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| Unknown | 1992-09-25 | 15.9 KB |
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|00000030| ff ff ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000040| ff ff ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000050| 4a 61 6e 75 61 72 79 20 | 37 2c 20 31 39 38 35 01 |January |7, 1985.|
|00000060| 01 45 43 4f 4e 4f 4d 59 | 20 26 20 42 55 53 49 4e |.ECONOMY| & BUSIN|
|00000070| 45 53 53 01 01 41 20 59 | 65 61 72 20 6f 66 20 52 |ESS..A Y|ear of R|
|00000080| 6f 6c 6c 69 6e 67 20 53 | 65 76 65 6e 73 0d 0a 0d |olling S|evens...|
|00000090| 0a 0d 0a 53 77 69 66 74 | 20 67 72 6f 77 74 68 20 |...Swift| growth |
|000000a0| 70 6c 75 73 20 73 6c 6f | 77 20 69 6e 66 6c 61 74 |plus slo|w inflat|
|000000b0| 69 6f 6e 20 65 71 75 61 | 6c 65 64 20 70 72 6f 73 |ion equa|led pros|
|000000c0| 70 65 72 69 74 79 20 69 | 6e 20 31 39 38 34 0d 0a |perity i|n 1984..|
|000000d0| 0d 0a 0d 0a 41 6d 65 72 | 69 63 61 6e 73 20 61 72 |....Amer|icans ar|
|000000e0| 65 20 67 6f 69 6e 67 20 | 69 6e 74 6f 20 31 39 38 |e going |into 198|
|000000f0| 35 20 61 20 6c 69 74 74 | 6c 65 20 6f 6c 64 65 72 |5 a litt|le older|
|00000100| 2c 20 6d 61 79 62 65 20 | 61 20 6c 69 74 74 6c 65 |, maybe |a little|
|00000110| 0d 0a 77 69 73 65 72 20 | 61 6e 64 2c 20 69 6e 20 |..wiser |and, in |
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|00000140| 6d 20 61 6e 20 65 63 6f | 6e 6f 6d 69 63 0d 0a 73 |m an eco|nomic..s|
|00000150| 74 61 6e 64 70 6f 69 6e | 74 2c 20 31 39 38 34 20 |tandpoin|t, 1984 |
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|000001c0| 63 6f 77 65 72 69 6e 67 | 0d 0a 69 6e 20 69 74 73 |cowering|..in its|
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|000001f0| 72 65 63 6f 72 64 20 70 | 72 6f 66 69 74 73 2e 20 |record p|rofits. |
|00000200| 4d 6f 73 74 0d 0a 69 6d | 70 6f 72 74 61 6e 74 20 |Most..im|portant |
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|00000220| 65 64 20 61 6e 20 65 73 | 74 69 6d 61 74 65 64 20 |ed an es|timated |
|00000230| 35 2e 33 25 20 72 69 73 | 65 20 69 6e 20 72 65 61 |5.3% ris|e in rea|
|00000240| 6c 0d 0a 64 69 73 70 6f | 73 61 62 6c 65 20 69 6e |l..dispo|sable in|
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|00000290| 2c 20 61 64 6a 75 73 74 | 65 64 20 66 6f 72 20 69 |, adjust|ed for i|
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|000002b0| 75 65 6c 65 64 20 61 20 | 66 65 65 6c 69 6e 67 20 |ueled a |feeling |
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|000002d0| 6e 64 20 68 65 6c 70 65 | 64 20 70 72 6f 70 65 6c |nd helpe|d propel|
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|00000300| 74 69 6f 6e 0d 0a 72 6f | 6d 70 2e 0d 0a 0d 0a 42 |tion..ro|mp.....B|
|00000310| 75 74 2c 20 77 68 69 6c | 65 20 69 74 20 77 61 73 |ut, whil|e it was|
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|00000350| 20 64 61 6e 67 65 72 6f | 75 73 6c 79 2e 20 54 68 | dangero|usly. Th|
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|000003b0| 64 20 61 6e 64 20 6d 69 | 67 68 74 20 68 61 76 65 |d and mi|ght have|
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|00000400| 69 6e 65 6e 74 61 6c 20 | 49 6c 6c 69 6e 6f 69 73 |inental |Illinois|
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|00000490| 20 6d 6f 6e 73 74 65 72 | 73 20 64 72 61 67 67 65 | monster|s dragge|
|000004a0| 64 20 64 6f 77 6e 20 74 | 68 65 20 72 61 74 65 20 |d down t|he rate |
|000004b0| 6f 66 0d 0a 67 72 6f 77 | 74 68 20 69 6e 20 74 68 |of..grow|th in th|
|000004c0| 65 20 73 65 63 6f 6e 64 | 20 68 61 6c 66 20 6f 66 |e second| half of|
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|000004f0| 6c 0d 0a 74 68 65 20 72 | 65 63 6f 76 65 72 79 2e |l..the r|ecovery.|
|00000500| 0d 0a 0d 0a 45 61 72 6c | 79 20 69 6e 20 31 39 38 |....Earl|y in 198|
|00000510| 34 2c 20 74 68 6f 75 67 | 68 2c 20 74 68 65 20 65 |4, thoug|h, the e|
|00000520| 63 6f 6e 6f 6d 79 20 73 | 65 65 6d 65 64 20 75 6e |conomy s|eemed un|
|00000530| 73 74 6f 70 70 61 62 6c | 65 2e 20 46 6f 72 20 74 |stoppabl|e. For t|
|00000540| 68 65 0d 0a 66 69 72 73 | 74 20 68 61 6c 66 20 6f |he..firs|t half o|
|00000550| 66 20 74 68 65 20 79 65 | 61 72 2c 20 67 72 6f 77 |f the ye|ar, grow|
|00000560| 74 68 20 69 6e 20 74 68 | 65 20 67 72 6f 73 73 20 |th in th|e gross |
|00000570| 6e 61 74 69 6f 6e 61 6c | 20 70 72 6f 64 75 63 74 |national| product|
|00000580| 2c 0d 0a 61 66 74 65 72 | 20 61 64 6a 75 73 74 6d |,..after| adjustm|
|00000590| 65 6e 74 20 66 6f 72 20 | 69 6e 66 6c 61 74 69 6f |ent for |inflatio|
|000005a0| 6e 2c 20 72 65 61 63 68 | 65 64 20 38 2e 36 25 2e |n, reach|ed 8.6%.|
|000005b0| 20 53 6f 6d 65 20 65 63 | 6f 6e 6f 6d 69 73 74 73 | Some ec|onomists|
|000005c0| 0d 0a 66 65 61 72 65 64 | 20 74 68 61 74 20 73 6f |..feared| that so|
|000005d0| 20 65 78 75 62 65 72 61 | 6e 74 20 61 6e 20 65 78 | exubera|nt an ex|
|000005e0| 70 61 6e 73 69 6f 6e 20 | 77 6f 75 6c 64 20 63 61 |pansion |would ca|
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|00000610| 20 70 72 65 76 65 6e 74 | 20 74 68 61 74 2c 20 74 | prevent| that, t|
|00000620| 68 65 20 46 65 64 65 72 | 61 6c 20 52 65 73 65 72 |he Feder|al Reser|
|00000630| 76 65 20 42 6f 61 72 64 | 20 69 6e 20 74 68 65 0d |ve Board| in the.|
|00000640| 0a 73 70 72 69 6e 67 20 | 74 69 67 68 74 65 6e 65 |.spring |tightene|
|00000650| 64 20 74 68 65 20 6d 6f | 6e 65 79 20 73 75 70 70 |d the mo|ney supp|
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|00000670| 65 73 74 20 72 61 74 65 | 73 20 72 69 73 65 2e 0d |est rate|s rise..|
|00000680| 0a 54 68 65 20 70 72 69 | 6d 65 20 72 61 74 65 2c |.The pri|me rate,|
|00000690| 20 77 68 69 63 68 20 62 | 61 6e 6b 73 20 63 68 61 | which b|anks cha|
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|000006c0| 0d 0a 66 72 6f 6d 20 31 | 31 25 20 69 6e 20 4d 61 |..from 1|1% in Ma|
|000006d0| 72 63 68 20 74 6f 20 31 | 33 25 20 62 79 20 4a 75 |rch to 1|3% by Ju|
|000006e0| 6e 65 2e 0d 0a 0d 0a 41 | 73 20 74 68 65 20 65 6c |ne.....A|s the el|
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|00000760| 6b 65 72 0d 0a 73 74 6f | 6f 64 20 66 69 72 6d 20 |ker..sto|od firm |
|00000770| 66 6f 72 20 61 20 72 65 | 73 74 72 69 63 74 69 76 |for a re|strictiv|
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|00000790| 72 65 61 73 75 72 79 20 | 53 65 63 72 65 74 61 72 |reasury |Secretar|
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|00000870| 22 0d 0a 0d 0a 54 68 65 | 20 67 72 6f 77 74 68 20 |"....The| growth |
|00000880| 72 61 74 65 20 64 72 6f | 70 70 65 64 20 74 6f 20 |rate dro|pped to |
|00000890| 31 2e 36 25 20 69 6e 20 | 74 68 65 20 4a 75 6c 79 |1.6% in |the July|
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|00000960| 73 70 69 67 6f 74 2e 20 | 54 68 61 74 0d 0a 68 65 |spigot. |That..he|
|00000970| 6c 70 65 64 20 73 65 6e | 64 20 74 68 65 20 70 72 |lped sen|d the pr|
|00000980| 69 6d 65 20 72 61 74 65 | 20 64 6f 77 6e 20 74 6f |ime rate| down to|
|00000990| 20 31 30 2e 37 35 25 20 | 62 79 20 6c 61 74 65 20 | 10.75% |by late |
|000009a0| 44 65 63 65 6d 62 65 72 | 2e 20 49 6e 0d 0a 74 68 |December|. In..th|
|000009b0| 65 20 66 6f 75 72 74 68 | 20 71 75 61 72 74 65 72 |e fourth| quarter|
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|00000ac0| 20 74 6f 20 61 62 6f 75 | 74 20 35 2e 33 25 2e 20 | to abou|t 5.3%. |
|00000ad0| 54 68 61 74 20 77 61 73 | 20 65 6e 6f 75 67 68 20 |That was| enough |
|00000ae0| 74 6f 20 73 6c 61 73 68 | 0d 0a 74 68 65 20 63 69 |to slash|..the ci|
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|00000b00| 65 6e 74 20 72 61 74 65 | 20 66 72 6f 6d 20 38 2e |ent rate| from 8.|
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|00000b30| 63 61 6e 73 20 77 69 74 | 68 20 6a 6f 62 73 20 72 |cans wit|h jobs r|
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|00000b60| 6d 69 6c 6c 69 6f 6e 2e | 0d 0a 0d 0a 44 65 73 70 |million.|....Desp|
|00000b70| 69 74 65 20 74 68 61 74 | 20 72 65 63 6f 72 64 2c |ite that| record,|
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|00000b90| 6c 69 63 20 62 69 73 68 | 6f 70 73 20 6f 66 20 74 |lic bish|ops of t|
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|00000c00| 63 6f 6e 74 72 6f 76 65 | 72 73 69 61 6c 20 64 72 |controve|rsial dr|
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|00000c20| 6c 20 6c 65 74 74 65 72 | 0d 0a 70 72 65 73 65 6e |l letter|..presen|
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|00000c40| 6e 61 6c 20 43 6f 6e 66 | 65 72 65 6e 63 65 20 6f |nal Conf|erence o|
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|00000c70| 68 65 20 22 6d 61 73 73 | 69 76 65 20 61 6e 64 20 |he "mass|ive and |
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|00000ca0| 74 61 6c 69 73 6d 2e 20 | 4e 6f 74 69 6e 67 20 74 |talism. |Noting t|
|00000cb0| 68 61 74 20 6d 6f 72 65 | 20 74 68 61 6e 20 31 35 |hat more| than 15|
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|00000ce0| 62 65 6c 6f 77 20 74 68 | 65 20 6f 66 66 69 63 69 |below th|e offici|
|00000cf0| 61 6c 20 70 6f 76 65 72 | 74 79 20 6c 65 76 65 6c |al pover|ty level|
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|00000d20| 73 65 64 20 47 6f 76 65 | 72 6e 6d 65 6e 74 20 73 |sed Gove|rnment s|
|00000d30| 70 65 6e 64 69 6e 67 20 | 6f 6e 20 77 65 6c 66 61 |pending |on welfa|
|00000d40| 72 65 20 61 6e 64 20 6a | 6f 62 73 20 70 72 6f 67 |re and j|obs prog|
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|00000d60| 61 69 6e 74 61 69 6e 65 | 64 20 74 68 61 74 20 74 |aintaine|d that t|
|00000d70| 68 65 20 62 69 73 68 6f | 70 73 27 20 65 63 6f 6e |he bisho|ps' econ|
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|00000db0| 6e 64 20 66 61 69 6c 65 | 64 2e 20 53 61 69 64 20 |nd faile|d. Said |
|00000dc0| 57 69 6c 6c 69 61 6d 20 | 53 69 6d 6f 6e 2c 20 61 |William |Simon, a|
|00000dd0| 20 66 6f 72 6d 65 72 0d | 0a 53 65 63 72 65 74 61 | former.|.Secreta|
|00000de0| 72 79 20 6f 66 20 74 68 | 65 20 54 72 65 61 73 75 |ry of th|e Treasu|
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|00003710| 20 44 61 74 61 2c 20 61 | 0d 0a 63 6f 6d 70 75 74 | Data, a|..comput|
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+--------+-------------------------+-------------------------+--------+--------+
