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...result, savers began demanding higher returns. They flocked to new money-market mutual funds, which pooled deposits as small as $1,000 and paio out yields of up to 18%. To help banks anc savings and loan associations keep their deposits, the Government began loosening interest-rate regulations and allowing these institutions to offer accounts that paid higher interest. All this was bad news for borrowers; since banks and savings and loans suddenly had to pay much more for deposits), they had to charge much more for loans. Those 8% mortgages and car loans became as outdated as Ozzie...
With a wry smile, Preston Davenport 78, looks over the dwindling crowd. In 35 Octobers here, his Ayrshires and Holsteins have won a slew of blue ribbons, anc he has come to know a thing or two abou fairgoers. "Everyone has been saying how much they are going to miss it," he says quietly. "But, you'll see. In a month or so they'll be onto something else." That is the comfort of progress-and its regrettable price. -By Joelle Attinger
...cuts are deep enough to cause genuine pain for many citizens, yet not sufficient to restrain the out-of-control growth of federal spending. To do that will require a rethinking of some basic questions about democratic government How far can a compassionate society, which this nation is anc must remain, go in protecting its citizens against the vicissitude; of life without conferring unwarranted benefits on people who do not need them and placing an unacceptable financial burden on the great majority of its citizens? How can it equably slim dowi the innumerable payments and handouts that its citizens have...
...government's response to the ANC campaign has been to tighten up already formidable security measures against the repressed black majority. Last week, more than a hundred police swooped down on a black squatters' encampment near Cape Town and trucked 1,300 homeless black men, women and children off to jail, before sending them to rural reservations. On the military front, Defense Minister Magnus Malan has warned South Africans that "the revolutionary effort against us has reached an extremely dangerous phase." The Pretoria government two weeks ago raised the defense budget by 30% to an all-time high...
What complicates the government's antiguerrilla efforts is the fact that most of ANC's fighting strength, an estimated 6,000 men equipped mostly with Soviet or Communist bloc weapons, is outside South Africa in the "frontline" states of Angola, Mozambique, Tanzania and Zambia. The South African military of 86,000 on active duty and 400,000 potential reserves is already kept busy fighting a brushfire border war against SWAPO guerrillas infiltrating into Namibia. More and more frequently of late, the South Africans are employing "hot pursuit" tactics: military incursions into neighboring black-ruled countries that bring...