Word: slump
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...says the Fed chief, as money costs climb and another slump looms...
Whether the stock surge was the start of a long Reagan rally was problematical. If the buying spree continues, it will be in the face of not only signs of continued economic .slump and inflation but also some Wall Street history. In modern times, stocks have usually climbed through the first year of a new Democratic Administration.* But the last time the Dow rose in the Inaugural year of a Republican Administration was in 1925, after Calvin Coolidge was elected...
...standards of living. Reagan endorses the views of so-called supply-siders like Congressman Jack Kemp and former Treasury Secretary William Simon, who want to spur growth by stimulating business investment rather than consumer spending. The President-elect maintains that the country can spend its way out of the slump without stoking inflation...
...Detroit 1980 was the year the U.S. auto industry launched a do-or-die campaign against imports. Commercials have pitted new, small, front-wheel-drive cars against foreign competitors in bumper-to-bumper comparisons, as automen tried to fight their way out of an 18-month sales slump. Last week, however, they lost a major battle in their campaign. After 19 weeks of inquiry, including 44 hours of public hearings, the U.S. International Trade Commission ruled 3 to 2 against an argument by Ford and the United Auto Workers' union that the tide of overseas autos, particularly Japanese models...
...imports can be restricted only if the ITC finds them to be as big a factor as any other in causing the industry-wide malaise. The commission did not. The three members who formed the majority (all of whom happen to drive foreign cars) judged that the business slump and the rising popularity of gas-sipping models were more to blame. Said Commissioner Paula Stern, 35, a Carter appointee and former legislative aide in the Senate: "I have found that economic conditions-recession, the credit crunch, rising costs of car ownership-and a major, unprecedented shift in demand from large...