Word: borrower
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Dates: during 1980-1989
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...attentive youngsters were more confused than enlightened by the President's explanation, they were not alone. Everyone who needs to borrow money, from struggling small businessmen to families who want to buy homes, is bewildered and frustrated. Interest rates have stayed up even as inflation has gone down dramatically. The cost of money has historically been only two to three percentage points above the rate of price rises. Now interest rates are an astonishing 15 points above the inflation level of the past three months...
...choose to judge the University plans to slash down the ivy out of misguided budget-cutting or even lack of aesthetic appreciation for greenery. Surely administrators enjoy the sight of thick, flourishing ivy just as much as we do. Moreover, to borrow one official's famous sentiment, if the ivy does vanish, students will have to look at bare wills for only four years; deans will have to look at them for life. No, we are willing to believe that Harvard's leaders would not be taking out their clippers unless the ivy were seriously munching away at Harvard...
...Sometimes the books do come back to you, even if by accident. Once I lent a book to a friend who then lent it to someone else. Two years later I chanced upon it in the house of another friend, who thoughtfully asked me if I would like to borrow it. I told her yes, and brought it home...
...Corp. was negotiating to sell its Hertz auto-rental subsidiary for about $700 million to Firestone Tire & Rubber Co. so that it could reduce its nearly $3 billion debt. Boeing saw its bond rating reduced by Standard & Poor's from AA-to A because it will have to borrow heavily in order to finance the construction of new 767 and 757 airliners. Phelps Dodge, which announced earlier this month that it is temporarily closing all of its copper mines, laid off about 3,800 of its workers and reduced salaries by as much as 8%. A somber Henry Kaufman...
Even worse, many firms have been gambling that interest rates will soon decline by shifting their borrowing to short-term loans. Instead of paying 14% or 15% interest to borrow money for 30 years through a bond issue, they have been spending the same amount to get funds for only 90 days, and then renewing those loans every three months. Corporations have adopted such strategies because they do not want to lock themselves into paying the current interest rates for the next 30 years...