Word: panic
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Dates: during 1980-1980
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...everyone agrees with Herbert. The subcommittee has been conducting hearings into the Hunts' silver-buying activities, which triggered the worst financial panic in nearly 20 years; silver that had cost more than $50 per oz. in January slumped to $10.20 per oz. in late March. The congressional investigators are trying to discover how the Hunts had corralled so much of the world's silver and how deeply they went into debt during the silver crash. The brothers' foggy memory on some of these points last Friday caused sharp exchanges with Subcommittee Chairman Benjamin Rosenthal. When asked about...
...council, concentration selection meetings and, of course, the proctorial and advising system. In the last three years, since all freshmen have been housed in the Yard, the FDO has had to deal with what Henry C. Moses, dean of freshman, terms a "tough philosophical question." "Is the level of panic higher if the community's entirely frosh? I don't know," he concedes. Though he says Harvard "has two freshman years in effect," Moses thinks most freshmen appreciate the chance to get to know people in their class. "They know they're not alone, and it's easy to meet...
...first of the year. The latest rise pushed the country's basic price for business borrowing money to its highest level in 141 years. The alltime record holder: 36% interest in 1839 during the Martin Van Buren Administration, when overextended land speculators and merchants set off financial panic, one-quarter of the young nation's banks failed, and a deep depression helped kill Van Buren's hope for a second term...
This time around, nobody is in a panic, but the anxiety index is rising. Some economists are beginning to wonder whether Federal Reserve-imposed credit controls and prohibitive interest rates may lead to an economic freeze rather than simply the desired cooling shower for business. Almost as soon as interest rates hit the numbing 20%, several bankers were predicting that they would keep marching toward 22% or more and cause a serious economic decline. Yet the high cost of money seemed unavoidable, if inflation is to be controlled. Said Economist Alan Greenspan: "The only safe policy at this stage...
Nelson Bunker Hunt is lying low these days, which is not easy for the 275 Ib. Croesus, whose silver market setback last month triggered Wall Street's worst panic in nearly two decades. Hunt had tried to corner silver and been badly squeezed, when prices plummeted from $21.50 per oz. to $10.20 in less than four days. Early last week Hunt was tucking into a steak dinner in the Rib Room of London's Carlton Tower hotel when a Merrill Lynch customer's man seated near by spotted him. After Hunt had returned to his room...