Word: leveller
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Dates: during 1950-1959
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...years later the U.S. is still running a poor second in the two-entry space race. And in high-level Washington last week, there still were no detectable signs of urgency about the U.S.'s space lag. The President, his advisers reported, was convinced that the U.S. space effort must be kept "within reason." Vice President Richard Nixon assured a press conference that the nation's space effort was "moving along at a reasonably good pace." Herbert F. York, the Defense Department's director of research and engineering, dismissed the Soviet lead in the space race...
...theory, overall policymaking is done by the top-level National Aeronautics and Space Council, chaired by the President himself. But NASC meets seldom, spends much of its time deciding which organization-chart rectangles various projects belong to. The Mercury man-in-space program, for example, has migrated during the past two years from the Air Force to ARPA to NASA, inevitably losing momentum with each shift...
There were other reasons for the smiles in Washington. The new bonds promptly sold at a premium on a when-issued basis. This reduced their yield to buyers to 4.79%, but it also stirred interest in other Government bonds, perked up the market to the best level in weeks. Though nearly $9 billion of Treasury securities fall due Nov. 15 and must be refinanced, they continued strong on the hunch that if the Government comes back with another 5% issue next month, the holders of these notes would receive valuable subscription rights...
...success of Treasury Secretary Anderson's magic fives caused many private money authorities to think that the worst pinch in the money market may be over and rates may level off. While Anderson will be competing with the heavy seasonal demand by business for funds to finance the building of Christmas inventories, the fact that the issue was so heavily oversubscribed suggests that the 5% note was anything but a one-shot wonder...
...four-quarter program, which has been so much discussed, thus seems to have little chance for acceptance. To institute it would probably cause a minor social revolution, at least on the secondary school level, for spreading vacations through the year would change the entire complexion of the student employment situation, now based on the great number of jobs available during the summer when most older workers like to go on vacation. Such a revolution would probably have to occur before any public school system could adopt the proposal on a large scale, for otherwise opposition would be overwhelming...