Word: interesting
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Dates: during 1960-1969
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Disturbed by the corporate borrowing, Federal Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks...
Nixon does, certainly. When he took office, he inherited a $195 billion budget with a projected surplus of $3.4 billion. But in a matter of weeks, he realized that "uncontrollable" increases in debt interest and other costs would inflate the budget to $197 billion and trim the surplus to a bare $1.7 billion. Nor did Nixon's own department heads prove very sharp with their pencils. Their recommendations totaled $1 billion more than the original Johnson budget...
When he was seeking his first term in 1961, Los Angeles Mayor Sam Yorty insisted that "to ensure healthy democratic processes" and thwart any "self-interest group that feeds on continued control of city hall," eight years in the mayor's office should be the limit. That argument helped Sam to defeat a two-term incumbent. However, after eight years in city hall, he decided that they were scarcely sufficient after...
Scandal and Absenteeism. It was the state of Sam Yorty's city hall that caught up with him. His second term was tainted by scandals, including indictments of five Yorty-appointed city commissioners on charges of bribery or criminal conflict of interest. (Three were convicted, two await trial.) Angelenos were unhappy with the mayor's frequent absences visited more than a dozen foreign countries-while the nation's third city (pop. 2,800,000) was wracked by crises. Los Angeles Negroes (18% of the voters) united against Yorty for his failure to grapple with racial issues that...
...RESULT of the interest last fall, the COC, and Cornelius May in particular, have tried to explore new means of improving employment at the Coop. "Besides ABCD, we have been working with a number of tenants associations and merchants in Roxbury and Cambridge in an effort to provide additional employment opportunities," May says. "Nothing is established yet, but by the middle of May we hope to have a proposal to implement a large-scale input program. "We've pulled in a number of people from Roxbury in an attempt to set up some sort of self-replenishing feeder organization...