Word: priming
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Dates: during 1970-1979
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Even before the opening bell rang, the traders, specialists, clerks and messengers who work on the floor of the New York Stock Exchange sensed that Wednesday would not be an ordinary day. The Federal Reserve Board's decision to raise the prime rate had already rocked the stock market, triggering a frenzied sell-off that had sent the market plummeting by a startling 26 points on Tuesday-the worst setback it had suffered in nearly six years. Now, at brokers' booths and trading stations, everybody was fretting about what worried investors would do next. "We're going...
...United States," pumping up credit availability and increasing inflation. "But the key and by far the most important change is to switch to a policy of constraining money supply as distinct from manipulating interest rates." Greenspan grants that "for an interim period, interest rates could be highly unstable; the prime rate could easily go up to 16%." But he would have gone further than Fed Chairman Volcker: "I would also have announced some major curtailments of federal subsidy programs for credit, such as programs to subsidize mortgages and student loans." He predicts that the chairman will stick to his stern...
Builders are in trouble too. On construction loans, they generally pay 2 points above the prime interest rate that banks charge their top corporate customers. That means builders are paying 16½% interest, vs. 15½% only two weeks ago. Various charges may bring the effective interest rate to a towering 20% by the end of the year. Builders will start fewer houses and charge more for them. The National Association of Home Builders figures that the average price of a new house, now $64,000, will go up $1,000 by Dec. 31, and the combination of price increases...
...American Lake." Travel ads entice U.S. tourists with the promise of swaying palms and unspoiled vistas of sandy beach. But the nationalistic winds sweeping through the Third World have created a new mood of anti-imperialism in the Caribbean, directed against the big Brother to the north. Says Deputy Prime Minister George Odium of newly independent St. Lucia: "The Caribbean is going through a period of searching for its own structures and systems. Traditionally we have had the Western systems and structures. Now we are looking at them to see how they are related to our own circumstances...
...five-week-long diplomatic wrangle with Moscow over the presence of a 2,600-man Soviet combat brigade in Cuba; 2) the Cuban-supported Sandinista revolution that overthrew Nicaragua's Dictator Anastasio Somoza Debayle last summer; 3) the left-wing coup in Grenada last March, which replaced Prime Minister Sir Eric Gairy with a socialist regime that established relations with Havana. There is worry in Washington that the Sandinista revolt could spill over into El Salvador and Guatemala, where repressive military regimes are struggling against leftist dissidents. Grenada's warm embrace of Havana could set an example...