Word: nationalization
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Dates: during 1960-1969
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...with it tight money, will continue indefinitely. In the past three weeks the Dow-Jones industrial average has dropped almost 50 points, to last week's close of 812, barely above the year's low. Trouble is much worse in the bond and mortgage markets, the nation's primary channels for funneling savings into the construction of schools, homes, factories, stores and hospitals. Some experts wonder whether, if investors keep expecting endless inflation, these fixed-interest bond and mortgage markets can survive in their present form...
...keep ahead of prices. (Some mortgage lenders now grumble that they are "stuck" with loans made years ago at interest that seemed high then but is low now.) The end result of this process would be that investors would refuse to supply as much long-term credit as the nation needs to build needed houses, schools and other facilities...
...could be dangerous. The need to refinance mortgages or bonds every five years or so would create endless headaches for home buyers and builders of schools, roads and factories. Variable interest rates would amount to a recognition that lenders expect continued inflation. That in itself could explosively aggravate the nation's inflationary psychology, which is the basic problem. In the long run, the U.S. simply cannot have healthy long-term capital markets in the midst of inflation. The need to ensure a continued flow of long-term money into houses, schools and other public facilities is thus...
...face of such widespread price increases, businessmen are continuing to boost their capital spending budgets, figuring that they had better invest before prices go up still more. During this year's third quarter, according to the National Industrial Conference Board, capital budgets of the nation's 1,000 largest manufacturers went up at an annual rate of 3.7%. That was not as big a rise as the 13% increase in the second quarter, but a rise nonetheless. Before businessmen bet less, the Administration will have to show them more convincing evidence that they are going to lose...
...people gulp more pills than Americans. Each year the nation's 65,000 pharmacies and 7,137 hospitals fill a billion prescriptions, mostly pills. Amazingly, in an era when men walk on the moon, millions of high-priced man-hours are wasted counting all the pills by hand. Riches have long awaited the inventor who could devise an automatic pill counter...