Word: feds
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Dates: during 1980-1989
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...supernova that is 100 times as bright as Sanduleak had been. Scientists are frankly stumped by its appearance. Two teams of astronomers, from the Harvard-Smithsonian Center for Astrophysics and London's Imperial College, both using a technique known as optical speckle interferometry (quickly dubbed "that speckled thing"), fed data from telescopic observations into computers. What emerged was a composite picture that confounded everyone. Said Woosley: "It's easier to say what it isn't than what it is. It wasn't there before the supernova. It's not a star. It's not a second supernova. I would quit...
...after word got out about its immense pile of bad loans. To stave off a crisis, Volcker helped assemble a package of $4.5 billion in fresh commercial-bank loans for Continental. "This is a very historic thing," remarked a New York City banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose.' " While the Federal Deposit Insurance Company had to take over and reorganize the bank, Volcker's eagerness to get involved in the rescue was a confidence-building signal to the public that major U.S. banks would...
Volcker's toughest customers in the past year or so have been the Reagan appointees on the Federal Reserve Board. In February 1986 Volcker came up on the losing side when his colleagues voted 4 to 3 to cut the discount rate that the Fed charges on loans to member banks. The chairman likes debate, but was furious to lose a vote and considered quitting. "The second floor ((where Volcker has his office)) was rocking a bit," says a former assistant. Following the episode, the official who resigned was not Volcker but his rival, Vice Chairman Preston Martin...
...accepted a pay cut from $110,000 to $60,000. His salary has since increased to $89,500, but that is still less than many of today's M.B.A.s earn by their late 20s. The Volckers struggled at times to support both a one-bedroom Washington residence for the Fed chairman and the family's larger Manhattan apartment. At one point Volcker's wife, who suffers from diabetes and arthritis, took a job as a bookkeeper to help pay the bills. Volcker's son James now works for a bank in New York City, and his daughter Janice, who lives...
...COVER: Fed Nominee Alan Greenspan...