Word: crediteer
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Dates: during 1930-1939
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Before the conference broke up at 11 p. m. in a haze of tobacco smoke, the President's ablest financial advisers had thrashed over a wide field of problems with him. Currency inflation was not discussed; the President wanted to try other things first. But credit inflation was, at length. One reason that NRA was failing to produce results was that codified industries had trouble borrowing money to finance new costs before new profits accrued. Why? Because many banks were hoarding their commercial credit. Why? Because they wanted to be completely liquid to qualify under the new deposit insurance...
...when the President said, "Good night, gentlemen." nothing more definite had been decided than that the Government should put its shoulder to the credit wheel harder than ever in the next few weeks. In the dark outside the White House, Secretary Woodin chirped: ''Everything looks very hopeful...
President Roosevelt was determined to try credit inflation on a grand scale before shifting to currency inflation. The success of his NRA campaign depended on ample easy money for the withering capital industries. To this end he held a series of White House conferences last week. One concrete proposal: let R. F. C. go into the market, purchase millions & millions of dollars worth of railroad equipment, lease it to the carriers. The President called in steelmasters, tried to induce them to reduce the price of rails...
This method of furnishing capital credit to the country was approved a fortnight ago by President Roosevelt after conference with Chairman Jesse H. Jones of the R. F. C., but the plan has been slow to get under way due to the difficulties and delays of organization of the local corporations...
...replace old plant facilities, the hope being that savings in repairs will come out of the use of new machinery. Similarly, purchases will be stimulated in stocks of commodities which would normally be sold over a period of time when fabricated or processed. Banks are not willing to give credit in many of these cases because of the absence of quick assets in the statements of the borrowing companies. The latter have had their reserves depleted by the deficits of the depression, yet have plant and machinery to offer as collateral for their loans. Many companies have assets that...