Word: ifs
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Dates: during 1970-1979
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Volcker, nominated by President Carter on Wednesday, is known as a believer in "sound money," and as a fiscal conservative who would probably accept temporary increases in the numbers of unemployed if he could decrease the rate of inflation, Warren Law, Converse Professor of Finance and Banking, said yesterday.
"If a choice came down to slower growth and rising unemployment or higher inflation, most conservatives would opt for increased unemployment and lower inflation," Law said yesterday.
When someone yelled to him that his odds were crazy because Reuschel and the Cubs would take the game, the wiseman's color deepened, and he was barely able to stutter, "C'mon. Who's Reuschel? If the Cubs win the game, I'll buy you a Cadillac."
Later on, in about the fifth inning, with the Cubs ahead, 3-1, the veteran oddsmaker denied the trend of the game, proudly announcing to all around that if the Cubs won, he would "strip on Michigan Avenue," the main street in downtown Chicago.
The next day, I kept a careful eye on Michigan Avenue, wondering if some die-hard Bleacher Bums would make my friend keep his promise. He never showed--not that I really expected him.