Word: creditation
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Dates: during 1960-1969
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...Nixon's credit, too, is something that can easily go unnoticed: the absence of any major blunders or "over-reactions." Unlike John Kennedy, he has not had a Bay of Pigs in his first six months. Unlike Lyndon Johnson, he has not had a Dominican Republic. While he did nothing at all when the North Koreans shot down a U.S. airplane, killing 31 men, his restraint was well-advised...
...bends, compromises and changes in response to the prevailing breeze. There is no convincing evidence so far that Richard Nixon, for all his tacking, lacks an ultimate goal or a philosophy. Indeed, up to a point, a great deal can be said for responding to the winds. To his credit, Nixon sensed early that there is a rising gale against the Viet Nam war. His greatest challenge today is the clock. If within a reasonable period, he can produce a formula for peace, many Americans will be inclined to give him more time for the task of healing the domestic...
Assuming the Risk. Merchants are usually receptive to the credit-card plans because the banks pay them almost immediately for merchandise charged on the cards and assume all risks for deadbeats. The banks only deduct about 3% as a fee, compared with 4% to 6% usually charged by other commercial credit-card companies...
...surprisingly, the card blitz has led to some rather imprudent tactics: a San Francisco bank mailed cards to all of its customers without running any credit checks at all, while a bank in Chicago handed out cards to bystanders at a parade. A nationwide survey of 84 banks by Constantine Danellis and Richard N. Salle, two economists at California's San Jose State College, recently found that only 20% of the banks bothered to make credit checks. The economists also discovered that despite the profit potential of credit cards, many banks suffered bad losses...
...available in 44 states, is interchangeable with Britain's Barclaycard, Canada's Chargex and Japan's Sumitomo. The other is Interbank Card Association, organized by eight banks in 1967 and now operating in 41 states; its card is also recognized in Europe. BankAmericard insists on certain credit standards, but Interbank lets members decide "creditworthiness" themselves...