Word: creditation
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Dates: during 1960-1969
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...insufferably painful for this Hedda is that she is totally aware of her predicament. She has aimed at the stars and settled for a cinder. Tesman, with his dusty burrowing in book after book, is not a spouse but a sedative. It is to Actor Peter Hansen's credit that he humanizes a library mole so that the audience can accord him the pity that Hedda withholds...
...circulation plus checking accounts and time deposits in banks. The Federal Reserve controls the rate at which money supply grows or shrinks chiefly by buying or selling Government bonds. When the board buys bonds, it automatically raises the quantity of reserves available to banks; this increases the amount of credit that banks can extend to borrowers. When the board sells bonds, the process operates in reverse and borrowing tends to become difficult...
...adherents, has been greatly magnified by Federal Reserve Board mistakes. From April 1965 to April 1966, the money supply expanded at an abnormally high 9˝%-per-year rate, even though inflation was on the rise. Too late, says Friedman, the board reversed itself too emphatically, and caused the "credit crunch" of August 1966. In 1968, the board, fearful that the tax surcharge would overburden the private economy, increased the money supply at an average annual rate of 10%?almost twice the rate that the economy could absorb without inflation. Then, a year ago, the board switched to its restrictive...
Tight money might have reduced inflation faster if big banks had not discovered ingenious methods of avoiding the Federal Reserve's pincers. To help meet corporations' vast appetites for loans in the face of the credit shortage, U.S. banks borrowed $13.3 billion in Eurodollars?U.S. dollars in private hands abroad?and brought them home. The board finally closed that loophole by imposing a 10% reserve requirement on borrowed Eurodollars. Thereafter, the banks circumvented restraint by issuing vast quantities of commercial paper ?unsecured promissory notes. Belatedly, the Reserve Board plugged that loophole by placing an interest-rate ceiling on commercial...
...confidence, that might have touched off a financial panic, something that the Federal Reserve is sworn to prevent. Still, Board Chairman Bill Martin admitted to Congress that the "safety valve" had become "an escape hatch through which restraints are being avoided." The banks also flooded the country with new credit cards, which stimulated consumer spending and certainly did not reduce