Word: felling
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Dates: during 1980-1980
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...billion deficit, the Fed hit the brakes hard. It imposed credit controls on consumer borrowing and clamped down on bank lending. The prime rate, which began the year at 15.25%, quickly climbed to a then record 20% in April. The price of stocks and gold, which had been strong, fell quickly. But the economy cooled so that inflation declined to the year's low in July, when there was no month-to-month change in the Consumer Price Index...
...Between April and June, the economy declined at an annual rate of 9.6%, the fastest drop since World War II. But then, with the arrival of summer and the acceleration of Carter's re-election campaign, credit controls were loosened and money became less restricted. The prime rate fell to a low of 11% in July. Yet, after November's presidential election and a new burst of inflation, the Federal Reserve Board once again tightened money, and interest rates began another steep rise, quickly passing the spring's historic interest rate records...
...from $39.50 per oz. to $50.35 per oz. People rushed to determine the value of their ancestral sterling silverware or gold rings, and of that was soon in the melting ovens metal dealers. The inevitable sell-off followed even more quickly than the increases. In one day alone, gold fell per oz., while silver dropped to $10.20 oz. in March...
...most effective campaign tactic was during the debate with President Carter when he looked at the television camera and asked the American people: "Are you better off now than you were four years ago?" The answer was mostly no. Last year alone, the average real disposable income per capita fell an estimated...
Meanwhile, the British public is frightened. London Photographer Sally Greenhill expressed a common reaction to the broadcast: "I immediately tore up my organ donor card." In the four weeks after the telecast, the number of kidney transplants fell by a quarter, but is now beginning to increase again. British doctors hope the public will finally be reassured in February, when they state their case in a special 90-minute program...