Word: programing
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Dates: during 1980-1989
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...spite of the President's and Congress's pledges to cut spending and balance next year's budget, the murky world of finance held the spotlight because the most immediate effects of the Carter program would be felt by banks and other savings institutions. The President's decision to use the Federal Reserve to slow the growth of credit would pinch every sector of the economy from department-store dishware to heavy-industry assembly lines. Some bankers even feared that a credit crunch, when almost no loan money would be available, could hit by summer. That...
Just as Carter was making credit control a key focus of his retooled anti-inflation program, a joint congressional conference committee was agreeing, after years of debate, to broad-ranging legislation that would dramatically alter the structure of American banking. This will intensify the survival-of-the-fittest struggle going on among savings institutions, as they labor with soaring interest rates and try to attract new depositors...
Largely in response to such protestations, the Federal Reserve announced, as part of the new Carter program, that all money market funds must set aside 15% of any future deposits in non-interest bearing accounts with the Federal Reserve. Since money market funds cannot then invest this cash in bank certificates of deposit or any other high-yielding accounts, the effect for fund shareholders would be a modest reduction in the net interest they could earn...
...most intriguing examples of successful inflation fighting is Singapore. From 1975 through 1979, consumer prices in that booming island republic rose by only 3% a year. How was this possible? Through balanced budgets, cautions monetary policy and an enforced saving program that soaks about 30% of the nation's wage bill for capital spending. Explains Economist Pang Eng Fong: "There's a very Confucianist philosophy of government here that saving is good and spending...
...effect, it was like starting an armaments program without fully understanding how the weaponry works. If interferon is the body's Paul Revere, designed to warn against viral invasion and stimulate the defense forces, why does it also appear to work against cancer? Though viruses are suspect in some human cancers, interferon also seems to work against tumors generally thought to be caused by nonviral agents such as radiation and chemicals...