Word: hitting
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Dates: during 1970-1979
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...wild week. For some time, Americans had seemed able to ignore or nimbly thrust out of mind repeated symptoms of their out-of-joint economy, like alarming new price rises and further drubbings of the greenback abroad. But last week those distant, or perhaps too familiar, woes hit home, and hard, in a burst of financial hysteria that engulfed markets, speculators and ordinary investors big and small from Wall Street to Main Street...
...underscore their approval, investors in London promptly chopped a sharp $13 off the price of gold; during the preceding weeks it had climbed by more than $100 to hit a momentary alltime high of $447 an ounce before settling back to about $385 at the beginning of October. Not only did the yellow metal on Monday droop to $372, but the dollar rebounded smartly on international exchanges, suggesting that its latest round of being bullied was coming...
...going to work. The chances are the inflation rate, currently 13.1%, will drop below 9% by February." But Eckstein sees a darker side: "There is no question that the economy is now going to turn down quite sharply. We are forecasting that unemployment, now 5.8%, will hit 8% by the second half of next year." Still, Eckstein thinks that the recession will be a bit less bitter than in 1973-75. "The use of credit by business has been considerably more cautious, inventories are not anywhere near as high as they were in 1974, capital spending has not been that...
JOSEPH PECHMAN: "Volcker is headed in the right direction," says the director of economic studies at Brookings. But Pechman fears the move will increase chances that the recession will be longer and deeper than expected. He says that "unemployment will hit 8% sooner than expected" and might go even higher. To curb inflation without pressing down too hard on the economy, Pechman wishes that the Carter Administration would institute a more vigorous wage-price policy to supplement the Federal Reserve moves. Says he: "We ought to try, somehow, to have business and labor moderate their price and wage demands...
Undetected by hostile radarscopes, a flock of Blackbirds began flying at 85,000 ft. over the Caribbean last week, their sooty titanium skins glowing cherry red from air friction as they hit top speeds in excess of 2,000 m.p.h. The planes were Lockheed's needle-nosed SR-71s on strategic reconnaissance missions that President Carter has ordered to monitor Soviet military activity in Cuba...