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During the 1973 Arab oil embargo, the nation's major international oil companies did engage in some shortlived and frantic price gouging. That happened when OPEC prices began their dizzy upward spiral and the companies marked up the selling price of imported oil that had been brought into inventory before the prices rose. As much as $5 billion in windfall profits resulted. This happened at a time when the rest of the economy was plunging headlong into the worst economic downturn since the 1930s, and such cynical profit taking gave the oil companies a black eye. Few can forget...
Amuse of many parts, the American dream is to get a good education, land a job with upward mobility, achieve success and, high on the list, buy a home of one's own. To a remarkable degree, that aspect of the dream las become a reality. Almost two of three American families own their own homes, a far higher proportion than in any other industrial nation. Though foreign visitors are appalled by the squalor of U.S. big-city slums, they are invariably awed by the spaciousness, conveniences and comfort of the houses in which most middle-income Americans live. Three...
...achieved fame in the 1950s as one of England's Angry Young Men, Author Alan Sillitoe never lost his temper in his books. The working-class characters in Saturday Night and Sunday Morning (1959) and Loneliness of the Long Distance Runner (1960) did indeed rail at the upward immobility of the British class system; it was Sillitoe's cool precision in portraying them that made these fumings so hot to the touch. Sillitoe's restraint, his continued attention to the Nottinghamshire region of his own childhood, are quiet virtues that the noisy passage of 20 trendy years...
...system of fixed exchange rates of member countries. Among other things, it put up short-term cash that nations could use to buy or sell their own currencies, keeping the values within the narrow band specified by IMF rules, and gave its approval-usually grudgingly-for devaluations or upward revaluations. After the U.S. severed the link between the dollar and gold reserves in 1971, the fixed-exchange-rate system collapsed, and nations allowed their currencies to find their own exchange levels in a relatively free market. The IMF for a time became a big agency that had nothing much...
Bosworth comes to his job as the nation's top inflation fighter at a jittery time. Despite falling food prices, the Consumer Price Index has been racing upward at an annual rate of 8.1 % over the past three months, well ahead of the Administration target of 6.5% for this year. The most faithful White House aides are now skeptical that the President will achieve his goal of reducing inflation to 4% by 1979. One reason: many economists fear that the combination of taxes and price boosts in Carter's energy program will only add to living costs...