Word: keyed
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Dates: during 1970-1970
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...flaws, there was hope that the general principle would be accepted. The House passed one version of the plan. But as the filibuster against trade quotas broke out in the Senate, the welfare plan seemed locked even more closely into the same bill and was almost certainly doomed. A key opponent of the plan, Delaware Republican John J. Williams, moved skillfully on the Senate floor to keep the contending forces at each other's throats and the welfare and trade measures joined...
...labyrinth of Texas politics. Texas oilmen, who backed Nixon financially in 1968, are not happy with the reduction in the oil depletion allowance that Nixon supported as President, nor do they like his opening the door to increased oil imports from foreign producers. What is more, Texas-always a key state politically-is vital to Nixon's strategy for 1972. Connally helped Democrat Lloyd Bentsen win a Senate seat this year from Nixon's hand-picked candidate, Representative George Bush. Nixon failed to carry Texas in either 1960 or 1968; the state's 26 electoral votes could...
...Key Figure. Solzhenitsyn's arrest would be the cruel but logical culmination of a three-year effort by the KGB, the Soviet secret police, to fabricate a case against him based on Article 70 of the Russian criminal code. That article makes it a crime, punishable by seven years' imprisonment, for a writer deliberately to "disseminate slander" about the Soviet system in Russia or abroad. In order to build a case that could appear plausible in court, the KGB has planted Solzhenitsyn's forbidden manuscripts, together with spurious "authorizations," on unsuspecting Western publishers. Many Sovietologists believe that...
...much needed funds for relending to corporations that had to pay off commercial paper. The mechanism was conventional, but the need for speed was so urgent that five top officers of the New York Federal Reserve Bank spread news of the rescue scheme by making weekend phone calls to key Manhattan bankers. Banks borrowed heavily from the Federal Reserve, and advanced some $2 billion to cash-shy corporations. In addition, the board relaxed its controversial Regulation Q, which had limited the amount of interest that banks could pay for large deposits. Result: banks picked up $13 billion more by marketing...
...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...