Word: feds
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Dates: during 1980-1989
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Last week Greenspan proved those critics dead wrong. In an effort to keep inflation at bay, the Fed raised its discount rate from 6% to 6.5%. That bellwether interest rate, which the central bank charges on loans to financial institutions, now stands at its highest level in two years. Says Robert Hormats, vice chairman of the Goldman Sachs International investment house: "The increase, announced just a week before the Republican Convention, puts to rest any doubt about Greenspan's independence...
Major banks followed the Fed's lead. By week's end the prime lending rate for business borrowers rose from 9.5% to 10%, a three-year high. The rate hike was poison for the stock market: the Dow Jones industrial average fell 73.26 points in two days after the central bank announcement and closed on Friday at 2037.52, down 81.61 for the week...
Nowhere has the shifting frontier of the civil rights struggle been more apparent than in Yonkers, a racially divided blue-collar suburb of New York City. Last week Leonard Sand, a soft-spoken, patient federal judge, got fed up with that city's refusal over three years to carry out his orders to place public housing in its white neighborhoods. Gazing down sternly from his bench in Manhattan at four Yonkers councilmen, the jurist delivered a tongue- lashing. "What we're clearly confronted with is a total breakdown of any sense of responsibility," he charged. "What we have here...
...Fed up with sophisticated weapons systems that do not live up to expectations, Congress created the Pentagon's Office of Operational Test and Evaluation in 1983 with a clear mandate: test all major new weapons systems under realistic "operational" conditions. No new systems would be purchased in significant quantities without approval from OT&E. But according to a General Accounting Office report, OT&E has been a failure...
Invoking "unity" like a mantra, the Democrats rallied around their standardbearer. Dukakis and his team managed to keep the party's myriad special-interest groups content, yet not too well fed. As a media spectacle, the convention's only failing was so unusual for Democrats that they reveled in it: the floor show was rather dull and undramatic. The high points were the rousing speeches: Keynoter Ann Richards of Texas ridiculing George Bush for going after a "job he can't get appointed to"; Ted Kennedy cataloging the sins of the Reagan years; Jackson's resounding evocation of the personal...