Word: bankes
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Dates: during 1970-1979
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...purpose of the new certificates ?which have been authorized jointly by the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank Board?is to induce depositors to leave their savings in the bank instead of withdrawing them and investing them in bonds and in mutual funds that specialize in high-interest-bearing securities. Such withdrawals reduce the money available for housing mortgages and place a drag on the entire economy...
...certificates are attractive to investors because, with Treasury bills at their present rates, the deposits can yield more than 7% a year if the interest is compounded daily, a service that many banks are providing. To get that high interest from any other bank deposit, a saver would have to tie up his funds for up to four years instead of six months. Since the buyer of certificates gets his money back a half year later, he can turn around and reinvest it in an even higher-interest certificate if Treasury bill rates continue to rise...
...main drawback with the certificates is that they are themselves inflationary. Explains M. Todd Cooke, president of the Philadelphia Saving Fund Society, the nation's largest mutual savings bank: "Money is our raw material. If we have to pay depositors more to get it from depositors, then the cost of one of our products?mortgage loans?is also going to have...
...Steiger and his allies argue, taxes must be cut for the people who have money to put to work. Michael K. Evans, president of Chase Econometrics, figures that if Steiger's amendment passes, stock prices would jump 40% in two years. One reason: investors would pull money out of bank savings, municipal bonds and mattresses to pursue capital gains in the stock market. As prices rose, Evans continues, companies would be able to finance a huge expansion of plant and equipment spending by selling new stock. The payoff: a speedup in economic growth that would create 440,000 new jobs...
...order to raise his three children in one place. But Burns is aware that his refusals limited his possibilities at IBM, whose initials, many employees joke, stand for I've Been Moved. Hence, Burns came to the conclusion he must switch careers and now is president of a small bank on Chicago's South Side...