Word: willingly
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Dates: during 1970-1979
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The Fed's draconian measures have first hit the housing industry. Last week the National Association of Home Builders called an emergency meeting in Washington to bewail the high mortgage rates. The group's economist, Michael Sumichrast, darkly predicted that housing starts, which ran at a 1.9 million...
But as Volckerism continues to drive up the cost of money and tighten credit much further, the cheering will increasingly be mixed with catcalls. House Majority Leader Jim Wright of Texas is already bitterly denouncing the Federal Reserve for "pouring gasoline on a fire in a misguided effort to put...
Breaking the inflationary psychology after 15 years of ever higher prices will be a titanic task. The American consumer has developed the attitude of "buy now before it's higher," as new figures showed again last week. Consumer installment debt exploded by a record $4.5 billion during September to...
The inflation outlook offers no reason for the Fed to pull back. Last week Carter's anti-inflation czar, Alfred Kahn, admitted that his earlier hopes for the nation to be out of double-digit inflation by next spring have been eliminated by increases in oil prices and mortgage...
For all that, most shoppers still echo Estelle Wollman, 70, who plans to close a deal on a Sunrise, Fla., condo not far from Fort Lauderdale: "I can't worry about interest rates now. Where am I going to go? I don't want to live in a...