Word: gargantuans
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Bankers and moneymen are deeply worried by the prospect of a steady flood of gargantuan federal credit demands. Says David Jones, an economist with the New York-based Government securities firm of Aubrey G. Lanston & Co.: "The Administration is doing too much, too fast, by imposing this superdeficit on top of the monetary restrictions needed to wind down a decade and a half of inflation." Adds Philip Hummer, a partner in the Chicago securities firm of Wayne Hummer & Co.: "The financial community gets very emotional about these high deficits. It is absolutely wrong to say that they do not matter...
...testimony to the Joint Economic Committee, the towering, cigar-smoking Fed chairman argued that the Administration was following a loose fiscal policy that threatened to push budget deficits into triple-digit figures, and said that interest rates had begun to rise simply in anticipation of the Government's gargantuan borrowing requirement for later this year...
...corporate lawyers, it is a wry wisecrack: the contention that any company still paying federal income taxes must be led by executives who have not yet read the new tax law. To economists and even some repentant legislators, it is too close to the truth to be funny. With gargantuan budget deficits looming for the next several fiscal years, indignation is rising over the log-rolling generosity that transformed last year's tax-cutting bill into the Great Tax Giveaway...
...ways that were only half understood at the time, the war completed the New Deal. Government spending multiplied more than ninefold and ended unemployment as the WPA never had. It was wartime mobilization that rebuilt cities and industries, spurred black migration out of the rural South and created a gargantuan Government far beyond the dreams of the New Dealers...
Even when Soviet force is not on the move, the existence of so gargantuan a military machine threatens other states. It emboldens zealots within the Politburo who might be tempted to use this prowess, as well as pro-Soviet forces abroad who might hope that Moscow's leaders will aid or rescue their own bids for power...