Word: borrower
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Dates: during 1980-1989
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...ESOP to deduct not only the interest on the loan to buy stock for the plan but also the principal. Another tax break gives banks and other lenders a 50% deduction on their income from ESOP loans, which enables them to charge lower interest rates to companies that borrow for such programs. "These are the kinds of tax incentives that corporate owners dream of," says ESOP expert Joseph Blasi of California Polytechnic State University in San Luis Obispo...
...expansion in the modern era. Bush, who once ridiculed Reagan's policies as "voodoo economics," must now confront both sides of the Reaganomics legacy. In doing so, he will turn for economic advice to a profession that is struggling to find new ways of understanding the unprecedented boom-and-borrow cycle of the past eight years...
...years ago, there weren't that many people we could borrow money from," notes Harvard's Jeffrey Sachs, a leading international economist. "We were reluctant to run deficits out of fear of creating sky-high inflation. Now there is a global bank-teller window that is open 24 hours a day, and we've been one of the most frequent customers." Sachs warns, however, that the bender cannot last. "We're faking it," he says. "Our living standard isn't being maintained by higher productivity or wages. It's maintained by foreign capital...
Chastened by failures and feuds, struggling to fathom the boom-and-borrow Reagan years, economists jettison rigid formulas and move toward a more pragmatic philosophy...
...Sunday services when a reporter snapped, "Get out of my way!" Says Drew, more in wonder than anger: "No one talks like that around here." Day defended some firewood that two reporters planned to liberate to warm themselves while camped out near the Bush compound. "How do you 'borrow' firewood?" Day asks. "It's going to be like Boston soon. You'll have to put fences around everything that's worth anything...