Word: boom
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Dates: during 1930-1939
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Thereupon stock traders, freed from fear of the Federal Reserve Board, whooped gladly and put on a brisk weekend rally. Headlined the New York Times: WASHINGTON WILL NOT APPLY BRAKES TO BOOM IN STOCKS; ECCLES CALLS IT HEALTHFUL. Said one smart broker, reading Governor Eccles' statement: "Best market letter in years!" Traders drew only one moral: the Administration's "breathing spell" for business is to be followed by a breathing spell for the Stock Exchange...
...remaining years of the Thirties-that builders look for a truly resounding boom. A prime factor in this boom should be the Federal Housing Administration with its new program of insured mortgages. The FHA plan offers 20-year insured mortgages at 5%, plus charges on up to 80% of the appraised value of the property. It practically eliminates second mortgages and expensive renewals of short-term first mortgages. It supplies a safe 5% investment to a tremendous volume of surplus U. S. funds. Under a trustee arrangement, it permits bankers and brokers to buy and sell these mortgages, thus making...
...applications, 10% have been approved, 50% rejected, 40% are pending. Applications in the $16,000 class have generally been granted, to date amount to some $219,000,000. The high mortality in applications for large mortgages is a limiting factor in FHA's ability to promote a building boom. But in normal times, one-family and two-family houses account for 60% of the dollar volume of U. S. residences. Thus FHA insurance remains a potent tonic for U. S. building. With Government backing added to general recovery, many a builder looks forward to 1936 residential contracts totaling...
...denies the necessity of laws restraining the practices prevalent during the recent boom among a conspicuous few unscrupulous tycoons. Nor is there any doubt that the government must exert its power in preventing the recurrent disasters of depression. The question is not action or no action, but action good...
...opponents of the capitalistic system understand that a balance between saving, investment, and buying is essential to that system's success, and that these three are getting more and more out of gear. They look forward with keen delight to a higher boom and a final collapse...