Word: walls
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Dates: during 1970-1979
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Interest Rates. Higher demand for loans and Federal Reserve Board efforts to prevent inflationary growth of the U.S. money supply are pushing up lending charges. The bank "prime" rate on business loans has jumped from 6¼% at the start of 1977 to 8% now; some Wall Streeters predict it will reach 8¾% or even 9% by year's end. The rise makes it more expensive for consumers and businesses to buy or build with borrowed cash. It could put an end to the housing boom by causing savers to pull their money out of savings banks and savings and loan...
...hard, as might be expected of the man who has the responsibility for formulating domestic and international financial and tax policies, managing the public debt and supervising the Treasury's major law enforcement arms, including the Secret Service. But he delegates wisely; he recruited Robert Carswell, 49, a Wall Street lawyer, as Deputy Secretary to handle the Treasury's 126,344-employee bureaucracy, and assigned Anthony Solomon, 58, an economist and State Department veteran, as Under Secretary for Monetary Affairs, to run daily international operations. That leaves Blumenthal free to concentrate on the big-bang issues of inflation...
...signs of East Germany's icy displeasure were unmistakable. Bound for East Berlin on a private visit, West German Christian Democratic Party Leader Helmut Kohl and three aides last weekend routinely handed over their passports at the Friedrichstrasse checkpoint near the Berlin Wall; there a squad of gray-coated Grenzpolizei, the Communist border guards, brusquely barred their way. Kohl had crossed the Wall several times in the past, but this time he was forced to wait at the checkpoint for an hour and then was told that his visit was "undesirable." Although the Bonn government protested that the East...
...cause for smiles or scowls, but right now they seem to be causing neither to any great extent. True, new-car sales were down during the Jan. 1-10 period, v. the same period a year ago-the sixth consecutive decline. But neither Detroit's automen nor Wall Street analysts seem particularly worried. As Dick Barrett, a Cadillac dealer in Youngstown, Ohio says, "I don't see a big increase, but 1977 was a very good year, and without any increase we'll still have a good year...
...That would be handsomely above the 11.1 million units sold in 1977, and even ahead of the record 11.4 million cars sold in 1973. Most other auto executives' predictions are in Murphy's ballpark, though not quite so far up in the bleachers. Even industry analysts on Wall Street, who are generally less optimistic than the automen, see a good if not great year ahead, with sales well above 10 million vehicles...