Word: banker
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Growing inequality could even threaten those who now benefit from it by putting an end to the economic expansion. An extreme concentration of wealth and income during the 1920s was a leading cause of the Great Depression. Marriner Eccles, a Republican banker from Utah who became head of the Federal Reserve Board in the 1930s, explained, "While the national income rose to high levels, it was so distributed that the incomes of the majority were entirely inadequate, and business activity was sustained only by a rapid and unsound increase in the private debt structure." Today there are disturbing parallels. Some...
...growing number of experts now believe that some debt of the developing countries should be simply forgiven. Until recently that was a radical proposal to voice in the company of Western creditors. Economic consultant David Smick, president of Smick Medley International, recalls a 1986 conference in which a banker suggested that a Third World debtor should be treated like a financially troubled company whose outstanding obligations should be partly forgiven. "Two years ago, that was a renegade view," says Smick. "Now half the bankers share...
...borrowers suffer from what is called debt fatigue. When capital flows between borrower and creditor are measured, the harsh fact is that much more money is moving from debtor to banker than the other way around. In the past two years, 15 of the most indebted borrowers made a net transfer of $58 billion to their creditors. And it is not just commercial banks that have been collecting the cash. In fiscal 1988 the IMF took in $5 billion more in interest and principal payments on outstanding loans than it disbursed in new loans...
...Forresters are all aware of the growing polarization of income in the job market based on level of education. A few miles south of where they live, the family of Bob's sister Rindi offers an interesting counterpoint. She married Don Elster, a college graduate and a banker. They have the first child in the third generation of the Forrester family to receive a college degree. Steven Elster, 27, is finishing medical school. He is being supported by his parents, who are also paying for half his medical-school tuition. He has every expectation of rising quickly into the upper...
...1980s, by having to pay high rates to depositors while receiving low yields on long-term mortgages. Furthermore, real estate prices in the Southwest cannot stay depressed forever. "We're at or near the bottom of the cycle for the Texas economy," says William Gibson, a former Continental Illinois banker who, with other investors, last month paid $48 million for twelve troubled Texas S and Ls (combined assets: $2.4 billion...