Word: nationalizes
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Dates: during 1970-1979
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While Americans agonize over the lation's real or imagined woes, many people from far off are raiding their savings accounts, borrowing money, taking their business profits and betting on the future of the U.S. Not since British loans helped finance the building of the nation's canals and railroads in the 19th century has the U.S. displayed a more magnetic attraction to overseas investors. Foreign money from almost everywhere is flooding into co-op apartments in Manhattan and Miami condominiums, sprawling petrochemical complexes in Houston and quaint dairy farms in Vermont, suburban shopping centers and downtown office...
...other strong currencies to buy a piece of the U.S. at bargain prices. More important, in the new economic climate of high-energy prices, sluggish international growth and protectionist trade sentiments, the U.S. appears to be the country best suited to ride out the tempest. It also seems the nation least vulnerable to the terrorism that is ravaging Italy and haunting West Germany, or the political unrest that is polarizing Canada and spreading like a plague through the underdeveloped nations. People everywhere are coming to the same conclusion that Johann Wolfgang von Goethe expressed two centuries ago: "Amerika, du hast...
...foreign buying has become a major force behind the dramatic rise in the U.S. stock market. Overseas investors also hold an estimated $7.6 billion in U.S. Treasury bills and notes, more than four times as much as in 1974. By making the investments, foreigners are helping to finance the nation's excessive deficit spending, thereby eliminating the need for the Government to borrow the money domestically and divert it from productive investment at home...
...employers. For just about everybody else, it is . . . well, hardly the worst of times, but at least a moment for worry. The unskilled jobless, especially if they are young and/or black, can expect little help from any further surge in business, unless job-training programs are expanded. And the nation as a whole is either at or nearing the danger point where a little bit less unemployment means a whole lot more inflation-which would hurt the jobless, retired people and even most of the employed and their families...
...Government is the nation's largest employer," says Weidenbaum, his accents echoing Brooklyn, where he grew up in the Depression-poor family of a cab driver. "Clearly the pay raises of Government employees and postal workers have been leading the inflationary parade for years. Somehow, Congress got sold on the notion of 'pay comparability' between the public and private sectors, ignoring the high federal fringes. And who makes the computations of the 'comparability'? Surprise, surprise! It's the civil servants themselves, which is like having the foxes guard the henhouse...