Word: seeing
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Dates: during 1960-1969
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Businessmen see the signs of decline in their sluggish sales and softening profits. Investors discern the portents in falling stocks; the Dow-Jones industrial average has dropped 9% in the past five weeks to a three-year low. The Consumer Confidence Index, measured by the highly regarded University of Michigan Research Center, has plummeted from 95 in January to 79.7 now. President Nixon's economic policymakers recognize the signs of danger. "We are now at a critical period of economic events," says Budget Director Robert Mayo. "The economy is in a state of delicate balance...
...midyear, it has permitted no growth at all. Ironically, Friedman's principal complaint is that the Federal Reserve is overdoing the restraints in its effort to cure inflation. "If the board continues to keep the growth of money at zero for another two months, I find it hard to see how we can avoid a severe recession," he says. "The board has made the same mistake that it has made all along. It is going too far in the right direction...
...President's struggle with Congress has been greatly intensified by the fight over the tax-reform bill (see THE NATION). It started out with some sensible and overdue reforms, but many were gutted by irresponsible actions in the Senate. The 1969 bill that the Senate passed last week is loaded with so many tax reductions?as well as a costly 15% increase in social security benefits?that the President has threatened to veto it. "I intend to use all the powers of the presidency to stop the rise in the cost of living," said Nixon at a press conference shortly...
...briskly until credit is eased. Economists generally expect that interest rates will taper off slightly?perhaps by 1% or a bit more?as production and demand slacken in the year ahead, but that they will stay fairly close to their historic highs for as far ahead as anyone can see...
...finally, minds fail. Rocky extends a typically cynical offer: Why don't Gloria and her new partner Robert get married out there on the floor? They can get divorced afterward, can't they? After all, warns the M.C., "I may not know a winner when I see one, but I sure know a loser...