Word: firstness
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Dates: during 1960-1969
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...easing in policy, whenever it comes, will be slight and gradual. The erratic swings-from extreme looseness to tightness and back again-in past Federal Reserve policy have created an economic credibility gap. Businessmen, consumers and labor leaders generally seem convinced that at the first signs of recession, the Federal Reserve will again switch to an open-handed expansion. This time the change must be carried out with such finesse that, as one high Administration policymaker says, "there will be a guessing game for months." Bankers, businessmen and economists will have to try to figure out whether or not movements...
...editorial staff, and the discussions will provide material for some stories in the magazine. Board members will also serve as regular consultants to TIME's BUSINESS section. Its members speak as individuals, of course, and not as representatives of the institutions with which they are associated. The first meeting addressed itself to the hard questions now troubling an economy ridden by inflation and money scarcity and facing a possible slowdown ahead. Excerpts from the discussion...
ECKSTEIN: The Administration is in for some unhappy months. But you have to keep it in perspective. First of all, the unemployment will not be recession unemployment. Small changes in the unemployment rate do not have any visible effect on social unrest. Unrest has been at its peak when unemployment was low. As long as the Administration can show progress toward price stability, and as long as it can keep us out of a recession, I don't think that the voters will have anything to complain about...
This week the National Educational Television network began to do something for that forgotten minority with the first segment of Sesame Street. A color series to run one hour every weekday for the next 6½ months, Sesame's 130 segments are dedicated to the proposition that children are people, involved in their own quest for enlightenment and entertainment via the video...
Numbers are a part of every segment, brightly illustrated by animations and films. Letters are also featured. On the first program, the letter W was the focus of a segment involving Wanda the Witch, Who Walked to the Well one Wednesday in Winter to get Water to Wash her Wig. The Wig was Whipped away by a Wild Wind. Moral: "Witches Who Wash their Wigs on Windy Winter Wednesdays are Wacky...