Word: haved
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Dates: during 1960-1969
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That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for...
Tight money might have reduced inflation faster if big banks had not discovered ingenious methods of avoiding the Federal Reserve's pincers. To help meet corporations' vast appetites for loans in the face of the credit shortage, U.S. banks borrowed $13.3 billion in Eurodollars?U.S. dollars in private hands abroad?...
Some of the loopholes were deliberately allowed to stay open, authorities admit. Federal Reserve officials feared that if they had closed every gap in the regulations, some banks might have failed. In a banking system based on confidence, that might have touched off a financial panic, something that the Federal...
Yet prices, which often continue rising long after general business turns soft, have continued to climb. They are rising faster than wages?and wages are rising faster than workers' productivity. When productivity slackens, real labor costs go up, and companies often make up the difference by increasing the prices of...
The rising fears of recession show that the Administration is at last making headway in its difficult fight against inflationary psychology. All year, Nixon's economic lieutenants have been trying to create a degree of uncertainty in the minds of businessmen, labor and consumers about the prospect for continued prosperity...