Word: majority
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Dates: during 1960-1960
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Last week, under the guidance of Prince Subha-dradis Diskul, curator of the National Museum in Bangkok, Manhattan's Metropolitan Museum was setting up the first major exhibition of the art of Thailand ever to come...
...entry in the economic phrasemaking derby came from Charles L. Schultze of Indiana University, who described current conditions as "high-level creeping stagnation." The major reason for the economy's failure to rise strongly from the 1958 recession, said Schultze, was too much tightening of credit by the Federal Reserve Board, and the Government's attempt to "budget for an overly large surplus." "If these restraints were relaxed," added Joseph Pechman of the Brookings Institution, "I would have little doubt that the economy would grow faster and that this growth would be interrupted less frequently by periodic recession...
...this spending was cut back only 4%, will run about 10% ahead of 1959. It was the Government's third downward revision-to an annual rate of $35.7 billion-of its original estimate of $37 billion. But the drop-off was so small that it was not a major depressant on the economy. While the report estimated that plant and equipment outlays will slide further to $34.9 billion in the first quarter of 1961, this prospect was not as bad as earlier expectations...
...nation's most pressing domestic economic problem-both immediate and long-range-is the rising rate of unemployment. Last week the immediate problem was starkly emphasized when the Labor Department added nine more major industrial areas to those with "substantial" unemployment, bringing the total to 51 of the nation's 150 biggest industrial areas. President Eisenhower was reported "concerned" over the high U.S. unemployment rate, which is now more than 6% of the labor force...
...word rolled out like a dirge in a Philadelphia court last week as lawyer after lawyer rose to voice the history-making plea for his clients. They were 19 major electrical manufacturers, including General Electric Co. and Westinghouse Electric Corp., charged by the Government with conspiring to rig bids and fix prices in the sale of $7 billion in electrical equipment (TIME, Dec. 5). In the largest criminal case in the history of the antitrust laws, most of the companies were allowed to plead nolo contendere (no contest) in certain cases, provided they pleaded guilty in seven major cases...