Word: feds
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Dates: during 1980-1989
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UNDERGRADUATES HERE have recently been fed a few abject lessons in forced apology. The Harvard Corporation, embarrassed by the consequences of its divestiture of holding in banks which make direct loans to the repressive regime in South Africa, issued an apology to the business community and tried to pay it's tepid symbol of opposition to apartheid. Pressed by students, the Corporation held back its policy change--but only temporarily. If history is an accurate indicator...
...wise Chinese philosopher once said. "Don't feed a small dragon." We have fed our tax dragon much too well, and much too long. I strongly urge the clear thinking people of Cambridge who are not pursuing selfish interests, and who are concerned with the long-term economic health of Cambridge, to vote NO on both issues dealing with Proposition 2 1/2 override on Election Day, April 13th. John B. Vidak
...even bigger splash. "Come here, I want you to see something," said Pate to P.G.A. Tour Commissioner Deane Beman, 43, leading him to the edge of the water hazard near the 18th green. Too late. Into four feet of water, said to be inhabited by a sleepy, well-fed alligator, went Beman, camel blazer, tassled loafers and all. Pate then cast Tournament Players Club course Architect Pete Dye, 56, in too. "Jerry made us both look like a pair of awkward storks," says Beman. "Then he makes the most perfect dive you've ever seen. Absolutely flawless form...
While visiting the Chase Manhattan Bank in 1958, I was introduced to Paul Volcker, a young economist who sat alone in a small spartan office. Chief Economist John Wilson told me that Volcker's job was to pretend he was the Federal Reserve Bank and predict what the Fed was about to do. In two decades, Volcker progressed from thinking what the Fed would do, to what it should do. He does it well...
...interest rates eventually shot to near record highs even as the economy tipped into recession. Strong doubts persist, however, that Volcker will continue that course if the economy drops much further. Says Alan Greenspan, a non-Government adviser to President Reagan: "The financial markets are saying essentially that the Fed will in the end accommodate the budget deficits with a substantial growth in the money supply, thus abruptly putting an end to the softening in inflation." Volcker has repeatedly vowed that the Federal Reserve will do no such thing. But if he keeps money tight, Government borrowing to cover...