Word: crediters
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Dates: during 1960-1969
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...that a surplus will be reached by the fall of 1966. He clearly feels that Britain's austerity measures have not yet had a chance to work. He stressed the pound's strong reserve backing: $2.8 billion in gold and currency buttressed by a $1 billion standby credit with the Federal Reserve System and the Export-Import Bank, plus a $1.2 billion Government-owned portfolio of U.S. securities that Britain is gradually converting into bonds and time deposits. Callaghan sought no official commitment of new support from the U.S., but a communique issued by him and Secretary Fowler...
...five plays being put on by the Harvard Summer Players (Shaw's Millionaires, Pinters The Dumb Walter; Beckett's Happy Days; Chekov's Uncle Vanya; and Brecht's Trumpets and Drums). Students will attend some rehearsals, discuss the plays, and perhaps take a bit part in the Brecht for credit in the course. Lectures will be by the Load's three Faculty directors, Robert Chapman, Daniel Seltzer, and George Hamlin. A warning: you'll be competing for grades with some of the members of the Summer Players (They have to be enrolled in Summer School in order to Join...
...most prominent worrier is Federal Reserve Chairman William McChesney Martin Jr. In his Wall Street-shaking speech last month, he stressed that one of the disquieting similarities between the 1920s and the 1960s is "a large increase in private domestic debt." Martin and some other credit experts are concerned about the spiraling of corporate debt, which rose 61% last year, now tops $400 billion. They also lament the "sloppiness" of the debt-meaning that eager lenders are reaching downward to extend credit to borrowers who never before would have qualified for it. To moderate the rapid growth of credit...
Though nobody really knows if credit has reached a peril point, there are some disturbing signals. Private debt lately has been increasing at a somewhat faster rate than the nation's gross national product, personal income or personal savings. The number of businessmen who fell into bankruptcy last year because they could not collect the debts owed to them by other businessmen was higher than in almost any other year since World War II. The percentage of personal income that went for installment payments, which held at 13% in the late 1950s, jumped...
...other hand, Americans have traditionally been sound risks, even during the Depression. Today's rate of installment delinquencies is small (1.58%). Besides, figures on failures can be misleading unless they also take account of the changes in the quality of American life. Consumer credit is expanding not only because people are borrowing more, but also because more people are borrowing-as an increasing number of Americans rise to the affluent middle and upper-middle classes. A generation or two ago, the average American family made regular payments for rent, streetcar fares, laundry service, blocks of ice and movie tickets...