Word: nationalizers
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Dates: during 1960-1969
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...manner of Janis Paige in the old Broadway smash, Pajama Game, U.S. bankers are lamenting the discovery that a 71% interest rate "doesn't mean a helluva lot." Pinched for lendable funds by Washington's fight against inflation, the nation's major banks last week raised the cost of borrowing to that level-the fourth rise in little more than three months. The prime rate, the interest that banks charge their best corporate customers, went up a full i% from the 7% rate set only last January. Although the new rate was a historic peak, neither businessmen...
...multiplier effect" of capital outlays, each dollar of such investment adds about $2.50 to the total economy. The phenomenon worries Washington for two reasons: 1) it has an immediate inflationary effect, and 2) it could lead to industrial overcapacity followed by a profit squeeze and massive layoffs. Today the nation's factories are operating at only 84% of their capacity, well below the 90% level that normally triggers expansion...
...Johnson Administration, which in 1965 fought off aluminum and copper price rises by threatening to release supplies of the metals from Government stockpiles. Nixon ordered the Interior and Agriculture departments to step up the sale of lumber from publicly owned forests, which contain more than half of the nation's sawtimber supply. To reduce demand, he directed the Defense Department to limit its purchases to "essential requirements...
...Japan. Such restrictions should help to relieve the shortage and ease prices. On the other hand, they would undercut Washington's goals of fostering free world trade and improving the U.S.'s balance of trade. In any case, Congress can scarcely overlook the need to revamp the nation's timber management policies. That is something that Washington has not done for 30 years...
...like Boston's restaurants--there aren't many of them, but the good ones are excellent. Boston has the advantage of being a small city, making the suburban golf courses easy to get to. It also has the good fortune to be located in New England, one of the nation's most scenic regions...