Word: point
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Dates: during 1970-1979
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UMass took the team title Saturday with 66 points. Harvard's 227-point total placed it directly behind Ivy rivals Brown and Dartmouth, two teams the Crimson can reasonably expect to defeat when at full strength. Former Crimson star Anne Sullivan, who transferred to Brown last spring, finished second in the field...
...brokers were swept up in a selling wave that caused pandemonium on Wall Street and twinges of fear throughout the country. In just five days, the market dive left investors with some $55 billion in paper losses and sent the Dow Jones industrial average plunging a total of 58.62 points to a week's close of 838.99. In terms of points, that was the Dow's second steepest one-week decline ever; during the week of Oct. 16, 1978, when prices were hammered by news of a sharply falling dollar abroad and worsening inflation at home, the Dow sank...
...made their response to the Fed's discount-rate rise. Led by Chase Manhattan, the nation's third largest bank, several institutions immediately raised the prime rate (the interest charged the most credit-worthy corporate customers) from 13.5%, already a record, to a new peak of 14.5%. Since quarter-point raises are the norm, the effect of the full-point boost in the prime was electric. Not only did it push the interest charged to margin investors up close to 16%, making stock ownership on borrowed money extremely expensive, but it had a sharp psychological effect on the market. That...
...burst and the world plunged into a decade-long recession recur exactly 50 years later? Many conditions today look frighteningly similar to those of late 1929. Then the panic was spawned by the Federal Reserve's attempt to nip speculation by raising the discount rate a full percentage point from 5% to 6%. The nation's banks in 1929 had built up a 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...
...Deputy Under Secretary for Monetary Affairs, took time out for four years as a Chase vice president, then neared the summit of global finance when President Richard Nixon brought him back to Treasury to defend the dollar against attacks from abroad. Volcker did all he could, at one point flying 31,000 miles in five days. But the pressure on the dollar was too great: twice Volcker had to preside over the humiliation of the dollar being devalued...