Word: summer
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Dates: during 1970-1979
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...danger is the threat of an outright credit crunch. That would occur if the Federal Reserve's tightening up of money, and the resulting rise in interest rates, reach such levels that borrowers found it impossible to get money on almost any terms. Such a squeeze occurred in the summer and fall of 1974, and almost immediately forced businesses to lay off upwards of 2 million workers because of the unavailability of even short term credit...
...mood; optimism was king. The stock market law of gravity held that whatever goes up must go up again. During one day, RCA-the IBM of its era-soared 40 points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith, author of The Great Crash, a study of the 1929 debacle: "It would be hard to find any buildup of speculative hubris that would make...
...asserts, is preferable. But Weidenbaum cautions that there is "no guarantee" the new policy can bring down inflation, while in his mind it produces "more certainty" of a recession. Weidenbaum had thought the recession would last through next spring; now he feels it might drag on through next summer...
Indeed, some of those tremors have already been felt: 1) the five-week-long diplomatic wrangle with Moscow over the presence of a 2,600-man Soviet combat brigade in Cuba; 2) the Cuban-supported Sandinista revolution that overthrew Nicaragua's Dictator Anastasio Somoza Debayle last summer; 3) the left-wing coup in Grenada last March, which replaced Prime Minister Sir Eric Gairy with a socialist regime that established relations with Havana. There is worry in Washington that the Sandinista revolt could spill over into El Salvador and Guatemala, where repressive military regimes are struggling against leftist dissidents. Grenada...
...timed. Last week on both sides of the Pacific, there were signs that the chill in Washington-Tokyo relations caused by the U.S.'s chronic and massive trade deficit with Japan was beginning to dissipate. Said Mike Mansfield, U.S. Ambassador to Japan: "It's been a good summer. I haven't heard the word protectionism for months." By contrast, he said, the previous two years had been "among the most difficult in the U.S.-Japanese relationship since the end of World War II." In Washington, even Congress's Joint Economic Committee stopped growling. Texas Senator Lloyd...