigarettes will depress the market even further for the high-grade, high-priced "Bright leaf" they have cultivated for decades. Tobacco production, say New England farmers, may have to be slashed as much...
...surpluses lay at the heart of the farm problem. "Our surpluses must be reduced as the essential precondition for the success of a sound farm program," he said. "Storage costs run about a million dollars a day." Worse, the surpluses, which were largely created by high price supports, depress the market; the high supports thus have the opposite effect to that intended. Benson told the Senators: "The huge surpluses reduced farm income in 1955 by the staggering sum of more than $2 billion. What the President proposed is a direct and effective attack on the surpluses themselves...
When the U.S. sneezes, according to an old economic adage, the world catches pneumonia. But that was in the days when the U.S. economy was operating on such a narrow margin that even a slight downward dip would dry up imports and thus help depress business everywhere. In 1937-38, for example, industrial production dropped 21% and imports dropped 36%. But in 1954-to the delight of the free world and the consternation of Communists everywhere-the U.S. in a recession still proved to be so strong that its case of sniffles hardly affected world trade...