Word: slump
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Dates: during 1960-1969
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...longer housing stays in its slump, the more explosive its comeback should be. The rapidly widening gap between production and demand is already helping to drive up rents in some cities, and there is worry in Washington that actual housing shortages may appear by mid-1967. When the pent-up market finally makes itself felt, the resulting housing rebound could well pump new steam into the whole U.S. economy...
Those who favor a tax increase cite the soaring costs of the Viet Nam war. But they also see it as a means of taking the pressure off tight money and high interest rates-the villains behind the severe slump in housing. Walter W. Heller, ex-chairman of the Council of Economic Advisers, argues that such a "distortion" in one sector could slow down the whole economy. Others agree that the Government should "shift the mix" of its economic policies by easing interest rates while imposing a one-year increase in taxes...
Despite a continuing industry-wide fourth-quarter slump, the man in the Chrysler Corp. driver's seat, Lynn Townsend, expects the company's 1966 sales to climb "very close" to $6 billion-an improvement over 1965 by an estimated $700 million. In that optimistic frame of mind, Townsend last week announced that he is moving up from president to chairman and chief policy officer, taking the place of retiring George H. Love, who in his own words has served primarily as Townsend's "father confessor" in recent months...
...Squares & the Fuzz. The youthful takeover of the Strip began four years ago, after TV had caused the Hollywood movie industry to slump and Las Vegas had wooed away the big-name entertainers. This left a vacuum that high school teen-agers rushed in to fill. Soon a dozen more à Go-Go clubs sprouted along the length of the Strip itself. Since the Strip was an unincorporated free zone loosely administered by Los Angeles County, club owners last year succeeded in gaining "youth permits" to admit minors under 21, provided that they were not served liquor. The stampede...
A.M.C. was particularly hard hit in the 1966 model-year slump: its U.S. auto sales were down 20% , to 272,000 cars, against an average 4% for the Big Three. Gamely, the company found reassurance in the fact that the deficit was "substantially lower than anticipated." Said President Roy Abernethy: "We've reached the bottom, from the standpoint of the current slide." Possibly - although, despite high hopes for its jazzed-up '67 models, mid-November A.M.C. sales ran 13.5% below the same period last year. Apparently trimming his own expectations a bit, Chairman Evans declared that "there...