Word: past
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Dates: during 1970-1979
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...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...
...experience strengthened his view that the Federal Reserve had to take strong action to fight inflation and thus defend the dollar overseas. For a year, Volcker was a senior fellow at Princeton, but in 1975 he returned to the New York Fed as its president. In the past year Volcker voted at Federal Reserve meetings for tighter money and was consistently outvoted by his colleagues. Then he got the top job and, with the economy in dire trouble, finally won unanimous support for the measures that caused last week's furor...
...last week it reached 17.75%. The people who had been assured of mortgage loans are no longer certain that they can get them, or afford them, at the new rates. The space he hopes to sell has risen by as much as 50% in value over the past two years, but the costs of sitting on 56,000 sq. ft. of a largely unoccupied building have eroded his potential profit when he gets the building finished...
...World Canoe Championships in Duisburg. A gold medal winner in the 1972 Olympics, the Soviet canoeing star was quickly granted political asylum in West Germany, and thus became the first of the well-known Soviet sport and dance personalities who have defected to the West in the past two months, a group that includes Bolshoi Ballet Star Alexander Godunov and Skaters Oleg Protopopov and Ludmila Belousova...
...time when American innovative genius, so well personified by Edison, has begun to fade. The nation that produced Robert Fulton, Robert Goddard, Edmund Land and many others now has far fewer folk-hero tinkerers. Laments James G. Cook, president of the Thomas Alva Edison Foundation: "Over the past decade, America has been losing its traditional leadership in technological innovation. Our Edison-like spirit of inventiveness seems to be going the way of the gas lamp...