Word: bank
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Dates: during 1960-1969
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Television specials scheduled for this season bank heavily on entertainment, but not all entertainment is-well, entertainment. In the past week, for example, the networks have shown three specials that dealt with the plight of old people, the plight of a rape victim, and the plight of a family with a mongolian child...
Last week the pressures in the U.S. money market led the Bank of England to raise its interest rate from 5½% to 6%, hoping thus to stem a flow of funds toward the U.S. Though the British move steadied the sagging pound, it means that businessmen will have to pay more for loans to finance new plants and that consumers will pay more for installment purchases. Both consequences will tend to slow Britain's recovery from recession. Continental bankers predicted that the British action will lift the cost of short-term borrowing, but voiced guarded confidence that other...
...credit. But the Treasury's need to finance at least another $5 billion of federal deficit by year's end-and much more in 1968-locks the Reserve Board in the meantime into a policy of monetary ease. So far this year, the board has stuffed banks with enough money to cause a 7% expansion in U.S. money supply and a somewhat more inflationary 11% increase in bank credit. "We don't have the maneuvering room we had last year," admits one Reserve Board governor. While the stalemate drags on between the White House and Congress over...
...exports, are badly squeezed. Timber owners, mostly small farmers, are holding out for higher prices. Some mills closed down this year, others are working at insignificant margins or at a loss. "Against this background it would have been difficult if not downright impossible to tighten credit policy further," said Bank of Finland Governor Klaus Waris...
...academic life. Ernest C. Arbuckle, longtime dean of Stanford University's Graduate School of Business, has reversed the procedure by announcing that he will leave Stanford next July and get back to business. Next assignment: the chairmanship of San Francisco's big (assets: $4.57 billion) Wells Fargo Bank...