Word: supertight
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Dates: during 1970-1979
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...motorcades wound through the clogged streets of Caracas. It was a typical Panavision entrance for the 13 oil ministers of the Organization of Petroleum Exporting Countries. The price-fixing cartel that had tiptoed onto the stage of international power politics a decade earlier was gathering amidst pomp, pageantry and supertight security to do what it had learned to do best: demand more money...
While the market for houses is slumping, sales of condominiums and cooperative apartments are holding up better. They account for only 2.3% of all U.S. housing, but in recent years they have become the hottest properties in residential real estate, and supertight money seems unlikely to put more than a temporary brake on demand...
Another prime requisite is that governments should be prepared to change fiscal-monetary policy in the early stages of slump or boom. A mildly restrictive policy in the late 1960s would have done more to restrain price increases than the recurring rounds of supertight money that followed after inflation had gathered powerful momentum. Similarly, a small tax cut and moderate expansion of the money supply last summer would have combatted unemployment more effectively than the heavy stimulus that was applied this spring...
Brown demands similar restraint by the state. After scrutinizing every agency's spending proposal-a feat performed by no other California Governor in memory-he offered a supertight budget of $11.3 billion for fiscal...
Part of the reason for the rate drop is that the Federal Reserve Board has gingerly loosened its supertight money policy in recent weeks, though Chairman Arthur Burns insists that the board is not yet ready to greatly relax its reins on credit. Even more important in making borrowing cheaper has been the weakening in loan demand as the economy declines...