Word: cd
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Dates: during 1970-1979
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ITHAD BEGUN, Around the perimeter of the main construction site, but mostly from the east where the terrain was easier, groups of "CD people" carried ladders, ropes and blankets (for protection from the barbed wire). "They're everywhere!" a LILCO official reportedly said as he watched them arrive via closed circuit television monitors in the utility's security trailer. They trudged along the fence until they found a nice spot to go over, wished each other and the support--SHAD lawyers, medics, etc.--good luck, then did what they came...
Preserving the cities, then, must involve efforts to deal with the manifestations of social problems--housing and crime for instance--as well as with the social concerns themselves. The form this has taken in recent years is the Community Development (CD) program, a plan providing localities with block grants and the leeway to spend them as they...
That Jimmy Carter will never initiate a "Marshall Plan for the cities," as Sen. Hubert H. Humphrey (D.-Minn.) recently called his own vision of urban restoration, is not surprising, only frustrating. Indeed, throwing money at problems clearly has its limitations and the CD program has shown that localities are better suited to implement certain programs than is the federal government. But it does not necessarily follow that $12.4 billion is a fair level of funding for all of community development in the United States when a single program for a missile of dubious value--the MX--may cost...
...rate. Citibank developed the negotiable certificate of deposit-a security that offers higher-than-usual interest to a corporation or individual investor willing to leave money in the bank for a fixed period, such as one year. If an investor wants his money back sooner, he can sell the CD to someone else. Formally, the money is a deposit; actually, it is a loan to the bank. Banks also began borrowing from the huge pool of Eurodollars held abroad, and resorted more and more to borrowing each other's excess reserves, called federal funds...
...that the bankers themselves must pay to attract deposits. As a result, last week a big corporation could borrow from the bank at the 9½% prime, then lend the same dollars right back to the same bank at a profit by buying a 90-day certificate of deposit (CD) yielding as much as 11%. Because heavy loan demand has been draining out their money, banks must pay these rates in order to attract funds...