Word: contenders
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...recent string of bank failures has raised worries about whether the $17 billion in the FDlC's insurance fund is enough to protect the banking system and depositors. Officials contend that the regulators have enough money to get the job done. Says FDIC Chair man Isaac: "We have the capacity, along with the Federal Reserve, to deal with any scenario you can imagine." Some bankers have already made strategic changes that may help keep them profitable in an increasingly competitive market place. Says Manufacturers' McGillicuddy: "When people say the banking industry hasn't responded, it just doesn...
Many banking experts contend that the present woes are temporary. Says Jack Whittle, chairman of the financial consulting firm Whittle & Hanks: "Banking is going into the free-enterprise system out of a protected environment, and that is bound to shake up a whole lot of things." The optimists believe that the financial industry will fight its way out of today's morass and become stronger than ever...
...little or no mandate for Reagan, despite the historic proportions of his victory. In 1980, they point out, Reagan ran on a specific ideological platform that included tax cuts and defense buildups, and in victory he could credibly claim that the electorate wanted both. By contrast, they contend, his avoidance of specific issues this year has forced him to forfeit the claim to sweeping political authority, except possibly in the personality department. For some others, Mondale's disastrous weakness as a television-era candidate skewed the voting results. Joked Kansas Senator Robert Dole: "Reagan didn...
...many lobbyists contend, Congress will lack the stomach to attempt true reform unless a genuine crisis is perceived. Some see the huge deficit as that crisis and the need for Government revenue as a spur to help solve the problem. Contends Tax Lobbyist Charls Walker, a former Treasury official: "Fundamental tax reform can only be passed as part of a major deficit-reduction package. A revenue-neutral plan has no chance." That view could prove too gloomy, but if tax reform is to have a chance, the President will soon have to take the lead-and the heat...
...critics argue that the bishops' letter fails to acknowledge the power of American capitalism to create jobs and paths out of poverty. Instead, they contend, the prelates call for Government solutions that already have been tried and found wanting. Said Novak: "In a document that's supposed to be antistatist, it's amazing how many passages are from a statist framework." Adds Simon: "What we need is a larger pie, not a redistribution of the existing one. We threw a trillion dollars at poverty, and we have more poverty now than ever before...