Word: interests
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Dates: during 1970-1979
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...Committee, says, "Happy hours, their time has come and gone. Four years ago there were no happy hours because the drinking age was 21. Three years from now people will have never heard of them." And he adds he is trying to think of activities unrelated to alcohol to interest the Lowell House Committee...
Paul A. Volcker, the cigar-chomping chairman of the Federal Reserve Board, sent America off on its latest economic wilderness adventure by announcing two weeks ago an anti-inflation program that did not just raise the discount rate--the Fed's interest rate on money it lends to member banks--but changed the very nature of how the Fed controls the money supply. Instead of trying to curtail the boom in credit by manipulating interest rates, Volcker announced, the Fed would henceforth apply direct controls to the money supply, raising member banks' reserve requirements and using other methods to keep...
...scared, seeing only the deepening recession Volcker's plan would induce. Liberal politicians didn't like this talk of lowering the standard of living for the sake of such unromantic concepts as "managing the money aggregates." Bankers, who had always looked to the Fed as a bellwether for interest rates, were now free to set their own rates, and became insecure, as well as a bit surly...
Instead of fooling with "monetary aggregates" and free-floating interest rates--which the public doesn't understand, and would probably fight if it did--the federal government could take steps to enforce gasoline conservation, either directly by legislated requirements for Detroit or indirectly by an exorbitant gas tax that would force car-makers to produce more efficient autos. There would be inevitable problems to work out, but the public would see a concrete step against inflation much more comprehensible and palatable than Volcker's fiddling...
...publication of this 22-year-old book is justified by the current renaissance of interest in classic jazz, and the decision to package the book as new and thus capitalize on Hentoff's now-respected name can be written off as good marketing, but the publishers have made one unforgivable blunder. Each profile in The Jazz Makers ends with a selected discography of five to ten records that represent an artist's most significant work. These discographies were compiled from records readily available in 1957. Now they're all out of print, and many of the recording companies have gone...