Word: debt
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Dates: during 1950-1959
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...pressures are new and different. Industry must keep up its earnings or lose new investment capital. As for labor, a TIME correspondent reported from Gary, Ind. last week: "Not many of the men have been hungry for years. Most of them are up to their ears in installment debt. They don't really want a strike...
...program designed to transform Turkey overnight into a modern industrial nation. All over the country power plants, steel mills, textile mills, cement-making factories began springing up, and work was begun on new roads, new irrigation projects and big harbors. To do this Turkey went head over heels into debt, mostly on short-term credits at unfavorable terms. Worse, many of the new projects proved to have been ill-planned, e.g., sugar factories where there were no sugar beets...
...That big debt was rumored to be putting the pressure on Fox to sell out. But an avalanche of smaller debts was making it hard for him to hold the paper long enough to sell it. Six weeks ago, the City of Boston threatened to seize the Post's real estate if Fox did not pay up back taxes by mid-August. A fortnight ago, the U.S. Internal Revenue Service tied up the paper's bank account with a claim for $221,116 in unpaid withholding taxes from employees. Other creditors slapped other liens on the paper...
...Republican Administration. At a Cabinet meeting on May 22, Defense Secretary Charles Wilson said he wished more Republican legislators would realize that they were no longer members of the opposition. Replied the President: "Brother, I heartily agree." When Treasury Secretary George Humphrey, at that meeting, cautioned that the national debt might go above the legal limit, Ike asked: "Who will have to go to jail if that happens?" Replied Humphrey: "We will have to go to Congress." Groaned the President: "Oh, that's worse...
Left unsaid by the World Bank mission was the unavoidable conclusion that a "mobilization of resources" for agricultural development would mean, for the time being, a slowdown of industrialization. With a whopping trade debt of $180 million piled up as of last week, Colombia is in no position to buy more farm machinery abroad without cutting down on imports of consumer goods and industrial equipment. The same hard choice confronts other Latin American governments. From the standpoint of economic growth, what is the best buy? Tractors, TV sets, or machinery for a new electrical-equipment plant? In many cases...