Word: evening
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Dates: during 1970-1979
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JOSEPH PECHMAN: "Volcker is headed in the right direction," says the director of economic studies at Brookings. But Pechman fears the move will increase chances that the recession will be longer and deeper than expected. He says that "unemployment will hit 8% sooner than expected" and might go even higher. To curb inflation without pressing down too hard on the economy, Pechman wishes that the Carter Administration would institute a more vigorous wage-price policy to supplement the Federal Reserve moves. Says he: "We ought to try, somehow, to have business and labor moderate their price and wage demands...
...financial maelstrom hits big and small, the prosperous and the striving, without discrimination. Mighty IBM, a seemingly surefire Boston real estate project, and the gold futures market were all sent reeling in last week's crunch. Even the Wall Street Journal had a hard time putting it all together...
Historically, bonds have been difficult to sell at a time of rapidly rising interest rates. The IBM paper carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue...
...would be willing to go along. The Netherlands, on the other hand, seems too divided on the issue at the moment to make a decision. As Belgian Foreign Minister Henri Simonet told TIME: "Without ratification of SALT II, it will be politically impossible for the West Germans-and even more so for us Belgians and the Dutch -to say that we are going to modernize our theater nuclear forces. I will not accept the risk. It would be to commit political suicide, and if people like me don't move, you can be sure that most other politicians...
Utah Governor Scott Matheson, who chaired the conference, declared later: "The West is not as angry as it was a little while ago." Even Colorado's Richard Lamm, an early Carter critic, seemed mollified. Said Lamm of the President: "His words were very reassuring...