Word: peake
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Dates: during 1980-1989
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...just as it has always insisted on its eternal newness and promise, it has also represented the dead end of the New World, the end of exploration, recalling all the mistakes of every past civilization. One reason that Balboa (Keats mistakenly wrote Cortes) might have stood "silent upon a peak in Darien" is that he realized there was no place else on earth to travel to. Or as a Walt Whitman character said in "Facing West from California's Shores": "Where is what I started for so long ago? And why is it yet unfound...
Reagan does not ask that question, nor does he stand silent upon a peak in Pacific Palisades and brood about paradise lost. His California dream remains unsullied. America is still the land of perpetual opportunity, and every man gloriously for himself. Economics fits into this vision neatly, since California happened to provide a fine justification for capitalism by producing gold from the earth like a health food. If there were a California Ocean school of painting, it would consist of avocados in the foreground and a range of office buildings behind. Perhaps that is Reagan...
Looming over every current discussion of the U.S. economy is deep concern about the nation's increasingly mercurial interest rates. The prime lending rate that big commercial banks charge their best corporate customers jumped last week to 21.5%, breaking the 20% peak of last April and heightening fears of a renewed economic downturn. The economists on TIME'S board predicted that the rate is likely to go as high as 23% early next year...
Such a shallow recession will have differing impacts on various areas of the economy. The downturn is not expected, for example, to affect employment seriously. The jobless rate is projected to climb from its present level of 7.5% to a peak of 8.2% in 1981's second quarter, before slipping back to 8% at year's end. The public, however, can expect little relief on prices next year. From a 1980 inflation rate of 13%, the board of economists projected that the increase in consumer prices will only slow to 11.4% at best...
November election. On Nov. 20, it hit a 1980 peak of 1000.17. Soon, though, stock prices began to tumble because of fear of high interest rates and another recession. The Dow Jones closed last week...