Word: borrowing
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...other half from a direct raid on the Treasury, thus adding to the federal deficit. Congress provided the other $3.76 billion by authorizing the Treasury to buy $110 million more of Fannie Mae preferred stock (also deficit inflating) and by raising the agency's authority to borrow private money from ten to 15 times the value of its capital...
Fannie Mae's new power to borrow, when added to its existing plans to do so, means that the agency may pour some $7 billion of debentures and other financial paper onto the private bond market by mid-1967, driving interest rates up considerably. The resulting mortgage money will still be limited to FHA and VA loans, now so unpopular with builders that they account for only about 15% of this year's housing. Fannie Mae's aid to housing may thus be only half a remedy...
...borrow a cricket term, it was a very sticky wicket. There was the visiting Westhampton (L.I.) Mallet Club, unrivaled at home, ignominiously defeated eight straight times by London's Hurlingham Croquet Club. "Do you need a coach?" inquired the British captain. "We need a coach-and-four," groaned a U.S. player. But the colonials have just begun to fight. Back home, plans were already afoot to form a kind of U.S. Olympic team of malleteers, including all the croquet greats: Composer Richard Rodgers, Actors David Wayne and Gig Young, and as spiritual leader, a man described as "a living...
...development is giving these human beings the freedom they need. They will use it very well." America's fabulous farm underpinnings have conferred that freedom-and power-on its people. With carrot and stick, the U.S. now offers the underdeveloped world a chance-perhaps its last-to borrow U.S. techniques and reach for the same nourishing reward...
...been expected on Threadneedle Street as well as Wall Street. Faced with a continuing economic crisis and with a shaky pound sterling that slipped at one point to its lowest value in 20 months, the directors raised the bank rate-the interest that other banks must pay to borrow from Britain's central bank. The rate was increased from 6% to 7%, a level it last reached during the sterling crisis of November 1964. Thus Britain became the sixth European nation to raise its discount rate in the past ten weeks; the British rate, moreover, is now the highest...