Word: slump
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Dates: during 1970-1979
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Cornell's victory over Harvard last year lifted the Red out of a slump and the team finished out 4-2. "That was a real thrill for us." Marinaro recalled. "The Harvard defense was third in the country and Harvard hadn't lost an Ivy game in two years...
...comeback should be certified a recovery. The strike at General Motors will distort the picture for the next six months or so. The walkout, Arthur Okun estimates, will chop $1 billion off the gross national product for each week it lasts, and give a misleading impression of a deepening slump. In early 1971, Okun adds, catch-up production by G.M. will paint an equally deceptive "rosy glow" on the economy. David Grove believes that this false picture will be heightened by steel users, who will be buying heavily to hedge against a possible mill strike in August...
...have time to spend it, and when sales go down and layoffs come, no one has any money at all," says Powarowski. His own annual income has dropped from $12,000 to $7,000 because his hours have been sharply reduced during this year's auto-sales slump. Besides, he finds the job maddeningly dull, if not physically taxing. "The only fun I have," he says, "is getting a few cold beers after work...
Rock music has brought fortunes to hundreds of youthful performers, offbeat promoters and once unknown musical entrepreneurs. As a cultural phenomenon that knows no season, rock has also made the nation's record industry immune to this year's economic slump. Recording companies expect to reach an alltime sales peak of $1.8 billion in 1970, a 14% increase. The company that has profited most from the trend is Columbia Records, a division of Columbia Broadcasting. In the past three years, Columbia has doubled its share of the record market, to 22%, an amount almost as large...
...This group is controlled by South Africa's Oppenheimer family through its De Beers company, of which the British and French Rothschilds are directors. The syndicate has a policy for holding up prices: it regularly increases them during times when world business is strong and during times of slump keeps stones in inventory rather than reduce prices. As a result, many investors continue to put their money into diamonds, which over the past five years have risen in value by 20% to 60%, depending on size and quality...