Word: oils
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Dates: during 1970-1979
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...foreign sources for relending to borrowers in the U.S. be set aside and not loaned to anyone. Known generally as Eurodollars, these expatriate greenbacks have accumulated as U.S. payments deficits, starting in the 1960s; lately they have been increasing dramatically as a result of the rising cost of imported oil. Today they form a $600 billion money mountain in Europe as well as in the Caribbean and other offshore tax havens, where they have escaped the control of the Federal Reserve. In the past, when the Fed tried to curb the pace of business?and inflation?by limiting the supply...
...housing, pinch installment loans, and put a drag on sales of big-ticket items like cars, which are normally bought on credit and not with cash, most economists continue to agree that the economy is not about to drop into a free-fall plunge as it did after the oil-price shocks of 1973 and 1974. For the most part, the members of TIME'S Board of Economists predict a moderately deeper recession than envisioned in their earlier forecasts of September; but they foresee no economic tailspin, in part because the strength of spending and borrowing has exceeded even their...
...pyramid of foreign debt. National City Bank judged that Peru had a "bad debt record, adverse moral and political risk, bad internal debt situation"-and then lent the country $90 million that was soon defaulted. Wall Street banks today have $48.7 billion in loans outstanding to Peru and other oil-poor developing countries. Consumers in the '20s had just discovered the installment plan and were plunging into debt to buy radios, refrigerators and that new Model A from Henry Ford. Their grandchildren now have "plastic money" in the form of credit cards and owe $292.5 billion...
...Wall Street player today is also not like the 1929 Fifth Avenue cook who quit because her mistress would not install a stock ticker in the kitchen or the shoeshine boy who passed on to Joseph Kennedy the insider's tip to "buy oil and rails." In the past decade, 7 million small investors have pulled their money out of Wall Street and spent it on real estate, gold or simply a new mink coat. Over half of today's market is dominated by professional investors representing pension funds, insurance companies or mutual funds. They have better financial...
...Construction Trades unions with a view that seemed totally at odds with the Government's new credit-tightening policies. Despite predictions of a slump in home-building Carter declared: "In fighting inflation, we do not sacrifice construction jobs." Carter forecast that his windfall profits tax on crude oil will finance energy programs that will amount to "one of the biggest construction projects in world history-on a scale comparable to building our interstate highway system." Despite such rhetoric, his flat delivery was received mostly with polite applause...