Word: lating
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Dates: during 1960-1969
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Somehow, Bishop Fulton J. Sheen had never seemed an appropriate choice to head the diocese of Rochester, N.Y., with its 362,000 souls. Indeed, it was no secret in the church that the man once believed in line to succeed the late Francis Cardinal Spellman was restless and unhappy in his out-of-the-way post. As one friend expressed it: "After being on the heights of Mount Tabor all his life, the bishop found his Calvary in Rochester." Even so, his resignation last week at age 74, after less than three years in his first important pastoral post, came...
Before Pope Paul VI named him bishop of the modest diocese in late 1966, Fulton Sheen was best known for his conversions of famous people and for popularizing the Roman Catholic religion with his magnetic television personality. Eventually, he drew an audience of 30 million for his weekly program, called Life Is Worth Living, rivaling Comedian Milton Berle in Nielsen ratings...
...real hallmark at the Federal Reserve was a willingness to switch from easy-to tight-money policies and back again as he thought the situation required. He cooperated with the expansionist policies of President Kennedy when the nation's economic problem was sluggish growth and persistent unemployment. In late 1965, however, he refused to accept Lyndon Johnson's line that the U.S. could escalate the Viet Nam war, keep taxes and interest rates down and still avoid inflation; the Federal Reserve tightened credit, to L.B.J.'s displeasure...
Impetus to Inflation. Toward the end of Martin's tenure, the Federal Reserve became rather too flexible. Between late 1966 and mid-1967, for example, it swung from expanding the money supply at a 1% annual rate to letting it grow at a 13.5% annual rate, then tightened it again. The last loosening occurred in the summer of 1968, and Martin now admits that it was a mistake that gave a fresh impetus to inflation...
...small but promising nickel find in the sand and spinifex of Western Australia. It attracted particular attention because of the worldwide nickel shortage, made worse this summer when Canadian nickel miners went on strike. A tiny Australian mining company called Poseidon started the speculative mania late in September. A drill on its 1,100-acre lease in desolate Windarra churned up traces of nickel ore. After the company announced assays of 3.5% nickel, its stock, which had sold earlier in the year for 50? a share, jumped to $35. "In sober fact, all the company has to offer in support...