Word: offing
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Dates: during 1970-1970
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Through the early part of the year, inflation psychology kept its grip on the minds of investors and businessmen. Then, in the space of a month, two events turned the mood from hope to gloom and brought the nation closer to financial panic than at any time since the 1930s...
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There were many other causes of business distress. While consumer demand for goods and services softened, U.S. labor's demands for more wages and fringes hardened. The nation lost more working time through strikes-60 million man-days-than in any year in the past decade. Major union contracts...
On top of the economic problems, social and racial tensions aggravated businessmen's distress in 1970. Shoplifting has tripled since 1959. The trend alarms many merchants, who point out that pilferage now costs them-and their customers-2½? out of every dollar of sales. Insurance executives, defending themselves...
Change in Psychology. Most of 1970's economic headaches, however, were caused by the deliberate action of Government. In its belated battle to control inflation, the Federal Reserve Board had set its monetary dial at "full stop" in mid-1969. Between then and February of this year, the board...