Word: feds
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Dates: during 1980-1989
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...most part, in fact, the hostages were well treated. In Atlanta four prison guards who complained of illness were set free. "They fed us so much I think I put on some weight," said former Hostage Bob Gravitt. "We were treated like gentlemen." As the tension mounted, however, there were signs that the inmates' fears and frustrations might turn against their captives. On Friday morning an Oakdale inmate viciously stabbed one hostage in the back of the neck. Fellow prisoners immediately delivered both the victim, who was listed in fair condition by the local hospital, and the assailant, a mentally...
...Black Monday stock-market crash, or will it slide into a prolonged recession? The answer will depend on the actions of consumers, companies, the President and Congress -- but perhaps most of all on the policies of the Federal Reserve Board. By controlling the nation's money supply, the Fed can willfully -- or often inadvertently -- speed up the economy or slow it down. Though the chairman and the six other Federal Reserve governors are appointed by the President, they become all- powerful financial gods once they get on the board, and their methods of operation are a complete mystery to most...
...Fed and the economy stand at a turning point, the timing could hardly be better for the appearance of Secrets of the Temple: How the Federal Reserve Runs the Country (Simon & Schuster; 798 pages; $24.95) by William Greider, the national editor of Rolling Stone magazine. Greider, whose 1981 Atlantic article revealed David Stockman's secret doubts about Reaganomics and caused the President to take his young budget director "to the woodshed," is once again at his provocative best. The book, which takes its name from the fact that in ancient times the creation of money often occurred in temples...
...October, one pilot says, he was told to fly a jetliner with a broken radar device into an area that was being buffeted by thunderstorms. When he refused, supervisors had the balking captain switch planes with another pilot, who agreed to fly the aircraft with the radar problem. Fed up with such episodes, the captain forsakes discounts of nearly 100% to buy his 16-year-old daughter full-fare tickets on competing airlines. Says he: "I won't have her fly on Continental...
...chairman must fend off a recession by keeping interest rates low, but he will come under excruciating pressure to raise them again if the dollar needs rescuing. Any little upward nudge in interest rates, however, is likely to send the stock market into the tank again. When the Fed's open market committee met last week for the first time since the crash, some economists hoped the group might rescind September's discount-rate increase. But no such announcement came. One reason may be that the committee has too little information so far about Black Monday's effect...