Word: borrower
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Dates: during 1970-1979
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...Soap, toilet paper, toothpaste-everything else is supposed to come out of the personal allowance, which is $1.77 a month for the kids and $4.45 a month for me. I borrow food stamps; I'm always running short. You can't hardly survive. Everything about welfare is bad. Sure I'd like to get off-everybody wants to get off-but there's nowhere to turn...
Repaying by Tithe. One widely discussed version of the plan would first be offered to graduate students, who are better financial risks because their future incomes are easier to predict than those of undergraduates. Whether a student's family were rich or poor, he could borrow up to $10,000, repaying each $1,000 at the modified tithe of .45% of his adjusted gross income. After 30 years, he would stop paying, whether or not his loan had been fully retired...
Loan officers are warmly welcoming applicants who would not have got beyond the lobby only a few months ago. Bankers are again touting loan offers in splashy advertisements. One for Chase Manhattan Bank goes: "When you want to borrow money, your friend at Chase is the man to see. He can handle any-kind of loan you want. Big loans. Little loans. In-between loans...
Cheaper Mortgages. This abrupt turnabout was largely engineered by the Federal Reserve Board. Hoping to stimulate business, the Fed has been increasing the money supply at an annual rate of 5% to 6%. Instead of borrowing, however, corporations have been trying to clean up their debts and build their cash reserves. Speaking of 1970, James Howell, chief economist of Boston's First National Bank, says: "We damn near had a collapse of business-loan demand." Consumers have also been reluctant to borrow because they are worried about social unrest, the economy and rising unemployment, which has been unusually high...
...Washington, or a large part of it, understands Bobby Baker. He went off to prison with far more sympathy than antipathy in the capital, where he still retains a strange kind of trust. Just a few days earlier, he was able to borrow more than $500,000 from several banks to continue a condominium development he has started next to his Carousel motel in Ocean City, Md. Still, he says, "Russia wouldn't have treated me the way this country has." In the next breath he adds: "But I have no great resentment. No, this is a great country...