Word: louse
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Dates: during 1980-1989
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...decades ago. Like Nixon, Mondale inhaled the thin but exhilarating air of the White House as a Vice President and concluded that he was big enough to fill the Oval Office. Like Nixon, he spent years courting his party's regional powerbrokers and filled his pockets with political lOUs. Also reminiscent of Nixon, Mondale found a prosperous law firm to replenish his meager personal finances while he ran virtually full time for the presidential nomination. Mondale draws a $150,000 annual salary from the Chicago-based law firm of Winston & Strawn, working out of its Washington office...
...winning, such possible contenders as Senators Howard Baker and Robert Dole and Congressman Jack Kemp would need to start organizing and raising money by mid-autumn. Vice President George Bush possesses the remnants of the nationwide network he put together for the 1980 primaries and a basketful of lOUs from Republican congressional candidates for whom he campaigned last fall, and so could start a successful run much later. Indeed, if Reagan were to announce any later than the end of the year that he will not run, he might in effect be anointing Bush as his successor...
...week deleted funds for it and some other controversial projects, partly in retaliation against Congressmen who had led the fight against pay increases. But Clinch River has one invaluable patron in the Senate, Howard Baker. He told his staff that he had to reach deep into his pocket of lOUs in order to save the project, which he did on a 49-to-48 vote...
Although Administration officials tried to downplay the significance of the trip, a number of agreements were announced. Most important, the U.S. will lend Brazil $1.23 billion, at 8% annual interest for three months, to tide over the debt-burdened (nearly $90 billion in foreign lOUs) country until a $4.5 billion International Monetary Fund loan comes through next year...
They raise this money in the commercial paper market, where corporate lOUs are generally sold in denominations of $1 million and more to major investors like insurance companies and pension funds. While the market for long-term bonds shrank 20% in the past year, the amount of commercial paper outstanding increased 32.7%, to $164 billion. That is five times what it was ten years ago. Laments Donald Woolley, chief economist of Bankers Trust: "The ratio of short-term debt to long-term debt is much too high...