Word: slumping
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Dates: during 1980-1989
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...says the Fed chief, as money costs climb and another slump looms...
With inflation hovering at 18% in January, February and March, as measured by the Consumer Price Index, the Federal Reserve began pressing down hard on the money supply, interest rates rose and business activity plunged. In April the dimensions of the slump, which wound up cutting overall economic output by 9.6% at an annual rate in the second quarter, alarmed even the Federal Reserve, which reversed itself and began feeding money and credit back into the economy. In the process, the cost of loan money dropped, the slide into recession halted, and by late summer business was showing tentative signs...
...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...