Word: upturn
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Dates: during 1970-1979
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Carter's approval rating spurted eleven points in a New York Times-CBS poll, to 37%?the first upturn since a survey last March. Even critics who faulted his energy program as too timid regarded it as a much needed beginning (see ECONOMY & BUSINESS). Said Democratic National Chairman John White, who thought he saw the makings of a re-election winner in 1980: "I took down my 'for sale' sign this morning...
...last. Many, including several large insurance companies, have been sellers of stock, and even Citibank has been using the rally to sell and diversify rather than to buy. Still, there has been a bandwagon effect as the majority of institutional investors have rushed in for fear of missing the upturn. Says Paul L. Smith, chief financial officer of California's Security Pacific National Bank: "These fellows are all scared of being left at the starting gate. The minute somebody starts to buy, the others don't want to get left...
...malaise has its roots in the worldwide recession of 1974 and 1975. At first Sweden seemed to have found its own unique answer to the slump: ignore it so as to be ready for the expected global economic upturn. While other countries struggled with recession and layoffs, the Socialist government of Prime Minister Olof Palme simply subsidized industry. Companies were paid to maintain full production and full employment, even when they could not sell and had to stockpile their goods in anticipation of a surge in demand. The immediate result was a flush of apparent prosperity, which allowed militant unions...
There was substantial economic improvement last year, Carter said. He attributed the reduction in unemployment and the slowing of inflation to his policies. Fogel agreed that the economy did show improvement, but he added that there was still a question of who was responsible for the upturn...
...agencies issued a terse one-paragraph announcement that the U.S. would actively begin supporting its weakening currency on world markets. That afternoon, the Federal Reserve began buying up unwanted dollars to shore up their price. The move touched off one of the wildest dollar rallies ever, but the upturn was as brief as it was explosive. By week's end the dollar was slipping again, raising the question of whether U.S. intervention in the money markets can buy anything but temporary relief for the battered buck...