Word: lowing
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Dates: during 1930-1939
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Mistakes. "It makes no difference to me whether you call it a recession or a depression." But Depression II was not like Depression I. The national income, having risen from 1932's low of 38 billion dollars to 70 billions in 1937, was now, he hoped, going down only to around 60 billions. ". . . Banking and business and farming are not falling apart like the one-hoss shay as they did in the terrible winter of 1932-33." Then Franklin Roosevelt made an ingratiating admission: "Last year mistakes were made by the leaders of Private Enterprise, by the leaders...
...SWING LOW, SWEET CHARIOT (Bing Crosby; Decca). With the Paul Taylor Choristers, Mr. Crosby looks over "Jerdon." Heady vocalizing, unequaled since his Swanee River...
...touched off a world-wide break in prices which many economists now consider the beginning of Depression II. Last February, when Moody's Index stood at 150, Franklin Roosevelt again sounded off on commodity prices, declared that with certain exceptions such as building materials they were again too low, should go up. This time, however, the Presidential edict seemed to have lost its magic. Despite renewed inflation in the form of desterilized gold and relaxed bank reserve requirements, commodity prices on June i reached the lowest point since 1934-130 on Moody's Index...
...present low level of commodity prices not only chills business confidence and causes inventory losses but slows public buying in anticipation of still lower prices. Result is a general stagnation which continues until stocks are so depleted that extensive buying must be renewed, forcing prices to turn upward. Last week, Standard Statistics saw no sign of U. S. business reaching this fundamental crossroad in the immediate future. Neither did Colonel Leonard Porter Ayres in his monthly sound-off. True, solid gains in crop prices on the report of bad weather and rust jumped Moody's commodity index...
...prices are as stiff as any in the country and this opinion bounced off steelmasters like BB shot off a tank. Last week it seemed that where Franklin Roosevelt had failed to dent their determination, continued bad times might succeed. 2) Building material prices last week hit a new low since 1936. In Franklin Roosevelt's last lecture on prices he remarked that a sharp increase in building costs last year nipped a promising building boom. Probably the most optimistic sign on the U. S. business horizon last week was the fact that building contracts in May were...