Word: interest
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Dates: during 1970-1979
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...order to slow inflation increasingly resembles the attempts in 1916 by Russian noblemen to kill Rasputin: they fed Tsarina Alexandra's mystic poisoned teacakes and wine, then shot him three times, and finally had to drown him in St. Petersburg's icy Neva River. Despite record-high interest rates, the long awaited recession still refuses to materialize definitively...
Economists believe that the nation's business will decline again this fall. Nonetheless, signs of continued economic vigor abound. Homebuilding, which is usually hit hard by high interest rates, remains strong; housing starts actually rose by 4.2% in September, to an annual rate of 1.9 million. At the same time, the use of the nation's industrial capacity edged up above...
...just such evidence of economic strength that two weeks ago led Federal Reserve Chairman Paul Volcker to push up interest rates to new highs and announce new measures to curb the inflationary growth of the nation's money sup ply. But the money stock actually expanded by $2.8 billion in the first week after the "Volcker Package" was announced, and the Fed immediately began tightening credit and forcing up interest rates still further. This drove the Dow Jones index of industrial stocks down an extra 24 points last week, renewing memories of the Great Crash that occurred 50 years...
...Indeed, voters do seem concerned about the climbing cost of money. One night last week, when Volcker arrived at Washington's Kennedy Center for a preview showing of Tom Stoppard's play Night and Day, a woman approached him and said plaintively, "Please, don't let interest rates stay high for too long." Replied the Federal Reserve chairman, as he removed the cellophane from his 20? Antonio y Cleopatra Grenadier cigar: "We're trying our best...
...seeming to uphold American political traditions, Podhoretz and his allies have been dubbed "neo-conservatives," a label that causes them some discomfort. Podhoretz continues to claim to be a liberal; it is the radicals, he insists, who became illiberal. Such quib bling may be of greater interest to the author than to his readers. But if his book is often tedious in detail, it has a sweeping theme. At a time of testing, the Commentary group upheld standards of civilized discourse and thereby earned an honorable place in the history of American letters. They behaved as intellectuals are supposed...