Word: crediters
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Dates: during 1950-1959
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With the exception of making credit easier, the Administration's antirecession measures have principally been couched in terms of plans of things to come, and will probably not be in full swing until the end of 1958. Behind the plans lie the implicit promise that the policymakers do not intend to let things get worse. But behind the promise lies the persistent hope of the President's economic advisers -backed up, according to persistent report, by the long-distance voice of ex-Treasury Secretary George Humphrey-that the economy is really healthier than it looks and should begin...
...bought mortgages from lenders at discounts of 2% or 3% from par and found the market slim. Now, by fixing the price of FHA and VA paper at par, Fannie Mae expects lenders to sell more mortgages to the Government, thus unlocking up to $1 billion in fresh credit. In addition, the bill gives $550 million to Fannie Mae to buy mortgages on urban renewal projects, low-cost and military housing and homes for aged buyers, and authorizes $300 million for direct Veterans Administration housing loans...
First. Find your best customers. "Are you telling women about your consumer credit facilities? Are you getting your message to the young families of middle income who buy most of the appliances? Are you hitting them at the right time-spring housecleaning time, vacation time...
...schizophrenia that makes installment buying of life [things needed now] immoral and installment buying of death [life insurance] moral. And I'd like to see the lending man get up from his desk and smile and shake hands with the prospective borrower, no matter how poor a credit risk he appeared...
Concluded Adman Brower: "If we are to break the present economic log jam, you installment-credit bankers and we in advertising must do it by working together.'' Bankers should disregard the idea that the U.S. consumer is being worked on by "hidden persuaders" and needs protection from admen. That, said Brower, is rubbish. "I don't think the so-called 'hidden persuaders' are able to persuade him to do much of anything that he doesn't already want to do anyway...