Word: instead
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Dates: during 1980-1980
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...wealthiest of Reagan's appointees so far, Donovan is also the most reclusive. As a young man, he considered becoming a priest. Instead, after graduating from New Orleans' Notre Dame Seminary in 1952, he returned to Bayonne to help support his younger brothers and sisters. He joined Schiavone Co. in 1959 as vice president in charge of labor relations and finance. Donovan is now executive vice president of the firm, which specializes in building bridges and tunnels. Donovan now lives with his wife and three children in a large colonial home in affluent Short Hills...
...most immediate sign that Chairman Hua is in trouble was that he has not been seen in public for more than three weeks. Last week he even failed to turn up for a visit by a Greek Communist Party delegation; the group was received instead by Hu Yaobang. Hu, like Deng, is one of the few survivors of the Long March. Like Deng, too, the peasant-born Hu has been twice purged and twice rehabilitated. His resurgence was signaled last February when he was named head of a restored party secretariat, a post that gives him control of the party...
...which helps determine the level of interest rates for borrowers and lenders alike. In October 1979, the Fed announced that it was scrapping its traditional inflation-fighting tactic of trying to regulate overall economic activity by manipulating interest rates within a narrow and relatively low range. The bank decided instead to attack the problem more directly by curbing the growth of the money supply itself...
...squeeze on credit was a major burden on business all year long. Companies began avoiding new debt financing through the long-term bond market because high rates made that too expensive. Instead, they turned to banks for short-term loans that would not lock them into high rates for ten years or more. Industries that depend heavily on credit, particularly home building and auto sales, have been staggering. Lone Star Industries, the country's largest cement producer, last week took out full-page newspaper ads featuring a large skull and crossbones and the warning POISON...
...free from unreasonable searches and seizures, W. Mark Felt, 67, who had been the FBI's deputy director, and Edward S. Miller, 52, once its chief of domestic intelligence, could have been given ten years and $10,000 fines. But Bryant chose not to jail them. Instead he fined Felt $5,000 and Miller...