Word: creditation
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Dates: during 1960-1969
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...second quarter to the third quarter, personal savings fell from an abnormally high 7.5% of after-tax income to 6.3%. In the third quarter, installment loans rose at a record annual rate of nearly $9 billion. And for installment buyers, as well as for businessmen, the availability of credit is far more important than its interest cost...
...Credit was plentiful because the Federal Reserve Board, even while raising interest rates, allowed the supply of money in circulation to grow at a rate that proved to be inflationary. The board had to feed funds into the money market so that the Treasury could borrow to finance the federal deficit of $25.4 billion in fiscal 1968. Such great deficit financing, most economists agree, is the fundamental cause of U.S. inflation...
...money supply expanded at an annual rate of 8% during the year's first half. Even after the midyear tax increase, the Fed's governors continued to ease credit because, like most other experts, they misjudged how quickly the surtax would begin to brake the economy. In the last three months, the Fed has changed course, holding the increase in the money supply to a moderately constrictive rate of 3.8% a year...
...Proper Credit. Blough sought to improve U.S. Steel's fortunes largely by paring its work force, consolidating its sprawling divisions and ending a costly overlap of sales offices. More recently he has loosened the purse strings in a somewhat belated effort to renew the company's plants. As part of a threeyear, $1.8 billion spending program that began in 1966, U.S. Steel has installed ten oxygen furnaces, is now phasing in one of the world's biggest continuous casting lines at Gary, Ind. It has also abandoned its lofty refusal to cut prices to meet foreign competition...
...imprint of Ed Gott, who helped launch the modernization drive and has pressed for diversification. In replacing Blough, who will become a partner in the Manhattan law firm of White & Case, where he worked before joining U.S. Steel in 1942, Gott is naturally careful to give his predecessor proper credit. "We're only trying to complete what Blough started," he says. One of Gott's goals is to lift the company's share of the steel market back up to 30% within the next several years...