Word: depressionitis
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Dates: during 1950-1959
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Much of the gloom has come from the financial pages of the daily papers, whose headlines tend to magnify any slowdown out of all proportion. One day last week, for example, the downbeat Wall Street Journal filled its front page with news of lower auto production, a reduction in electric...
The President at the same time voiced complete agreement with Secretary of the Treasury Humphrey, who said last January that unless the "terrific tax take" is reduced this country will have "a depression that will curl your hair."
Eisenhower said he and Humphrey "jointly prepared a letter" on which the Treasury head's depression views were based.
The Iranians had some reason for their confidence. Near Qum last August government oil drillers brought in a gusher that spewed forth 80,000 bbl. of oil a day. Before the well could be brought under control by U.S. Expert Myron Kinley (TIME, Feb. 9, 1953), more than 5,000...
At Hawley, a medium-posh Connecticut prep school, the thoughts of youth are wrong, wrong thoughts, and the masters are "worn and cynical far beyond their years." Pupils are not, as at nearby Hotchkiss, "under oath" to abstain from smoking; Hawley's "deadly droops" (a Hotchkiss epithet) are merely...