Word: slump
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Dates: during 1970-1979
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Although economists have been increasingly sure for several weeks that the nation's worst slump since the 1930s has finally ended, the statistics were too weak or contradictory to give them proof. Last week an unambiguous set of figures removed just about all the remaining doubt. Among them...
Rick Burleson, in his second year at shortstop, already is the hub of the infield. A real hustler, and highly underrated. Rooster, as he is called, is in a hitting slump now. Denny Doyle is the new second baseman, and now that he's with a hot team he's exceeded all expectations (which, admittedly, weren't much, but you get cynical about these deals). Doug Griffin, the regular second baseman, gets injured constantly, but is a fine infielder as well. At third base, well, the less said about Rico Petrocelli the better, although some think differently. Everyone has their...
Another prime requisite is that governments should be prepared to change fiscal-monetary policy in the early stages of slump or boom. A mildly restrictive policy in the late 1960s would have done more to restrain price increases than the recurring rounds of supertight money that followed after inflation had gathered powerful momentum. Similarly, a small tax cut and moderate expansion of the money supply last summer would have combatted unemployment more effectively than the heavy stimulus that was applied this spring...
...determination to veto this week an "emergency" housing bill passed by Congress two weeks ago. The bill was designed to encourage the building of 400,000 new houses mainly by providing mortgage subsidies to middle-income home buyers. But it probably would have no effect until well after the slump was ended...
...pulls out of its economic slump, however, the demand for oil will rise, and with it the need for a conservation policy with teeth that would decrease imports and slow down depletion of domestic supplies. Alongside it should come a program - funded in part by energy taxes aimed at inducing conservation - to exploit domestic potential to the fullest. To guard against a future embargo, the Government could pur chase a stock pile of oil, with producers submitting sealed bids; that just might stimulate some producing nations to undercut OPEC's prices. The U.S. nonpolicy on energy and congressional inaction...