Word: borrowings
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...right to justify its actions in Viet Nam merely by citing the August 1964 joint resolution of Congress passed unanimously in the House and 88 to 2 in the Senate after the Gulf of Tonkin incident. Rusk noted that Gore had a copy of the resolution and asked to borrow it. "Oh, sure," said Gore, pitching a 233-page pamphlet from a high rostrum to the well where Rusk sat, thirty feet away. Gore's aim was off, but when an aide retrieved the pamphlet and handed it to Rusk, the Secretary found the words he was looking...
Simple in Luxembourg. The major alternative is to borrow from European banks. But in Europe's limited markets, U.S. companies already have borrowed about as much as they can. Moreover, loans from European bankers are often tied to development within the country where money is borrowed. Bond money can be spent anywhere; Honeywell has earmarked its $20 million for operations in Britain, Germany, France and Holland. The best part of all is that bonds are tax-free if issued through specially chartered holding companies. Such companies are not hard to set up. The state of Delaware will charter...
...slicing wages and dumping workers, said Keynes, that would only reduce incomes and demand, and plunge production still deeper. If bankers responded to a fall-off in sayings by raising interest rates, that would not tempt penniless people to save more?but it would move hard-pressed industrialists to borrow less for capital investment. Yet Keynes did not despair of capitalism as so many other economists did. Said he: "The right remedy for the trade cycle is not to be found in abolishing booms and keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping...
Least & Last. The effects of the Federal Reserve's move will seep into different sectors of the complex U.S. economy at varying speeds. Now that bankers must pay ½% more for the money that they borrow from the Federal Reserve System, they will pass that cost along first to their biggest customers: businessmen. Actually, many banks have already been collecting close to 5% by cutting down the number of those eligible for the prime rate; now they will tend to up that rate by another ½% to many of their customers. Since interest costs are tax deductible, few businessmen...
...discount rate is the interest rate charged by the 12 Federal Reserve banks to their member banks when they need to borrow in order to fulfill the loan requirements of their customers...