Word: amounting
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Dates: during 1970-1979
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...immediate and unusually sharp 1% rise, from 11% to 12%, in the discount rate, which is the interest the Federal Reserve charges to commercial banks that borrow funds from it. Since Federal Reserve rules require banks to keep a certain amount of money in reserve for every dollar in loans to customers, banks that want to increase their lending sometimes turn to Federal Reserve discount funds to do so. Pushing up the cost of those funds discourages banks from borrowing and thereby helps hold down the expansion of credit...
...course, the sheer virulence of the nation's inflationary malaise. In the short run, skyrocketing interest rates will just make the plague worse, since rising interest simply pushes up the cost of money. In fact, the new boost in rates makes it even more certain that the actual amount of inflation this year will far exceed the Administration's official forecast; it still maintains that the rise in prices for all of 1979 will be no more than...
...that seemed totally at odds with the Government's new credit-tightening policies. Despite predictions of a slump in home-building Carter declared: "In fighting inflation, we do not sacrifice construction jobs." Carter forecast that his windfall profits tax on crude oil will finance energy programs that will amount to "one of the biggest construction projects in world history-on a scale comparable to building our interstate highway system." Despite such rhetoric, his flat delivery was received mostly with polite applause...
Despite the ban on happy hours, drinking in the Houses is continuing--in the form of private happy hours, "fun hours," masters' receptions (at which a limited amount of free alcohol is available for House residents only) and "zorbels" (Dunster House's deadly punch, served after every home football game...
TAKE A FAMOUS CHARACTER as protagonist, add a wife and kids and a few servants, mix in a fair amount of imagined 'typical daily life' and arrive at the typewriter with the ready made historical novel. Thus we learn how Freud puts on his shirt, or how Lincoln liked his eggs. Our interest in these quotidian events lies mainly in the protagonist's eventual fame or historical dimensions...