Word: feds
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Dates: during 1980-1989
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With the final seconds ticking away, the Harvard water polo team made a rush for the MIT net. Co-captain Houston Hall fed Pat Jakobson with a quick pass, and amid a swarm of bobbing heads and waving arms, Jakobson faked right, then whipped the ball past the goalie's right...
...Fed chief was testifying to the Senate Budget Committee, but he might as well have been addressing Ronald Reagan. Not that the President needed the warning. As he prepared for a speech this week announcing a new, and drastic, series of budget cuts, White House aides were well aware that the President for the first time was facing a credibility gap. To a large extent, Reagan had opened it himself by delivering on his campaign promises to slash taxes deeply, while starting a huge military buildup. Those astounding successes have raised grave doubts that Reagan can also redeem his equally...
...from the soil, and almost nothing can be grown for the entire five-month dry season. How, then, did this unforgiving land once provide for so many people? The answer is etched into the granite hills around the valley: dozens of stone canals snake their way down from glacier-fed streams in the upper altitudes...
...forcing the Federal Reserve to adopt a looser money policy might be an extremely shortsighted strategy. As Reagan Adviser Greenspan warns: "If the Fed eased, it would reignite inflationary expectations." Though interest rates would come down for a while with a program of easy credit, they would then probably rise quickly once again because financiers would be anticipating still higher inflation and demand still more interest. In the end, rates could well go higher than they...
...number of economists, it would be unfortunate if the Federal Reserve Board were to change course now, just when its policies are beginning to help make a definite dent in inflation. Reagan told his Cabinet last week that he shares that view. "I want to see the Fed continue monetary restraint and be the fourth leg of our economic program...