Word: though
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Dates: during 1970-1979
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...majority opinion of TIME'S Board of Economists about the Federal Reserve Board's severe credit-tightening moves. Only one of the ten board members flatly opposed the new policy. The rest generally thought the Fed's actions would help bring down inflation at last, though slowly, at the price of a recession that most still believe will be less severe than the 1973-75 slump, but deeper than was thought a few months ago. Several cautioned, however, that continued turbulence in financial markets and the economy make the outcome unusually difficult to predict. Their individual views...
...laments Okun, senior fellow of the Brookings Institution in Washington, D.C. "I was dead wrong," he admits, in expecting unemployment to go up in September. Instead it dropped, indicating that the economy was far more resistant to a downturn that might check price boosts than had been supposed. Consequently, though Okun is usually vehemently opposed to a policy of relying primarily on money-supply policy to combat inflation, he proclaims himself "not horrified" by Volcker's actions. Okun fears that "interest rates could become so unstable as to be a major source of disturbance in the markets," but hopes...
...markets. Increasingly people are going to be squeezed out of [credit] markets at those astronomical interest rates." Heller does not, however, expect "a full-fledged credit crunch like we had in 1974." He also thinks that the U.S. can avoid a recession as deep as that year's, though only if Washington acts to ease its bite by cutting taxes...
...crunch made a big front-page splash in just about every newspaper. But the Wall Street Journal, forced by its staid though successful format to use only a single column on page one for the story, had to bury considerable news inside. The paper felt obliged to provide readers with a guide, which ran on the front page...
...Though the Carter Administration lad earlier claimed that SALT should be judged on its own merits, the White House was clearly linking the pact to NATO concerns last week. If the treaty is rejected, Administration spokesmen declared, Western Europe might face the breakdown of NATO and eventual "Finlandization," as its members seek private accommodations with the Soviet Union. Warned Delaware Democrat Joe Biden, a leading pro-SALT Senator: "Our NATO allies have had their confidence shaken by our slow response to the energy crisis, by the decline of the dollar, and by what they perceive as American foreign policy setbacks...