Word: term
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Dates: during 1970-1970
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...associating only with other children because they haven't much to give to each other. I regard Dickens as one of the great child psychologists. Fagin, for example, was very clearly an evil man. But the Artful Dodger is a human being in every sense of the term. He's not alienated, because he has had dealings with someone who is somebody, even though he's corrupt. The important thing is to be brought up by somebody. Before we worry about who it is, let it, please God, be somebody. It is very important for a child...
...long-term solution, Luce last week suggested a new federal excise tax of "perhaps 1%" on electric bills to speed new ways of generating power compatible with the environment. Until that luminous day comes, Luce is prepared to take an antigrowth position that other utility men might consider heresy. Urging New Yorkers to turn off unnecessary lights and appliances, he raises "the serious question of whether we ought to be promoting any use of electricity...
...unburned fuel, spent lubricants, and a significant hydrocarbon contribution from the land [municipal wastes] contribute about 10 million tons of oil to the world's oceans each year." According to Blumer, the immediate effects of oil spills-dead fish and birds-are followed by long-term damage to marine ecology. "Compared to the size of the accidents," he said grimly, "the present countermeasures against oil in the oceans are inadequate...
...nation's largest railroad, went bankrupt. The Penn Central had long been a victim of mismanagement and executive infighting, but it was pushed right off the tracks by its inability to refinance $152 million of its commercial paper. Such paper is a form of unsecured, short-term IOU. When money became difficult to borrow from banks, scores of corporations issued commercial paper to raise funds. Because such securities are usually bought by other companies that have spare cash to invest, a series of defaults could have spread financial shock waves throughout the U.S. business community. The Penn Central debacle...
Since November, long-term interest rates have declined more swiftly than at any time in the last century. Rates on average-grade corporate bonds, for example, have fallen from 9.05% to 7.80%. A smaller drop in mortgage interest rates, which now average 8.45%, has helped builders to increase the annual rate of housing starts by 59% from January to November. The main force behind the housing rebound, however, has been an astonishing rise in federal subsidies and loans. About one-third of the houses and apartments built this year received some federal subsidy, and next year close to half...