Word: steep
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While nations have struggled with the twin scourges of swift inflation and slow economic growth, millions of people have lost their jobs. Steep interest rates have destroyed thousands of businesses. Countless companies have been unable to modernize obsolete factories. The promise of economic expansion, always the driving force of capitalism, suddenly seems in jeopardy...
...vacation in Athens, Greece. Quickly, he headed back to Lebanon, ordinarily a 90-min. flight but now, with Beirut's airport closed, a grueling, scrambling 2-1/2 day ordeal. Middle East Bureau Chief William Stewart, returning to Beirut from an overnight visit to Syria, drove along the steep, twisting Damascus Highway. "As Bureau Driver Salim Karami and I went along the narrow road," he recalled, "we were constantly forced to the side to make way for the Syrian 1st Armored Division to pass through to Lebanon's Bekaa Valley." Two days later, TIME Cairo Bureau Chief Robert...
...cars and convertibles have added a spark to auto sales, most of Detroit's factories will not be in full gear until the American middle class can once again afford a new car. A break in interest rates would help, but many buyers would still be deterred by steep sticker prices. Even the cheapest Chevrolet costs $5,270. William Goff, 52, a Dearborn, Mich., telephone worker, was discouraged by what he saw last week at a GM showroom. Said he: "I can't believe that some of these cars cost more than I paid for my house." Many...
...interest rates so high? A recent visit to an eighth-grade civics class at St. Peter's School in Geneva, Ill., was no exception. Sitting on the edge of the teacher's desk, next to the world globe, Ronald Reagan patiently explained that interest rates are still steep because the financial markets expect Government policies to spark a renewal of rapid inflation. "We're trying to convince them that isn't so," said the President. "And I think pretty soon, when we announce a bipartisan agreement on what we're going to do with regard...
...nearly a decade, escalating energy prices have sapped the economies of industrialized countries, spurred long and steep inflation, and sent hundreds of billions of dollars flowing into the treasuries of a handful of oil producers. Now the combined effects of recession and conservation have sharply curbed demand for oil and forced the most serious price break since the Organization of Petroleum Exporting Countries quintupled the cost of crude between...