Word: bankes
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Dates: during 1930-1939
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...these reasons Mr. Moffett, who had promised early in July that his organization would be functioning in 30 days, found his plan's hung up. The campaign for new building was postponed to concentrate on modernization. Last week Alma McCrum, a Washington insurance agent, marched into a bank, signed a note, and as flashlights flickered, was given $1,200 to remodel the second floor of her home and rent it as an apartment. The housing drive...
Each financial institution first applies to the Housing Administration for a contract under which the Government "insures" its building loans up to 20%. When this contract is issued, the bank can lend from $100 to $2.000 to a local property owner to modernize his home. The borrower need put up no collateral beyond his own good name in the community. The size of his loan is limited to one-fifth of his income. Repayments can be made in installments up to three years. In case of default the U. S. will pay the bank 20 cents on each lost dollar...
Prices. More than a year ago President Roosevelt called Dr. Oliver M. W. Sprague, adviser to the Bank of England, home to the U. S. to be his adviser. But when Dr. Sprague arrived he was not wanted. He disapproved of dollar devaluation, insisted on talking about the necessity of building construction and revival of the heavy industries...
Since private interests are not yet willing to utilize the enormous amount of credit available, the Government must, has and will continue to do so. Since January when credit expansion began. Government borrowing and spending has increased bank deposits 15%. In time the cumulative effect of Government borrowing and spending will pile deposits so high that private initiative will regain courage. Then the virtuous circle will gather speed just as contracting credit speeds the vicious circle of deflation...
...Major Angas says that "It is ridiculous not to buy common stocks 1) when a country is inflating (early stages as distinct from late), 2) when the second year of revival has begun, 3) when money is cheap and bank reserves are unstrained, 4) when the nation's exchanges are not overvalued, 5) when the market has reacted from the recent highs by the normal amount for the normal period and 6) when the Government has declared to raise prices, and has unlimited powers to do so." Date of the coming rise: "At a guess . . . before...