Word: downturns
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Dates: during 1960-1969
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...been selling as well so far this year. It once was a truism that what was good for Detroit was vital for steel, and vice versa. This year's performance seems to indicate that steel, while still dependent on Detroit, can do very well even during a downturn in auto sales...
...Time Bomb. A sharper downturn seems inescapable. So far this year housing has slipped only 1.3% behind its 1965 pace, but that is because most homes have gone up under deals made with lenders last year when money was abundant. These commitments are now beginning to expire, and builders can arrange only a trickle of new ones. "It's like a time bomb," says Builder Vincent Amore of Pittsburgh...
...production because of disappointing sales, and the stock market shuddered through its worst fall since 1962. Amid these conflicting currents, Lyndon Johnson continued to ponder one of the toughest decisions of his presidency: whether to raise taxes to forestall the kind of inflation that would inevitably lead to a downturn later or to avoid a tax hike for fear that it would hurt business this year...
Detroit's Downturn. Even if Johnson eventually calls for a tax hike, he will have trouble selling it to Congress during an election year. So far in 1966, Congress has aggravated the inflationary danger by appropriating $3 billion more for nonwar spending than Johnson asked for. House leaders contend that they will not support a tax hike unless Viet Nam spending swells enormously-which it may well do. Appropriations Chairman George Mahon believes that Viet Nam "is going to cost us many billions more than asked for in the fiscal 1967 budget...
Wall Street's Outlook. The stock market's bulls have been frustrated for more than a year because every substantial rise has been nipped by scare talk fanning fears of a business downturn in the months ahead. A year ago, the market was sent tumbling from 940 to 841, after the Fed's Bill Martin compared the modern economy with that of the giddy 1920s. Last February, the market climbed to a record 995 and seemed headed toward 1,000, but talk of tight money and tougher taxes again sent it down...