Word: banke
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Dates: during 1960-1969
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Already, says Economist Beryl Sprinkel of Chicago's Harris Trust and Savings Bank, the inflationary situation is "about three times as bad as any we've had over the past 15 years." Even the most liberal of the "New Economists," whose free-spending policies have helped sustain the five-year boom, are openly troubled. "We've passed the point of creeping inflation," said M.I.T.'s Paul Samuelson, "and reached the point of crawling inflation...
...concedes that he made the right move-though many businessmen are now worried that money has become too tight. Last week Manhattan's Morgan Guaranty Trust Co. led the way to a further tightening of credit by raising the "prime rate"-the interest charged on loans to the bank's biggest and most reliable customers-from 5% to 5½%, highest level since the formula was introduced in the 1930s. Virtually every major bank in the U.S. followed suit, with Washington's tacit approval, further bruising the battered stock market (see U.S. BUSINESS...
...bank will be capitalized at $50,000 Twenty-five thousand dollars is allotted to a study of HSA itself and of the feasibility of establishing similar operations on other campuses. The Ford Foundation has indicated interest in providing additional funds for such a study...
Intended to provide a capital reserve for HSA agencies, the proposed bank will enable students to acquire capital at interest rates and schedules more flexible than those of commercial banks. Money will be available both for the expansion of existing agencies and the creation of new ones...
...advisory committee to aid in the capital raising includes Neil McElroy '25, chairman of the Board of Overseers and chairman of the board of Proctor and Gamble Company, and David Rockefeller '36, past chairman of the Board of Overseers and President of the Chase Manhattan Bank...