Word: surpluses
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Dates: during 1960-1960
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...Coast. Young Lawrence had learned metalworking on vacations in his father's shop, had rushed through the University of Southern California, the California bar exams and Harvard Business School by the time he was 22. In 1946 he cut loose from the family circle to buy a war-surplus aluminum-extrusion plant in Torrance, Calif. He soon persuaded the rest of the family to go along, and the Harvey Machine Co.'s equipment was sold at public auction to finance refurbishing of the Torrance plant...
...expenses. Total money in circulation: 194 billion cruzeiros-nearly three times the amount when Kubitschek took office. Brazil's builder-spender increased the internal debt more than five times, more than doubled the foreign debt. As a result, the balance of trade has slumped from a $194 million surplus in 1956 to deficits as high as $283 million in the succeeding years...
Quadros' most grotesque legacy from Kubitschek is the outgoing President's 1961 budget, presented last week. By vastly underestimating expenses and conjuring up imaginary income, Kubitschek's budget wizards produced a fictitious surplus, estimated at 520 million cruzeiros. Even that "surplus" lasted only until Congress met to consider the matter and added more than 1,000 amendments (among them: deputies doubled their living allowances, voted themselves four all-expense round trips to Rio every month). In the blithe realization that it will be Quadros who will have to whittle the monster budget down to unpopular reality, Kubitschek...
...described current conditions as "high-level creeping stagnation." The major reason for the economy's failure to rise strongly from the 1958 recession, said Schultze, was too much tightening of credit by the Federal Reserve Board, and the Government's attempt to "budget for an overly large surplus." "If these restraints were relaxed," added Joseph Pechman of the Brookings Institution, "I would have little doubt that the economy would grow faster and that this growth would be interrupted less frequently by periodic recession." Both Schultze and Pechman recommended more Government spending or ;a tax reduction-or both...
...Cold Stare. Within Nigeria's brand-new government, corruption flourishes-to the chagrin of Sir Abubakar, who startles his colleagues by actually handing back the surplus of his expense-account money when he returns from a trip abroad. And where honesty exists, talent is often lacking. To get results, Sir Abubakar, normally mild and patient, hounds his ministers, occasionally displaying to inept underlings a towering temper never seen in public. An error can bring simply a long, cold stare; it can also bring an explosion, as it did recently when a minister tried to justify an obvious goof. "That...