Precipitate: (adj: although it may be used in the sense of "steep," this adjective more commonly indicates rash actions or decisions). (verb: to throw down or initiate or intensify in headlong fashion.)
Precipitous: Extremely steep and thus resembling a precipice.
Precipice (noun): a high, steep embankment.
"His precipitate decision to climb the precipitous precipice precipitated his demise."
"Once upon a time, the barons of the land initiated a precipitous rise in energy prices. When the populace threatened to rebel, they were lulled back into complacency by a precipitate rebate from their own treasury, putting into one pocket what had been taken from the other."