Word: borrower
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Dates: during 1970-1979
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BERTOLT BRECHT is one of those playwrights about whom there can be no equivocation. In his plays, like it or not, one must take a side, either with the rapacious, self-centered capitalists or the downtrodden but gritty workingmen. Brecht's drama, to borrow Lionel Trilling's phrase, takes place at that "bloody crossroads where art and politics meet...
...crack down on such borrowing, the Fed this month began requiring that banks in the U.S., including U.S. branches of foreign banks, keep 8% of their new borrowings from the Eurodollar market in reserve; thus they can lend out only 92½ of each new Eurodollar. But U.S. corporations have already found a way to avoid the regulations. They can borrow Eurodollars from a foreign bank at about 1% lower rates...
...Reserve's attempt to slow U.S. inflation by limiting credit. When the Fed tightens money to restrict loans in the U.S., banks often bring back the funds from the Eurocurrency market. In the past six months $16.5 billion has flowed in, and even savings and loan associations now borrow Eurodollars to finance mortgages...
...liquidity. Nearly all offer instant withdrawal without penalty, and most allow shareholders to write checks to third parties against their investment balance, thus ensuring that savings earn interest right up to the day the check is presented for payment. Still others offer credit lines so that shareholders can borrow against their investment...
...Orleans is a conservative town, its bankers an inbred bunch who do not cotton to outsiders. And, as Canizaro remarks, "for many years New Orleans was not pro-Italian." He put a $5,000 deposit on a downtown plot, then tried to borrow more to buy it. "There was enough income coming in from the property to service the debt if only somebody would lend me the money." The Establishment would not. Finally, he found a small bank to make the loan, and he started prospering. Canizaro...