Word: bondses
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Wriston is right to worry. Telling says that a large number of Sears financial customers are "men and women who have been unwilling to venture into traditional securities brokerage and real estate offices, but who trust the integrity that Sears has established over time." About 60% of Dean Witter'...
At the same time, the slowing down of the economy's growth indicates that the recovery will last longer than would otherwise be expected, hence the shift to longer-term bonds.
He added that it was necessary to include bonds when calculating unprotected assets because of the stabile bond market.
Several members of Congress, including Republican Senator Robert Dole of Kansas, are concerned that issuing bearer bonds would mean that some Americans would evade taxes by buying the securities through foreign sources. West European governments have informally urged the U.S. not to resort to bearer bonds. Admits a Treasury official...
The greatest risk from the withholding-tax repeal and the sale of bearer bonds is that the U.S. will grow even more dependent on foreign capital. For decades, America has been a creditor to the rest of the world. But the U.S. may soon owe foreigners more than they owe...