Word: borrowings
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Dates: during 1950-1959
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Gratitude is like business credit: it keeps trade brisk, and we pay up, not because it is the honorable thing to do but because it makes it easier to borrow again...
Beware Deadbeats. Real Estatesman Nickerson's basic action verb is Borrow ("The road to riches is paved with borrowed money''). The parts of his scheme are equally simple: 1) "Buy only property that needs improvement"; 2) "Make selective improvements that increase value," e.g., paint, landscape; 3) "Keep selling at a profit and reinvesting...
With a $10,000, two-unit house in mind and $2,500 in pocket, a budding operator can borrow $7,500 and mount the first rung of the realty ladder. Two years later, according to Nickerson, the operator should have $5,800 in hand and be able to borrow $17,400 for a four-unit dwelling. By virtually geometrical progression, this mounts to $1,187,195 in 20 years. Arguing from the low foreclosure rate, Nickerson claims that an average man with "average luck" has a 400-to-1 chance of succeeding in real estate. By contrast, "Fifty percent...
...canvases slashed with color laid on with a paint roller, brush and palette knife. Requiem for Bird, named for the late Jazz Saxophonist Charlie ("Bird") Parker, looks like a grey goose hit hard in flight by a charge from a chokebore shotgun. "When I run out of materials, I borrow and steal shamelessly," says Morris. "After I painted some canvases on the Jack Paar Show, I sold one to a dealer in Chicago. Then I was on CBS and NBC newsreels. I got other customers. They came, but they couldn't wait to get out of here fast enough...
...compound rate of 7.9% each year since 1940. The industry still made a profit of 6.3% on its sales last year (an even better 8.7% for U.S. Steel), but Blough argues that profits still fall far short of the cash needed for expansion. U.S. Steel alone had to borrow $600 million in the last five years. As for inflation, Blough considers congressional suggestions of wage and price controls "sheer nonsense." Nor does he agree with McDonald's argument that the best way to fight inflation is to cut prices, starting with steel. He cites the fact that U.S. Steel...