Word: importance
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Dates: during 1960-1969
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...familiar figure in Manhattan nightspots in the '30s. When he was named chairman of the New York Stock Exchange in 1938, President Roosevelt told him: "Your job is the worst in the world-next to mine." After leaving the exchange, Martin served as president of the Export-Import Bank, then as Assistant Secretary of the Treasury. He was named chairman of the Fed in 1951 by Harry Truman-no fiscal conservative...
Shopping Around. With their overseas push barely under way, the Japanese are fearful that other countries' automakers, particularly Detroit, will soon try to return the compliment in force. So far, a foreign invasion has been held off by high (up to 40%) auto-import tariffs and a stiff capital-investment law that limits foreign ownership to 50% of any new venture and 15% of any existing Japanese firm. Japan is under strong world pressure to ease that law, and Ford is said to be shopping around for permanent residences...
...loan and that there was no way to avoid devaluation. Last week in his televised charla (chat) with the country, he explained that he had reopened talks with the lending agencies and proposed his own "Colombian plan." Beaming, he announced: "Naturally, they accepted it." The plan included further import controls, tight restrictions on capital movement, and something called "full convertibility"-which almost certainly meant a sleight-of-hand devaluation within six months...
...dropping all barriers to the import and export of francs and securities, and by ending restrictions against converting the franc into other currencies, De Gaulle's government aimed at raising France's relatively low standing as an international financial center. Frenchmen can now hold accounts in foreign banks, pay for hotel bills, purchases and apartments abroad with a French check. Though foreign investment and borrowing in France remain subject to some restrictions, foreigners can now freely acquire up to 20% of the capital of a French firm, invest in French stocks, buy French property...
...Conference, when it met, was a lifeless affair. The Council submitted a long report of unflinching orthodoxy, that missed entirely the import of the Howard speech. It reflected throughout what Rainwater has called "the services strategy," as against an income strategy in dealing with problems of poverty. Thus, the section on public welfare proposed, "There should be a sharp reduction of the number of clients served by each case worker." This is a common enough American approach to social problems, but there is perhaps a special significance in this particular area: a quite disproportionate number of middle-class Negroes...