Word: interest
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Dates: during 1960-1969
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...Viet Nam Veteran. Drafted to defend a dubious cause in which he has no interest, into an Army whose officers may cheat him, to fight through a hell of swamps and heat on behalf of a corrupt government whose reluctant troops are incompetent-only to return, quick or dead, to a homeland where the enemy is encouraged by his contemporaries and many of his legislators and his own sacrifices are ridiculed. No Moon...
...private hands abroad?and brought them home. The board finally closed that loophole by imposing a 10% reserve requirement on borrowed Eurodollars. Thereafter, the banks circumvented restraint by issuing vast quantities of commercial paper ?unsecured promissory notes. Belatedly, the Reserve Board plugged that loophole by placing an interest-rate ceiling on commercial paper. Now, big Manhattan banks have found still another gap in the Federal Reserve's regulations. To raise funds for domestic loans, they have begun selling large-denomination certificates of deposit to foreign central banks, which have plenty of U.S. dollars...
Still, economists generally agree that the economy now shows plenty of signs of losing momentum. As interest rates climbed to the highest peak in more than a century, housing starts fell sharply and the bond markets approached collapse. Banks, the principal buyers of municipal bonds, were short of funds and shying away from 20-year and 30-year securities with a fixed rate of return. Industrial production has slipped, and personal income is now rising at a rate of only 1.3% a year...
...market undoubtedly has been tight money. The market frequently falls before recessions and rises when they occur; thus a 1970 recession would not necessarily make stock prices fall further. But it will be hard for stocks to rally briskly until credit is eased. Economists generally expect that interest rates will taper off slightly?perhaps by 1% or a bit more?as production and demand slacken in the year ahead, but that they will stay fairly close to their historic highs for as far ahead as anyone...
...pacify Palumbo and his murderous followers. Kid Sally, who "couldn't run a gas station at a profit even if he stole the customers' cars," bungles the operation and then sets out to knock off Baccala and his gang. Caught in the crossfire is a ludicrous love interest between Palumbo's sister and an artistic con man imported from Italy to take part in the aborted bike race...