Word: feds
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Dates: during 1980-1989
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...surging interest rates were caused in part by the Federal Reserve Board's tight grip on the money supply, a policy designed to bring down inflation. But there is little agreement about other causes. Officials of the Fed blame ballooning budget deficits for kindling more fears about inflation and thus keeping interest rates high. Administration officials complain that the Fed's erratic control of growth in the money supply scared lenders into keeping interest rates high. Whatever the cause, most economists now agree that the unemployment rate will gradually rise into the summer, perhaps hitting 10%, before beginning...
...that he has turned the economy topsy-turvy through misguided management of the nation's money supply, and that his two-year-old struggle to fight inflation by slowing the growth of money and credit has sent interest rates leaping and lurching wildly. Since October 1979, when the Fed first began concentrating on directly controlling monetary growth while letting interest rates move more freely, the prime rate charged by large commercial banks has slumped to as low as 11% and rocketed to as high as 21.5%, wrecking budgets and spending plans for families and businesses alike. Though hopes...
...last week the escalating attacks on Volcker both by the Administration and in Congress had reached their shrillest pitch yet. Said Senate Majority Leader Howard Baker of Tennessee in graphically blunt terms: "It is time for the Fed to give us a little air, to get its foot off the nation's neck and give the economy an opportunity to recover...
Meanwhile, weeks of behind-the-scenes sniping between Volcker and Treasury Secretary Donald Regan burst into the open during separate appearances before a congressional committee. In testimony to the Joint Economic Committee, the towering, cigar-smoking Fed chairman argued that the Administration was following a loose fiscal policy that threatened to push budget deficits into triple-digit figures, and said that interest rates had begun to rise simply in anticipation of the Government's gargantuan borrowing requirement for later this year...
Jukeboxes played the tune for generations of American teenagers, who fed them coins to hear Glenn Miller, Frank Sinatra and the Beatles. Those music machines, though, are going the way of the malt shops that housed so many of them. Industry experts say that by the end of the '80s the brightly lit boxes may be only a memory. The number of coin-operated players has already shrunk from more than 500,000 in 1976 to some...