Word: longer
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Dates: during 1970-1979
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Even by the standards of the 1970s, the decade of recurring recession, relentless inflation and repeated runs on the no longer almighty dollar, it was a wild week. For some time, Americans had seemed able to ignore or nimbly thrust out of mind repeated symptoms of their out-of-joint economy, like alarming new price rises and further drubbings of the greenback abroad. But last week those distant, or perhaps too familiar, woes hit home, and hard, in a burst of financial hysteria that engulfed markets, speculators and ordinary investors big and small from Wall Street to Main Street...
...policy decision that henceforth the Federal Reserve will no longer concern itself with trying to manipulate interest rates, its traditional device for controlling the growth of money, and will just stop creating so many dollars instead. The Fed regulates the level of money in the economy by buying or selling Government securities through its so-called Open Market Desk at the New York Federal Reserve Bank. When the bank buys the securities, it pumps money into the economy; when it sells them, money is drawn out, and interest rates rise. The Fed is now saying that, within broad limits, interest...
BERYL SPRINKEL: "I'm delighted," says Sprinkel, executive vice president of Chicago's Harris Bank. "The Fed's actions greatly increase the odds of getting inflation under control in the longer run." Sprinkel has long argued that the old policy of trying to control the money supply by fine-tuning key interest rates often forced the board to pump more funds into the economy than it wanted to, thus aggravating inflation. "Now that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going...
JOSEPH PECHMAN: "Volcker is headed in the right direction," says the director of economic studies at Brookings. But Pechman fears the move will increase chances that the recession will be longer and deeper than expected. He says that "unemployment will hit 8% sooner than expected" and might go even higher. To curb inflation without pressing down too hard on the economy, Pechman wishes that the Carter Administration would institute a more vigorous wage-price policy to supplement the Federal Reserve moves. Says he: "We ought to try, somehow, to have business and labor moderate their price and wage demands...
...April. Then he had trouble putting the package together. Work on the building started 14 months behind schedule. Meanwhile, the interest rate on Deane's loan has been going up and up; last week it reached 17.75%. The people who had been assured of mortgage loans are no longer certain that they can get them, or afford them, at the new rates. The space he hopes to sell has risen by as much as 50% in value over the past two years, but the costs of sitting on 56,000 sq. ft. of a largely unoccupied building have eroded...