Financial markets gyrate, as the banking system faces historic change
Confusion, turmoil and a struggle to cope. That was the mood of the nation's topsy-turvy world of money last week, as bankers, brokers and businessmen grappled unsurely with the consequences of Jimmy Carter's latest effort to rally the nation to the inflation fight.
Financial markets were swept by a crazy quilt of slumping and surging prices. Businessmen fretted over whether Carter's "disciplined" new effort to make money and credit scarcer and more costly would pitch the economy into recession for real, or if it would...
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