Word: prices
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Dates: during 1970-1979
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...Chicago Mercantile Exchange, a veteran trader emerged from a day of trying to cope with roller-coaster price changes in the pit where live cattle are traded to exclaim, "I've never experienced anything like this in my life!" In Florida, where the action this year in condominiums has been hotter than the summer sun, mortgage bankers felt a sudden chill. Said Charles Stuzin, head of a Miami savings and loan association: "People are asking, 'What's going to happen tomorrow?' Everything has moved so quickly, no one can make any plans...
...government leaders throughout Europe and bankers and businessmen around the world, the Volcker package was more than just decisive. It made basic monetary sense, something that foreigners have come to long for in the White House's increasingly ineffectual inflation fight. In the past year, not only have prices throughout the economy surged into double digits and stayed there, but the Administration's chief weapon in the struggle, its year-old voluntary wage and price guidelines program, has proved hopelessly inadequate to the task...
...underscore their approval, investors in London promptly chopped a sharp $13 off the price of gold; during the preceding weeks it had climbed by more than $100 to hit a momentary alltime high of $447 an ounce before settling back to about $385 at the beginning of October. Not only did the yellow metal on Monday droop to $372, but the dollar rebounded smartly on international exchanges, suggesting that its latest round of being bullied was coming...
...then Treasury Secretary, W. Michael Blumenthal, strongly disagreed. He argued that the slowdown was only momentary and that demand for money and credit would soon be rocketing all over again. That is precisely what happened. With people increasingly following an impulse to "buy now before the price goes up," spending began to roar anew in midsummer. Consumers once again crowded into supermarkets and stores while businesses began to borrow at a breakneck clip...
...pinch installment loans, and put a drag on sales of big-ticket items like cars, which are normally bought on credit and not with cash, most economists continue to agree that the economy is not about to drop into a free-fall plunge as it did after the oil-price shocks of 1973 and 1974. For the most part, the members of TIME'S Board of Economists predict a moderately deeper recession than envisioned in their earlier forecasts of September; but they foresee no economic tailspin, in part because the strength of spending and borrowing has exceeded even their most...