Word: timing
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Dates: during 1960-1969
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Smelling the Public. Kerkorian hopes that Aubrey, whom he met for the first time only two weeks ago, can put new vigor into the ailing MGM lion. Kerkorian wanted a show business veteran to replace financial man Polk, but his choice for the presidency, Herb Jaffe, a vice president of United Artists, turned the job down. Gregson Bautzer, the Los Angeles socialite lawyer who counts both Kerkorian and Aubrey among his clients, introduced the two men at the Beverly Hilton and recommended Aubrey for the job. Bautzer's sales pitch: "Jim Aubrey has a real good sense of smell...
...Jeep deal was typical of American's growth-minded aggressiveness since Chairman Chapin and President William V. Luneburg took over in 1967. At that time, AMC's future seemed so shaky that its creditors, a consortium of 24 banks headed by Chase Manhattan, examined the books every ten days. The new chiefs sold AMC's finance subsidiary and Kelvinator Appliance to pay some of the debts, trimmed costs by $20 million annually to cut the breakeven point from 343,000 to 250,000 cars a year, and last year turned a profit...
...middle-aged executive recently got that big break-a promotion that transferred him from a branch office in Washington, D.C., to company headquarters in Manhattan. His professional leap forward sharply set back his personal standard of living. For the first time in his life, he cannot buy a house or rent an apartment that fits both his means and his expectations. He moved out of a $400-a-month, eleven-room house in the capital; he is willing to pay $600 for less space in an area that has commendable schools and is not more than one hour...
...almost twice as fast as the over all cost of living. The average new house in the U.S. now sells for about $26,000; the same one would have cost $20,200 in 1966. In many suburbs, prices have jumped a good deal faster than that. At the same time, the overwhelming demand for apartments has pushed up rents, and vacancy rates have fallen to the lowest level in twelve years...
Builders complain that housing is being squeezed by the Government for the fifth time in 15 years. Paul McCracken, chairman of the President's Council of Economic Advisers, admits that they have a point. Because housing depends so greatly on credit, he concedes, the industry lies "at the end of the economic whipcracker." When the Government snapped that whip by severely tightening money in 1966, housing absorbed 70% of the resulting cutback in lending. Builders had not yet made up for their 1966 production losses before they were hit again...