Word: crediters
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Dates: during 1950-1959
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...often a worry to Turkey's friends. Determined to remake his nation economically overnight, busy Premier Menderes has built so many dams and factories, spent so many lire, marks, dollars, pounds and francs that Turkey today has one of the world's most inflated currencies, and a credit rating so poor that even the Turkish Central Bank refuses to honor government orders to release foreign exchange. Neither near bankruptcy nor the appeals of his friends can persuade Menderes that the time has come to end his headlong passion for building and spending. To every suggestion for retrenchment, Menderes...
...businessmen who pride themselves on inside dope, Wall Streeters were caught flat-footed last week. The Federal Reserve Board announced what no one on the street had expected: a cut in margin requirements (money that must be put up to buy stock on credit) from 70% to 50%. For a few heady hours next day, the market marched uphill. But before day's end it had marched right down again. It closed the week at 444.12 on the Dow-Jones industrial average, up 5.44 points, mostly on gains made before the announcement...
...quite sure why the Federal Reserve had lowered margin requirements at this time. Wall Street looked on it as a move to bolster investors' confidence, although the Fed insisted that its motives were not that at all. Said a Fed spokesman: "Our only interest is in loosening a credit restraint that was no longer needed." Actually, the higher margin has not been needed for months. Since last June, stock-market credit affected by margin requirements has declined steadily, at latest report stood at only $5,218,000,000, the lowest point in three years and less than...
Actually, the eventual solution for New Jersey and Connecticut is to pass their own income tax laws instead of depending so heavily on sales and property taxes as they do now. Then commuters could credit taxes paid to their own states on their New York tax. But so far, neither New Jersey nor Connecticut want such a cure, for political reasons. Governor Ribicoff' who is up for reelection, says he is "unalterably opposed...
...glance where the economy stands. Last fall the Joint Economic Committee recommended such an index, but Congress must first appropriate money to improve existing indexes. Until some overall measure of the economy's health is worked out, the Government will find the job of managing the economy by credit and other fiscal tools harder than it should be, for present indicators do not give enough facts on where the economy is-and where it is going...