Word: feds
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Dates: during 1980-1989
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...which would buy the machinery on paper, take the tax credits and lease the equipment back to the poorer companies, which would then use it. Alan Greenspan, who was President Ford's chief economic adviser, calls the idea "the equivalent of food stamps for undernourished corporations." And well-fed ones too. Highly profitable IBM bought $100 million to $200 million of future tax benefits from money-losing Ford last year. Occidental Petroleum, which pays little U.S. tax on its large profits because all are earned abroad, picked up extra cash by selling its unusable benefits to an insurance company...
...rather dour by nature-Secretary of State Henry Stimson described a White House meeting as "like sitting in a bath of ink"-and he insisted that reduced spending and a balanced budget would end the slump. "Nobody is actually starving," Hoover said. "The hobos, for example, are better fed than they have ever been." Other U.S. officials were equally astute. Said Treasury Secretary Andrew Mellon in 1930: "I see nothing in the present situation that is either menacing or warrants pessimism." (Joke of the day: Hoover asks Mellon, "Can you lend me a nickel to call a friend?" Mellon answers...
...Fed up with heating oil costs that ran to $1,000 a season even in relatively temperate Virginia, Betsy and Bob Smith of Richmond last fall invested $220 in a portable kerosene heater. From the day they turned it on in their split-level home, their average oil consumption for central heating began plunging, down to 77 gal., vs. 180 to 200 normally. Says Betsy: "It's working like a dream. It has half paid for itself already...
Wally is clearly less well-fed than his companion. To him, stomaching Andre's ravings is a fair price for a fine meal, and he's willing to sit back, chow down...
...knew nothing about, often not even their names. He lied with such boldness that he distracted a nation and shot it full of distrust. Few regret it more than journalists. By offering the print of page-one articles and the air-time of lead stories, American news media fed McCarthy the publicity he needed. Edwin R. Bayley focuses on that process in his new book, McCarthy and the Press. In a world seemingly vulnerable to media-made images, he offers the comforting notion that today's news reporters are better prepared to combat demagogy...