Word: sup
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Dates: during 1970-1979
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...just such evidence of economic strength that two weeks ago led Federal Reserve Chairman Paul Volcker to push up interest rates to new highs and announce new measures to curb the inflationary growth of the nation's money sup ply. But the money stock actually expanded by $2.8 billion in the first week after the "Volcker Package" was announced, and the Fed immediately began tightening credit and forcing up interest rates still further. This drove the Dow Jones index of industrial stocks down an extra 24 points last week, renewing memories of the Great Crash that occurred 50 years...
...idea of revamping the tax laws to bolster investment has lately captured the imagination of political leaders. And the plan that is attracting the most sup port will speed up the slow, cumbersome system of tax depreciation. At present, companies are allowed to take deductions from their income to make up for the depreciation of their aging factories and equipment. Those deductions vary according to the expected life of the plant or gear. For example, railroad equipment can be depreciated over 40 years, tractors over three years. Faster depreciation would reduce taxes and thus increase the capital available for investment...
Callaghan is also being helped by an embarrassing internal feud within the Conservative Party. Former Prime Minister Edward Heath, whom Thatcher deposed as party leader three years ago, broke with party policy by openly sup porting Callaghan's wage stand, even as he campaigned for the Tory candidate in the Scottish by-election. Conservative M.P. George Gardiner, a Thatcher brain-truster, last week complained that "receiving support from Ted Heath is like being measured by an undertaker." A Labor Party spokesman had a quick retort: "Perhaps the result means that rank-and-file Conservatives prefer their former leader...
...problem for Senate G.O.P. members and particularly for the minority leader, Howard Baker of Tennessee, who wants a shot at his party's presidential nomination in 1980. Last month after a visit to Panama, requested by the country's ruler, General Omar Torrijos, Baker announced his pivotal sup port for a slightly modified treaty. "I told Senator Baker," said Majority Leader Robert C. Byrd, "if either you or I go against the treaties, they probably will be defeated. If both you and I go for them, they may be confirmed...
They elegantly sup...