Word: muchness
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Dates: during 1960-1969
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Less extreme pessimism is being expressed even by some minority voices within the Government. Treasury Economist Herman Liebling has warned in a confidential memo that prices could rise as much as 6% next year. His reasoning: labor productivity is likely to drop while wages keep rising, intensifying cost pressure on prices. J. Dewey Daane, a member of the Federal Reserve Board, expressed doubt that price increases will slow to a "tolerable" rate even by the end of 1970, despite the Board's tight squeeze on credit...
...Butler, vice-president of the Chase Manhattan Bank, says that banks are refraining from raising their 81% prime rate on business loans only because they fear "the wrath of Congress." The prime rate is an increasingly unreliable guide to borrowing costs anyway. Growing numbers of borrowers pay as much as 10.6% interest on loans officially made at the prime rate, because banks are strictly enforcing a rule that the borrower must leave 20% of the face amount of his loan on deposit as a "compensating balance...
...many politicians are listening. In New York City, welfare benefits were cut back by the state legislature an average of 8.5% in July. One welfare rights organization figures that a typical welfare recipient now has only 66? a day to spend on food; in Harlem, it costs almost that much to buy a quart of milk and a loaf of bread...
...long run, the strength of the dollar greatly depends on that effort. The U.S. trade surplus used to average $5 billion a year. This year the surplus will total less than $1 billion, mainly because imports have risen 50% over the past three years, twice as fast as exports. Much of the blame can be laid to U.S. inflation, but not all of it. Farm exports have fallen sharply, largely because Common Market countries have unloaded surplus grain, chickens and other produce abroad at subsidized prices...
...Much of Nixon's tough new trade policy bears the imprint of Commerce Secretary Maurice Stans, who calls it the first "fullscale attack" against "covert forms of protectionism which discriminate against American exports." In a talk last week to the National Foreign Trade Convention in Manhattan, Stans also promised U.S. exporters additional measures of practical aid. One would add some $750 million to the Export-Import Bank's funds. Exporters can now borrow only limited amounts at the bank's 6% interest rate, and must finance the rest of their sales with private loans...