Word: ende
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Dates: during 1970-1979
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Whatever the calendar may say, for many business people the day after Labor Day marks the start of a new year - the end of the slow season, a time of fresh beginnings. But this new year opened with a disquieting week of turmoil. As nervous investors continued to convert cash into inflation-proof tangible assets, the price of gold shot up to a wallet-popping $341 an ounce before settling back at week's end to $329. The Dow Jones industrial average, which had been rising since July, plunged 15 points in one day, the largest decline since last...
Despite these downbeat reports, the Dow Jones industrials revived at week's end, rose seven points on Friday and closed at 874. Amid the glum news, market analysts and money managers are increasingly confident that a new and sustained bull market is shaping up. Reports TIME Correspondent John Tompkins from Wall Street: "The mood is in the air, palpable, something you can feel. To be sure, there are some well-known bears who still radiate gloom and even a couple of bulls who have turned bearish. But the consensus is that no matter how bad things look in Washington...
...buying was coming from oil-rich Arabs, who were trading incognito through German and Swiss banks and brokers. Like goldbugs everywhere, the Middle Eastern investors were anxious over political uncertainties, global inflation and the fluctuating fortunes of the dollar, though it had dropped only slightly by week's end. European investors as well were eagerly acquiring gold because energy-induced inflation has been weakening the value of even their own "hard" currencies. A binge of panic buying by Southeast Asian investors, worried about reports of heightened tensions between China and Viet Nam, further pushed up demand. Many...
...reason for this Washington rite of fall is that if an agency does not spend its full appropriation by Sept. 30, the end of the fiscal year, the money remaining is returned to the Treasury. That could give Congress the idea that the agency's appropriation was too large in the first place and lead to a reduction the following year. Says former Treasury Secretary Michael Blumenthal: "More money is wasted in the Federal Government in the last two months of the budget year than in the previous ten months...
During the 1976 presidential campaign, Jimmy Carter singled out the end-of-year spending orgy as one that he, as a sound manager, would stop. So much for good intentions. During the past fiscal year, monthly spending commitments by Government ranged between $39.5 billion and $51.2 billion a month until September, when it leaped to $86.8 billion. For example, Government spending (leaving aside the military) to acquire land and buildings jumped from $307 million in August 1978 to $1 billion in September...