Word: crediters
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Dates: during 1960-1969
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...created a Federal Farm Board, backed by $500 million in federal funds, which came to the aid of farm marketing cooperatives after the market crash. He sought $663 million to push public works-a figure that critics decried as excessive. He proposed the Reconstruction Finance Corporation and the National Credit Corporation. He secured an early agreement in which labor promised to forgo strikes and new wage demands, Big Business agreed to maintain wages and spread work to avoid layoffs. He negotiated an international moratorium on the payment of intergovernmental debts...
...Families are up to their eaves in $190 billion worth of mortgages, also bear another $76 billion in various consumer debts. One household in two has to meet installment payments on appliances, furniture, the car or personal loans. Nearly everyone shares in the $17 billion debt burden spawned by credit cards, charge accounts, single-payment loans and other short-term credit. While their grandfathers would have considered them reckless and irresponsible, these on-the-cuff customers have stimulated the current economic expansion and are turning the U.S. into the world's first credit-based society...
...recent vast growth of this debt has led to new concern by Government and economists about just how far it can go without danger. The Government has threatened to tighten credit immediately if there are signs that it is getting out of hand, and Joseph W. Barr, chairman of the Federal Deposit Insurance Corp., has suggested that Congress next year undertake a thorough examination of the whole credit situation. Such an examination might prove enlightening, but few businessmen and bankers, who are mostly the ones who grant the credit, feel that it is necessary. So long as incomes and employment...
Even staid banks, which used to leave most consumer credit to others, are bombarding customers with new easy-loan plans. In the competition for auto loans, which account for nearly half of all installment debt, banks have pulled ahead of the auto-finance companies by offering lower interest rates. Still the competition grows. Following the lead of General Motors, both Ford and Chrysler have set up their own credit subsidiaries, and so have General Electric and Sears, Roebuck...
With irony that was appreciated by many in the crowd, McCann said, "I wish--I sincerely wish--I could stand here and take credit for the underpasses." But he could not, he added, because a professor had suggested building over-passes...