Word: crediters
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Dates: during 1950-1959
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Remembering Hungary Sir: Concerning your story on the "Widow's Christmas" [Dec. 30]: there are many who would like to forget the Hungarian revolution because it is such an unpleasant reminder of the political impotency of the Western world. TIME deserves credit for keeping our consciences troubled...
What of this year? Without pinning himself to exact numerical predictions, the President declared that "economic growth can be resumed without extended interruption," and he added a promise: "The policies of Government will be directed toward helping to assure this result." Easier credit would spur both homebuilding and federal-state outlays for schools, roads, etc. Increased federal spending for defense would add further economic...
Postage & Privies. The new budget proposes only two big cuts, and Congress may well balk at both of them: hacking the Post Office deficit a hefty $700 million by upping postal rates (e.g., first-class letter postage from 3? to 5?), and chopping Commodity Credit Corporation costs nearly $400 million, mainly by lowering agricultural price supports. The rest of the budget's civil sector, far from shrinking, actually looms some $600 million bigger than in 1958. The thinning of some welfare programs, e.g., privies on Indian reservations and aid to states for education of retarded children, is more than...
...spur the upswing in residential building, the Federal Housing Administration last week eased credit for home buyers, second such move in two weeks. Most buyers will no longer have to put up cash for closing costs in buying a new house, but can tack them on the mortgage loan, thus lowering down payments. To attract more lenders, the agency increased allowable discounts (to a maximum 3%) on FHA-backed mortgages in 17 Western states, where mortgage money is tight...
...Federal Reserve Board kept other forms of credit tight, despite the rising clamor of businessmen for easier money. The New York Chamber of Commerce and Chairman William H. Moore of Manhattan's Bankers Trust Co. both appealed to the Fed to ease credit by lowering the amount of funds that commercial banks are required to hold in reserve against demand deposits. But Fed Chairman William McChesney Martin Jr., speaking at Richmond, Va., still branded inflation as the economy's enemy No. 1-hardly the talk of a man prepared to make money easier...