Word: took
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Dates: during 1960-1969
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...Since he took over the presidency, Richard Nixon has operated on the assumption that Hanoi expects to win the Viet Nam War in Washington, as it won an earlier phase against the French in Paris. Last week, in announcing that the U.S. would withdraw 50,000 more troops by April 15, the President took another step to force North Viet Nam to re-examine that basic premise...
Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat privately at the many conventions that economists attend. McCracken has been monetarist-minded for years, and since he took office the council has begun running computer calculations about the future course of the U.S. economy based on monetary indicators. Friedman has even closer relations with Arthur Burns, Nixon's choice to succeed William McChesney Martin next month as chairman of the Federal Reserve Board. Friedman studied under Burns...
Friedman blames unknowing monetary policy in large measure for the magnitude of the Depression of the 1930s. Partly because so many banks failed between 1929 and 1933, the U.S. supply of money shrank by 33%?and that compounded a worldwide economic collapse. The Federal Reserve, which took a narrow view of its responsibilities, felt itself almost powerless to reverse the tide of events. Not really understanding what should be done, it did practically nothing to offset the contraction of the money supply...
...stock market, a leading indicator that often foretells the economy's performance in months to come, shuddered through a disastrous year. The Dow-Jones industrial average dropped 19%, from a May high of 969 to a December low under 784. The conglomerates took a beating; LTV and Gulf and Western dropped more than 50% from their year's highs. Among the blue chips, strike-troubled General Electric has sunk to 79 from a historic high of 120 in 1965, California Standard to 49 from a high of 86 in 1966, Allied Chemical to 24 from 66 in 1961, Du Pont...
...Francisco, for example, the price of a home climbed 12% in twelve months. One survey of the Bay area disclosed that there was enough low-cost housing to provide shelter for all the area's poor-but the comparatively well-off occupants refused to move out. Taxes took an ever deeper bite. In San Francisco, for example, property taxes jumped from $102.30 per $1,000 valuation...