Word: digitalizes
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...last year's 12.4% to an annual rate of 9.5% in the past six months. As all the good news rolled in, Administration officials confidently predicted that with the budget cuts and the tax reductions in place, interest rates would begin falling, growth would pick up and double-digit inflation would be a thing of the past...
Expensive money becomes the newest double-digit menace...
Much of the midyear review was distinctly-and determinedly-upbeat. In March the Administration had forecast a 1981 full-year inflation rate of 11.1%, but that figure has now been scaled back to a barely single digit 9.9%, while the 1982 forecast has been shaved by slightly more than one percentage point, to 7%. The lower inflation reflects the softening demand for petroleum, but some economists are now warning that the worldwide oil miniglut may soon end, sending prices, and inflation, upward again...
Savings banks and S and L institutions are suffering badly from the nation's double-digit interest rates, which have flattened the housing market, savaged the mortgage-lending business and caused upwards of $43 billion to flood out of bank deposits and into higher yielding investments like money-market funds. As a result, the industry has for months been pushing a tax-subsidized savings plan known as the "all-savers" certificate as a way to solve its problems. The proposal has now taken a big step forward with votes by key committees of both the House and Senate...
...movie people, but the human race in general. In the end, one cannot help respecting a movie that hilariously links death and creativity, yet has enough childish lunacy to have one creep respond to another's admonitory finger wave by simply taking a bite out of the wagging digit. On a colossal scale, that is what Edwards has done in S.O.B. - bitten the hand that feeds him. And discovered that it is soul food...