Word: borrowings
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Increasing taxes is one sure way to depress further the already weak economy and abort the incipient recovery. Taxing yourself out of a recession is like trying to borrow yourself out of debt. The result of more and higher taxes will be reduced revenues and even greater deficits. Additional tax cuts will do far more to stimulate the recovery...
...Californians believe it will come to that. Indeed, late last week closed-door negotiations between Deukmejian and Democrats in the state senate who have been blocking his budget plans produced a tentative budget-balancing agreement that would allow the state to borrow emergency cash from banks. Even so, the state controller's office feared that it might already be too late to keep California from delaying some payments or issuing some temporary registered warrants. The betting in Sacramento, however, is that at most a few big contractors will be asked to take IOUs, while state salaries and tax refunds...
...expire on March 31, but low rates are selling so many cars that it might be extended. General Motors, which took the initiative before, is likely to lead in keeping the rates down because its financing subsidiary, General Motors Acceptance Corp., has a high credit rating and can borrow substantial amounts of money at lower rates. Ford can borrow neither as freely nor as cheaply and is losing on the credit operation, while Chrysler, which must rely heavily on more expensive bank financing to sell cars, is losing even more per sale...
Thrillers may borrow some tricks from detective stories and some atmosphere from spy fiction, but they are essentially different from both. Such works can trace their lineage directly back through the medieval romances to the classical epic and its archetypal plot: a hero risks his life trying to master overwhelming odds. Modern incarnations of this nonpareil (out of, say, Raymond Chandler, Graham Greene or Robert Stone) have become increasingly antiheroic, their designs questionable and their morality ambiguous. But the trials they must endure, the plot of their quests, remain much the same, as formal and stylized as kabuki...
Perhaps with that in mind, most lenders try hard to play down the problems and insist that talk of default, let alone bankruptcies, is ill founded. "Foreigners have been borrowing our money since 1902, when we opened our first [overseas] branch in Shanghai." Citicorp Chairman Walter Wriston told TIME. "Our loan losses overseas are not a third of what they are from those good people who borrow our money and speak our language. There are few recorded instances in history of governments, any government, actually getting out of debt. Countries do not fail to exist." The rescheduling of Mexico...