Word: credited
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Dates: during 1960-1969
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Magaziner's principal recommendations are that collegians be allowed to choose courses in broad intellectual areas that interest them, rather than follow fixed requirements, and that conventional grades be abolished in favor of "pass" or "no credit." His report also urges professors to focus on concepts rather than narrow facts, and to work far more closely with individual students. These ideas are not especially original; Magaziner's achievement is the persuasive logic of his presentation...
...Federal Reserve Board moved again last week to curtail the credit supply by proposing reserve requirements for Eurodollars. Board members want to stem the flood of those dollars that banks have been importing from European branches by the billions and then lending out. The Federal Reserve has misread the economy twice in the past three years and has prematurely expanded credit. It is not likely to do so again until the signs are unmistakably clear that inflation has been reversed. The latest readings of the consumer price index and the leading indicators suggest that what the Federal Reserve...
...shock this week. If he applies for a car loan, his banker will have to tell him that the true interest rate is about dou ble the 6% or so that the bank may have been advertising. If he uses a de partment store revolving-credit plan, his next bill will inform him that the 1½%-a-month interest charged on his unpaid balance works out to a yearly interest charge...
...page regulation tells what stores, banks, finance companies, auto dealers and other cred itors must do to comply with the Truth in Lending Act that Congress passed last year. Among other things, the consumer must be informed in advance of the exact amount of any loan or credit, including insurance premiums, any excess of an installment price over a cash price and the exact length of time he has to pay. He must also be told the precise annual interest charge. In most cases, creditors must also disclose how much total interest the consumer will have...
Three Days of Grace. The intent of the law is to enable consumers to shop around for the best credit terms avail able. Regulation "Z" also strikes an in direct blow at credit rackets. Some home-repair contractors, electricians, plumbers and even morticians have customarily required that the customer sign an agreement giving the creditor a lien on his home. Now the creditor must not only inform the consumer that there is such a lien but give him three business days after signing to think over the deal and cancel it if he chooses - a requirement that could create...