Word: 1920s
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...most prominent worrier is Federal Reserve Chairman William McChesney Martin Jr. In his Wall Street-shaking speech last month, he stressed that one of the disquieting similarities between the 1920s and the 1960s is "a large increase in private domestic debt." Martin and some other credit experts are concerned about the spiraling of corporate debt, which rose 61% last year, now tops $400 billion. They also lament the "sloppiness" of the debt-meaning that eager lenders are reaching downward to extend credit to borrowers who never before would have qualified for it. To moderate the rapid growth of credit...
...Wall Street, they began calling it "the open-mouth policy." Out of Washington last week poured a torrent of talk about the economy, clearly designed to halt the stock market slide and to counter the impression made by William McChesney Martin Jr. in his "1920s speech" three weeks ago. President Johnson, who often uses the jawbone technique to get things done, called upon just about everyone on his team - with the understandable exception of Bill Martin - to soothe Wall Street's jittery nerves and hymn the economy's health. It was quite a performance, and it worked...
Died. Carl Lukas Norden, 85, inventor of World War II's famed Norden bombsight, a Dutch engineer who in 1904 emigrated to the U.S., in the early 1920s developed the first successful plane-arresting gear for U.S. aircraft carriers (the Saratoga and Lexington), with partner Theodore H. Barth was commissioned by the Navy to devise a better bombsight and in 1939 finally produced a compact (12 in. by 19 in.), though enormously complex, $25,000 instrument so precise that U.S. bombardiers could, as they loved to brag, literally "hit a pickle barrel from 20,000 ft."; of pneumonia...
...ahead. Some experts began to look far afield for excuses for a fall they felt was coming. They were bothered about prospects of a hotter war in Viet Nam, about possible currency devaluation in Britain, about current recessions in France and Japan. Then along came Bill Martin with his "1920s" speech-and that did it. The market's plunge since then has cost stocks a paper loss of $20 billion. On the Street last week they were calling it "the Martin Market...
...name by Betty Smith (A Tree Grows in Brooklyn), has enough sentiment and heartbreak to fill several movies; what it sorely needs is a touch of cynicism and perhaps just a glimmer of recognizable truth. Hero Richard Chamberlain (TV's Dr. Kildare), struggling through law school during the 1920s, elopes with an Irish-American lass (Yvette Mimieux) whose tenement origins and uninhibited candor are purported to be rather embarrassing for him. Actually, Yvette conceals her social liabilities behind a peekaboo brogue and matching hairdo...