Word: stillnesses
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Dates: during 1960-1969
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...allowed to stay open, authorities admit. Federal Reserve officials feared that if they had closed every gap in the regulations, some banks might have failed. In a banking system based on confidence, that might have touched off a financial panic, something that the Federal Reserve is sworn to prevent. Still, Board Chairman Bill Martin admitted to Congress that the "safety valve" had become "an escape hatch through which restraints are being avoided." The banks also flooded the country with new credit cards, which stimulated consumer spending and certainly did not reduce
Businessmen are still borrowing expansively and betting on continued inflation. They figure that demand will remain high, and so they had better build plants and buy equipment now instead of waiting until prices go up still further. Despite dwindling profits, scarce credit and excess capacity, the Government's latest survey shows that businessmen plan an 11% increase to $71 billion in their investment for plant and equipment next year. Capital spending has been an important force behind inflation in recent months, and such an increase would add greatly to price pressures...
...Still, economists generally agree that the economy now shows plenty of signs of losing momentum. As interest rates climbed to the highest peak in more than a century, housing starts fell sharply and the bond markets approached collapse. Banks, the principal buyers of municipal bonds, were short of funds and shying away from 20-year and 30-year securities with a fixed rate of return. Industrial production has slipped, and personal income is now rising at a rate of only 1.3% a year...
...former head of the Council of Economic Advisers, calls the chance of either a recession or a continued boom "a long shot." By his handicapping, the Government stands a 50% chance of bringing the inflation rate down to about 4% without causing a politically unacceptable rise in unemployment. Still, Okun insists?as do the other members of TIME's Board of Economists?that it is high time the Federal Reserve eased its monetary brakes...
...Still, as a footnote to American history, They Shoot Horses, Don't They? is invaluable. The entire cast-particularly Young and Fonda-understands the era when existence seemed one long bread line. The penciled eyebrows, marcelled coiffures and bright, hopeful faces change by degrees into ghastly masks; the bodies seem to pull against a gravity that wants them six feet underground. The music goes round and round, and so do the actors, in a coruscating dance of death. It is a pity that the picture is not left to them. The film makers should have known better than...