Word: board
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Dates: during 1970-1970
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...fund organization selling shares to foreigners. Denver's John King, whose King Resources sold interests in oil wells and other holes in the ground, tried to come to Cornfeld's rescue with a loan. Instead, King himself was caught in a money bind and ousted by his board. Keith Barish, 26, a financial whiz who had made Nassau's Gramco Management Ltd. the second-ranking offshore mutual fund complex, was also hit by a wave of fund redemptions that forced him to suspend some operations. Several big-thinking Texans were deflated. James Ling, whose merger magic...
Ripples from the Rates. Much of the financial distress has been alleviated since the Federal Reserve Board again began expanding the money supply. Since Arthur Burns took over as chairman in February, the board has fairly consistently increased the money supply at an annual rate of 5% or 6%. Because it usually takes six to nine months for changes in money policy to turn the economy around, the effects of ease have only recently been felt...
...will probably be a reduction in the hiring of the newer, younger workers who have always provided the fresh ideas-the zip and leaven-for business. Unemployment will climb next year, probably exceeding 6% during some months before tapering off later in 1971. The members of TIME'S Board of Economists foresee relatively high unemployment, coupled with about a 3)% rate of real economic growth and close to a 4% rate of inflation. That would make for a total of something more than 7% growth in the gross national product, lifting it from $977 billion this year...
Then there is the question of the money supply. In his speech to the National Association of Manufacturers three weeks ago, the President said that Burns had given him a "commitment" that the Federal Reserve Board would "provide fully for the increasing monetary needs of an expanding economy." The following week. Burns, in a typically Delphic passage in a speech, left policywatchers guessing as to whether any such deal had been struck. Most common guess: no. Besides, Burns is only primus inter pares on the Reserve's twelve-man Open Market Committee, which regulates the money flow. A number...
...Matter of Mood. Even if more money pours forth from Congress or the Federal Reserve, the big question is how much jittery consumers will spend. "The consumer is the key to 1971," says Harvard's Otto Eckstein, reflecting the overall view of TIME'S Board of Economists. "If retailing does not do very well next year, nothing else will...