Word: inflationitis
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Dates: during 1960-1969
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I DO not look on inflation as a temporary wartime phenomenon," said Irving Rose, president of Detroit's Advance Mortgage Corp., before a convention of mortgage bankers recently. "I regard it as the inevitable price of our national commitment to a full-employment economy. Hence, it is chronic. The...
Right or wrong, that statement is a classic example of the thinking now creating turmoil in U.S. financial markets. Attention has focused on its impact on the stock market, where traders are increasingly depressed by the fear that inflation, and with it tight money, will continue indefinitely. In the past...
The crisis has been long building. In a current book, The Price of Money, Sidney Homer and Richard Johannesen date the bear market in bonds from 1946, when high-quality corporate debentures sold at interest rates of 2.45%. But the rise in rates and the concurrent drop in bond prices...
Ford said that auto businesses are being called upon to fight inflation, aid underdeveloped countries, improve rapid transit, and dispose of junk cars. "There is one reason why everyone expects more from us than everyone else." Ford explained. "We are victims of our own success."
The Administration has sound reason to bolster the nation's exports. In the long run, the strength of the dollar greatly depends on that effort. The U.S. trade surplus used to average $5 billion a year. This year the surplus will total less than $1 billion, mainly because imports...