Word: feds
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Dates: during 1980-1989
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Those concerns leave the Federal Reserve Board in a quandary. Under Chairman Alan Greenspan, the Fed has engineered the slowdown by nudging up interest rates for more than a year in hopes of keeping inflation in check. Since May 1988, the prime rate that banks charge major corporate customers has climbed from 8.5% to 11.5% and fixed rates on home mortgages have risen from about 10% to 11.5%. Yet while the tight money has clobbered housing and other big-ticket items, inflation poses a serious threat. If Greenspan vigorously pushes interest rates higher to combat that threat, he risks...
...thinks the market's heading up. People regard him with a fascination and solicitude otherwise reserved for a condemned man on the gallows. "It will happen, it will happen, it will happen," a short man with a German accent warns him, "but this time it won't be the Fed, it will be the Japanese stock market. I'm talking about panic." Frank concedes mildly that this is possible, but says it is unlikely...
...space rock hit the planet, the Alvarezes theorized, it would have largely disintegrated, casting a pall of iridium-rich dust and other debris over the world that could have lasted for months. Deprived of sunlight by this all-natural version of "nuclear winter," plants -- and the animals that fed on them -- would have died in droves. And when the dust finally settled, the iridium it contained would have formed just such a layer as the Alvarezes found...
Some fast-lane veterans who are fed up with their harried working conditions are trying other escape routes, including climbing down the corporate ladder. Trading in a big salary for a lower-level job with more vacation time, flexible hours, improved maternity or paternity leave, even weekends off may seem a luxury, but it is one that many people are choosing. Dann Pottinger, 42, nephew and grandson of Florida bank presidents, was CEO of Commercial State Bank of Orlando, one of the most profitable independent banks in central Florida. This winter he chaired the search committee to select his replacement...
...last cigarette, the sometime TV-and-film actor has become a militant antismoker. Now Reynolds has co-written, with author Tom Shachtman, The Gilded Leaf (Little, Brown; $19.95), a moralistic tale about a fortune built on tobacco and dissipated by reckless heirs. Says Reynolds: "The hand that fed me is the tobacco industry, and that same hand has killed millions of people...