Word: weekes
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Dates: during 1970-1979
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After the upheavals caused by Volcker's monetary policy moves, the international commodity and money markets last week were enjoying rare refreshing quiet; the dollar held its own in Europe and rose dramatically against the yen in Japan. At the same time, gold slipped moderately to end the week...
Carter Administration officials are remarkably untalkative about the record rates, evidently in hopes that the developing downturn will become known as the Volcker Recession rather than as a product of Jimmynomics. Indeed, voters do seem concerned about the climbing cost of money. One night last week, when Volcker arrived at Washington's Kennedy Center for a preview showing of Tom Stoppard's play Night and Day, a woman approached him and said plaintively, "Please, don't let interest rates stay high for too long." Replied the Federal Reserve chairman, as he removed the cellophane from...
...York Stock Exchange can listen to the hum of voices around him and tell what is happening. An up market has a different pitch from a down market. But old Wall Street hands vividly remember an exception to that rule. One day 50 years ago next week, recalls David Granger, 76, a senior partner at Granger & Co., a Wall Street brokerage house, "there was a hush over the floor that I've never heard since. It was funereal." Indeed, it was Oct. 29, 1929 -Black Tuesday, the most cataclysmic day of the Great Crash. It was the day prosperity...
...when acquittal was an nounced the Geneva courtroom erupted in applause. Then a smiling Bernie Cornfeld, 52, the bearded hustler from Brooklyn who had founded Investors Overseas Services, the bankrupt European-based mutual fund empire, repaired to a near by cafe for a victory celebration. After a four-week trial that even the presiding judge described as a "circus," Cornfeld was declared innocent of charges that he had coerced employees of I.O.S. into buying its stock when he knew his operation was collapsing...
...Last week the phones jangled for nine more winners, who, following the medicine award announced the previous week -to Allan Cormack, 55 (U.S.), and Godfrey Hounsfield, 60 (British)-completed this year's prize slate of eleven. The 1979 list of winners is notable for several reasons. For once, the often controversial Peace Prize went to an individual beyond criticism or calumny: Mother Teresa, 69, who has spent a selfless lifetime working in the slums of Calcutta. The prize for literature went to the Greek lyric poet Odysseus Elytis. The twin economics prizes went to men whose concern has been...