Word: thought
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Dates: during 1970-1979
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Belated and drastic, but unavoidable. That is the 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...
...easy credit," meaning high interest rates, but free availability of funds; direct control of the money supply, he 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...
...tires?" Aleksei Kosygin, the Premier, asked Farmer Bergland on his last Kremlin visit. "About every 4,000 hours," he answered. "Engines?" asked the cool-eyed Soviet, a fellow normally associated with missiles and megatons, not farm machinery. "Every 10,000 to 15,000 hours," replied Bergland. The old Russian thought a few seconds and then gave his people a short lecture about the disadvantages of the Soviet policy of replacement by the calendar, not actual need...
...acceptance of divorce or of sex outside marriage, including homosexuality. At the Chicago meeting with the U.S. church hierarchy, he praised American bishops for their doctrinal unity with the papacy. But their unity was anything but total. Grumbled one bishop: "He was harkening back to an orthodoxy that I thought we had passed by years ago." Said another: "I almost expected the bell to ring, telling us it was time to go to the next class...
...simple and suitable religious garb" as a "permanent" sign of their calling. As he spoke, about 50 nuns stood silently in protest of his policy on women priests; every one was clad in street clothes. Remarked Moral Theologian Charles Curran of nuns' garb, "Most American women thought that issue had been settled years...