Word: slowdowns
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...Slowdown Game...
PRESIDENT Nixon's economists have long promised that the reward for the business slowdown that they engineered in 1969 and early 1970 would be a combination of slower price rises and renewed economic upturn in the second half of this year. They qualified that prediction by adding that any recovery would be modest. The recovery is taking place, and it is indeed modest...
...Holiday Inns, streets are dotted with "for sale" signs, shuttered shops and interrupted construction projects. Tourist spending, the lifeblood of the island, will fall by an estimated 10% in 1970. New investment is at a virtual standstill, and the gaming casinos are hard up for business. The U.S. economic slowdown contributed to the drop-but the problem is not so much the decline of dollar power as the rise of black power...
...Senate Democratic Policy Committee, Arthur Okun, Gardner Ackley and Walter Heller, all former Chairmen of the Council of Economic Advisers, predicted that the auto increase could make "dismal reading" out of October price figures. Even that paper, however, conceded that inflation "at last shows signs of ebbing." The business slowdown engineered by the Nixon Administration has clearly wrung much excess demand out of the economy...
There are several reasons why money is becoming more available. Business demand for loans has ebbed with the nation's economic slowdown, making it easier for banks to meet the remaining loan demand. The commercial and industrial loan volume of major New York City banks has dropped $1.6 billion so far this year, v. a $630 million rise in the equivalent 1969 period. Consumers lately have been saving an unusually high 7.6% of their incomes, largely because they fear further rises in unemployment...