Word: billioned
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Dates: during 1950-1959
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...buyers are also borrowing heavily to get the goods they need, boosted consumer credit by $2 billion in this year's first half to $46.7 billion. Much of it is financing new cars. August car sales, which usually slow down in anticipation of new models, ran faster than July's, probably topped 500,000. For the fourth quarter, automakers are scheduling production of 1,900,000 new cars, up 41% from last year. By next spring, they expect to be selling at an annual rate of 7,200,000, within a bumper's reach...
...effects of the Treasury's reliance on short-term borrowing in the midst of an overall tightening of the money supply (TIME, Aug. 31) were readily apparent. By drawing $1.6 billion in new cash during the last month, Treasury financing-despite Federal Reserve Board buying support-boosted the rate on 26-week Treasury bills to a record 4.15%. The yield on most long-term Government bonds was more than 4% for the first time since the 1930s, and some yields rose as high as 4.8%. Corporate bond yields also rose; unable to sell their public-utility offerings...
Unless Congress acts, the troubles of the Treasury and the money market will worsen in October and November. Then, to raise about $7 billion to finance the seasonal deficit and another $8.9 billion to meet debt coming due, the Treasury will have to go to market with more short-term issues...
...come closer to that dream than a onetime teacher named John Lawrence Burns, 50, president of the huge ($1.2 billion a year), kaleidoscopic Radio Corp. of America. Spectacled, stocky John Burns not only runs the biggest U.S. entertainment company, but a sprawling complex that is intimately involved in a dozen major fields, from space vehicles to atomic energy, contains all the myriad problems unique to scientists and scenarists, artists and admen...
After a quarter century as the highflying boss of Eastern Air Lines, Captain Eddie Rickenbacker this week turned over the controls to a new pilot. In as president and chief executive officer of Eastern, the third-ranking U.S. domestic air carrier (4.4 billion revenue passenger miles in 1958), went Malcolm A. Maclntyre, 51. Under Secretary of the Air Force from May 1957 until he resigned in July. In the shuffle, Rickenbacker, 68, kept the board chairmanship, will also head a new seven-man policymaking committee. Ailing (from a back injury) President Thomas F. Armstrong, 56, will become executive vice president...