Word: seconds
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Dates: during 1970-1979
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Says Otto Eckstein, a member of the TIME Board of Economists: "Most of the second-quarter drop can be traced to the disruption of auto and truck sales and the scarcity of gasoline that kept many shoppers out of the stores. Yet there is no reason to look for an especially deep recession in the year ahead." Less optimistic is Robert Nathan, another member of the TIME board. He foresees a slump that could last six quarters and a jobless rate that could hit close...
...chief cause of the decline is the collapse in consumer spending. In the second quarter, retail sales, discounted for inflation, fell 1%, the first real decline since...
...year, the stricken automaker may have to close its doors. Two months ago, Chairman John Riccardo was telling legislators that the company would need some federal assistance by early next year, but last week's long awaited announcement of the company's $207 million second-quarter loss has compressed that timetable. A shutdown of the nation's tenth largest manufacturer (1978 sales: $13.6 billion) and sizable defense contractor ($625 million in 1978) would have far-reaching consequences. It would leave the U.S. auto industry basically in the hands of General Motors and Ford, throw 130,000 employees...
...changes have produced fierce reactions from a number of literary taste makers. W.H. Auden, who saw early versions before he died in 1973, said that liturgically speaking, the Episcopal Church "seems to have gone stark raving mad." Much of the new edition is "pedestrian, second-rate, banal," snaps Literary Critic Cleanth Brooks. Episcopal leaders generally dismiss such remarks as elitist fuming. The people in the pews, they insist, are grateful for the new version...
...personal motto was Semper idem (always the same) and he lived up to it with matchless rigor. Prior to the liberalizing Second Vatican Council, Alfredo Cardinal Ottaviani was one of the most feared and powerful princes of the Roman Catholic world. His authority as a ranking doctrinal watchdog came from his influence within the Holy Office. Ottaviani was half blind but, the Vatican saying went, "sees more with one eye than most see with two." Armed with a steely mind and consummate dedication, he became in his own word, a "carabiniere" (policeman) of orthodoxy. Even after the windows...