Word: bond
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Dates: during 1960-1969
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...minimum tax" of at least 10% on all income over $30,000. One major loophole, tax-exempt state and municipal bond interest, is not affected...
Still, economists generally agree that the economy now shows plenty of signs of losing momentum. As interest rates climbed to the highest peak in more than a century, housing starts fell sharply and the bond markets approached collapse. Banks, the principal buyers of municipal bonds, were short of funds and shying away from 20-year and 30-year securities with a fixed rate of return. Industrial production has slipped, and personal income is now rising at a rate of only 1.3% a year...
...spite of Mao's crude and often ferocious rhetoric, the Mao papers show that the Chairman can tread prudently when faced with political and military realities. Several of his speeches also suggest that Mao feels there is a vital historical and ideological bond between the Soviet Union and China, in spite of what he considers to be betrayal by Stalin and Khrushchev. "In articles and speeches, don't criticize the U.S.S.R.," he instructed the Chinese High Command in 1958. "We learn from the good people and the good things in the Soviet Union as well as from...
These conditions partly reflect the Federal Reserve's squeeze on credit. Banks are curtailing bond buying and mortgage lending in order to conserve scarce funds for direct loans to business. Insurance companies, which are normally major buyers of bonds and mortgages, are being drained of cash by loans that they must make to policyholders who cannot get credit so cheaply elsewhere. But the bond-mortgage slump reflects even more the ravages of inflation. Corporations, for example, are hurrying to build new plants before construction costs rise even further (see following story), and are selling huge quantities of new bonds...
...corporations have been able to sidestep these problems by selling stock instead of bond issues. Developers of office buildings, apartment houses and shopping centers can arrange mortgages by giving the lender a share in the revenues or profits. These expedients are not available to home buyers or local government units that must sell bonds, and some authorities think that much more radical changes in the markets will be required if they are to raise the cash that they need. Sidney Homer and Economist Henry Wallich, among others, have seriously suggested that mortgage and bond issuers may have to pay variable...