Word: feds
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Dates: during 1980-1989
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DORSEY'S ROLE as Emily Kimberly is the third layer of Hoffman's complex acting performance. Kimberly ironically becomes the voice of middle-aged women fed up with sexual harassment and lecherous men. Hoffman's Kimberly is prim and proper and stylizes her precise movements on the set. She's the piece-de-resistance of Hoffman's characterizations. Although Kimberly is the character most susceptible to a flat stereotypic portrayal. Hoffman makes her as three dimensional as a soap opera character can be, with emotionally delivered and original monologues...
Toward year's end, with the money supply growing at a superheated annual rate of more than 16%, critics argued that Volcker should slow the pace. When a Congressman tried to pin him down on what course he would take in 1983, the Fed chief made it clear he was no dogmatist: "You're saying, 'For God's sake, give us a simple rule that you can follow!' And I'm afraid I'm suspicious of any rule that is that simple.' It is not even certain that Volcker will be chairman of the Fed beyond next August, when...
What happens to bonds in 1983 will depend crucially on the Federal Reserve. Having stressed repeatedly since 1979 that it was determined to prevent the money supply from expanding out of control, the Fed since midsummer has allowed money to grow at an annual rate that is now approaching 17%, just about three times the bank's own officially announced 1982 target growth rate. Though the Fed has sought to play down the significance of the overshoot, investors are concerned that the growth will eventually prove inflationary, provoking the Fed to tighten up, sending interest rates soaring...
...other hand, many experts believe that such fears are premature. Says Michael Evans, chief economist of McMahan, Brafman, Morgan and Co., a New York securities firm: "With the economy so weak, I think the Fed is just plain too scared to do anything except keep pushing out money for the foreseeable future. We've seen 15% money growth in the last quarter with no recovery in sight, so they'll probably keep pushing. To put it bluntly, the Fed will continue to buy up the Government's debt...
Ultimately, of course, too much money can wind up being as damaging to an economy as too little. While the Fed walks the razor's edge between economic collapse and runaway inflation, it badly needs the support of both the Congress and the Administration to curb spending, chop the deficit and prevent the nation's current economic troubles, and the bond market's jitters, from turning into something far worse. -By Christopher Byron. Reported by David Beckwith/Washington and Frederick Ungeheuer/New York