Word: greenspan
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Dates: during 1970-1979
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...Alan Greenspan, a member of TIME'S Board of Economists and no foe of the oil companies, believes that the key reason has been price. At the end of December, he notes, the Organization of Petroleum Exporting Countries decreed a 130% hike in crude prices, sharply increasing the potential value of oil in the holds of tankers at sea. If the oil was unloaded in the U.S., it could be sold only at Government-controlled prices; if it was diverted to Europe or Japan, it could be sold for much more. "There is considerable evidence that there were fairly...
...year, Eckstein volunteers that it may not happen. "It is possible that the economy will just keep on fading," he says. "Then we will be sitting here with the worst recession since 1958 and one that would be more worrisome because it would have gone on longer." Alan Greenspan, a Nixon adviser who does not yet use the word recession, essentially agrees. "The downside risks are greater than at any time in the postwar period," he says...
...very nature, an excess-profits tax is highly complicated. Many economists contend that there is no such thing as "excess" profit because in a free economy a corporation is supposed to earn the highest profit it can. Alan Greenspan, a member of TIME'S Board of Economists and adviser to the Nixon Administration, contends that people who favor the tax are unconsciously adopting a Marxist view that profit is basically exploitation...
...than in any recent year (see chart). Late last week on the Chicago Board of Trade, wheat was selling for $6.16 per bu., up $1.75 from a year ago. and corn was going for $2.86 per bu., v. $1.22. The New York economic forecasting firm of Townsend-Greenspan has estimated that wholesale farm prices in January rose 7½%, the biggest such increase since last August...
Cutbacks at the island refineries had been expected to reduce fuel supplies to New England by as much as 30% or 40% below demand. Now Alan Greenspan, a member of TIME'S Board of Economists, estimates that the region's fuel supplies for the first quarter of 1974 will be short only about 3%. He adds that the whole U.S. seems to be getting "half a million bbl. a day more than we should be getting if the [Arab] embargo were effective...