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October 16, 2004 | From Times Wire Services
Record oil prices have taken a clear toll on the U.S. economy but are not likely to inflict the same level of pain as in the 1970s, Federal Reserve Chairman Alan Greenspan said Friday. "The impact of the current surge in oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s," Greenspan said in Washington. "The risk of more serious negative consequences would intensify if oil prices were to move materially higher." U.S.
June 24, 1990
What if stock market terminology ("Ugly Buying? Devilish Dictionary Tells All," June 10) applied to the entertainment industry? The result could be rather interesting: Excess liquidity: a movie studio that makes an overabundance of underwater and sea-oriented films such as "Jaws," "The Deep," "20,000 Leagues Under the Sea," "Moby Dick," "The Abyss," etc. Stagflation: a soft-core porno flick. Circle game: a star actor negotiating a new contract, trying to get the most favorable deal, with as many zeroes in it as possible.
January 18, 2009
Re "Stimulus dusts off an old theory," Jan. 11 The constant bombardment of negative reporting concerning our current economic condition is fanning the flames of this economic meltdown. I agree that the facts and figures are not good, and they require responsible reporting, but to beat this horse is wrong and irresponsible. It's part of the problem. Bob Dreebin Glendale, Ariz. -- When Keynes was asked whether there had ever been anything like the Depression before, his answer was: "Yes.
April 9, 1989 | From Associated Press
Unemployment fell to 5.0% last month--the lowest rate in more than 15 years--even as the pace of job growth slowed, the government said Friday. The report painted a picture of a moderating economy influenced heavily by a tight labor market. Nonfarm payroll jobs rose by 180,000, down 100,000 from February. Another indication of moderation: The average manufacturing work week fell from 41.1 hours to February to 40.9 hours last month. Amid the signs of moderation, however, were indications of increasing inflationary pressures on the economy: - Average hourly earnings rose at a 5% annual rate.
October 12, 2004 | Jonathan Peterson, Times Staff Writer
An American and a Norwegian won the Nobel Memorial Prize in Economic Sciences on Monday for adding to the understanding of the business cycle and how government policymakers should try to influence it. Their research laid the groundwork for modern central-bank policies. Edward C. Prescott, 63, a professor at Arizona State University, and Finn E. Kydland, 60, a Norwegian who teaches at UC Santa Barbara and Carnegie Mellon University, will share the $1.
As the nation considers what former President Clinton's legacy will be, four Chapman University students who critiqued Gerald Ford's presidency got to hear his reactions firsthand as part of a school symposium Saturday. The event culminated a two-day conference that focused on the Ford presidency. Four students wrote essays on such topics as economics and the two assassination attempts on Ford, and read them to the former president before an audience of nearly 200 people.
October 4, 1992
In his column, "Why Fed Critics Are Demanding Big Rate Cuts" (Sept. 7), Tom Petruno discusses dropping interest rates to below the inflation rate in order to spur the economy. Petruno cites the 1970 and 1975 interest rate cuts and he implies that they reignited the economy. Sure. What they did was set the table for virtual runaway inflation in 1973-1974 and the horrendous stagflation of Carter era in the late 70s and very early 80s. Both periods were accompanied by staggeringly high interest rates and an eroding dollar.
May 19, 1987 | Associated Press
America's factories, mines and utilities operated at just 78.9% of capacity in April, the poorest showing in more than three years, the government reported Monday. The Federal Reserve said that the industrial operating rate skidded 0.4 percentage point in April following a 0.3 percentage point decline in March. Private economists said the declines highlighted the weakness facing the overall economy.
March 14, 2001
Given that the Nasdaq and Dow are in a free-fall, when may we expect to hear some words of encouragement from President Bush? When similar troubles were felt in 1997, President Clinton, for all his faults, at least took the financial health of the average citizen seriously and reminded the public of the inherent strengths of the American economic system. Instead of capitalizing on the pain of the average investor to push through a tax proposal that caters to the extremely wealthy, Bush could better serve the nation's interests by signaling that he is ready and willing to get a compromise proposal through Congress as soon as possible.
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