Word: ruinous
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Dates: during 1970-1979
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...fears the "ruinous consequences" of a leftist victory...
...group of small, dirt poor farmers met in a ratty, ramshackle cabin in Lampassas County, Texas, to discuss their future. Those men and women, the founders of what became The Farmers Alliance (the forerunner of the Populist movement of the '90's), were struggling to pry loose the ruinous grip of the crop lien system under which a banker could tell an indebted farmer whom to buy from, what to grow, and whom to sell to. As one of the men who had been at the Lampassas meeting said later, the farmers had come to forestall "the day... when...
...Arson is a barometer of urban decay," says New York City Deputy Chief Fire Marshal John Barracato, "and most city fathers are ashamed to admit they have this problem." But the ruinous dimensions cannot be hidden. In New York City's South Bronx, where Jimmy Carter took an impromptu walking tour earlier this month, there have been more than 7,000 fires in the past two years. "The destruction is reminiscent of the bombed-out cities in Europe," says Bronx District Attorney Mario Merola, who was a navigator in World War II. Chicago's Humboldt Park area...
...still deeply mired in stagflation. Industrial production is running 7% below its 1973 peak and is expected to grow only 2½% by the end of 1978. Unemployment has reached a postwar high of 1.6 million and is still expanding, and even an inflation rate of 12% would be ruinous over the long term. If market prices were adjusted for the withering effects of inflation since the 1972 apex, the FT index would have had to hit 1,200 to set a new record...
Beame's plight had quite a bit to do with that of New York City itself. Last week the city's near ruinous finances -and the part that Beame played in their creation-came crashing back in on the mayor. The cause: publication of a damning 731-page report by the Securities and Exchange Commission on the debacle. The report charged Beame, other top municipal officials, some major commercial banks and Wall Street institutions with misleading the public in order to sell about $4 billion in short-term notes between October 1974 and March 1975. City officials, said...