Word: less
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Dates: during 1980-1989
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...entire world, he is Alan Greenspan, 61. As chairman of the Federal Reserve Board, the soft-spoken economic forecaster is the ultimate arbiter of the nation's credit supply and thus of the interest rates at which money is lent throughout the U.S. banking system. On the job less than three months, Greenspan is suddenly being forced to make rapid and delicate decisions to prevent the market crash from turning into a mushrooming financial collapse and to stave off a steep recession. Says Charles Schultze, who was chairman of President Jimmy Carter's Council of Economic Advisers: "Greenspan...
Greenspan justified the rate hike as a move against potential inflationary pressures, which indeed it was. But for investors, any increase in interest rates makes stocks less attractive, since higher returns become available for bonds, Treasury bills and other fixed-income securities. During the two trading days after the Fed announced its decision, the Dow Jones industrial average dropped 54 points. Admits Gramley: "A common problem is the markets do not understand Alan Greenspan's statements. He needed to express ((the Fed's decision)) more clearly...
Farm supports, meanwhile, rose more than 500%, to $25.8 billion in 1986. Notes Journalist Alfred Malabre Jr. in his book Beyond Our Means: "In 1984, less than 20% of all direct Governmental aid to agriculture went to farmers ! who were financially distressed. In other words, for every $1 going to needy farmers, some $4 was winding up with prosperous ones...
...foreign markets have been less than welcoming. As the global marketing battle takes hold, some countries are reacting with protectionism. Moreover, economic expansion around the world is so sluggish at the moment that few countries besides the U.S. are showing much demand for imports. Observes David Hale, chief economist for Kemper Financial Services: "The U.S. has been playing the role of global borrower and spender of last resort because of a sharp slowdown in the growth rates of other countries...
Brodsky's success in exile has been based on a comparatively modest output: three books of poems translated into English and a collection of essays, Less Than One, published last year. Yet his imagination, steeped in classical and European traditions, seems familiar and accessible to Western readers. Brodsky is a lyricist of loss, of the slipping away of the past, loved ones, youth; his customary tone is one of passion tempered by hard-earned irony. His poems rely heavily on visual impressions, as in this look at the scenery surrounding a state farm: "The horses, inflated casks/ of ribs trapped...