Word: marketing
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Dates: during 1960-1969
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Willem Alberts owns the nightclub Pompidou near The Hague, and just before the Common Market summit conference in that city, he received a phone call from the French embassy. Out of respect for President Georges Pompidou, he was asked to rename his establishment. "Well, I could change the spelling from Pompidou to Pompidoe," said he. "It's the same pronunciation in Dutch. But you will have to pay the cost of changing my neon sign." Not a word since from the embassy, which apparently does not feel that one letter is worth the price ($20). Anyway, Pompidou loves nightclubs...
...credit squeeze-if Congress passes a noninflationary tax bill and President Nixon can keep the fiscal 1971 budget in balance. Despite those enormous hedges, his comments marked a considerable change in tone from his October statement that the Nixon Administration "will not budge" from restrictive policies. The stock market reacted -perhaps overreacted-by scoring its strongest rally in eight months...
Investors were depressed by the fading of the unrealistic Viet Nam peace hopes that they had held in the spring, and more recently by warnings of a forthcoming economic decline. The worst depressant in the market undoubtedly has been tight money. The market frequently falls before recessions and rises when they occur; thus a 1970 recession would not necessarily make stock prices fall further. But it will be hard for stocks to rally briskly until credit is eased. Economists generally expect that interest rates will taper off slightly?perhaps by 1% or a bit more?as production and demand slacken...
...David, 24, calls him a "libertarian anarchist" who even raised his children by free-market rules. Friedman once offered David, then ten, and his older sister Janet a choice of Pullman berths for a cross-country train trip, or the extra price of those berths in cash. The children chose to sit up in coaches for two days and take the cash...
Faith in the free market has caused Friedman to condemn many Establishment institutions as monopolies. His targets include the New York Stock Exchange?in his view, a brokers' commission-fixing cartel?and the public-school system. He contends that the Government should issue vouchers that parents could cash at any school they choose for their children. This, he says, would encourage the founding of independent schools to compete with public schools, particularly "in the ghettos where schooling now available is extremely unsatisfactory." He believes that men who work as leaders in the free market should devote their full energies...