Word: deposits
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...expenses are spiraling out of reach faster than college costs, which have been increasing about 7% annually. How is a family's nest egg supposed to keep up? A new special-purpose financial institution, the College Savings Bank of Princeton, N.J., is offering a novel solution: a certificate of deposit featuring an interest rate tied to an annual index of higher-education costs. Says Bank Chairman Peter Roberts: "With us, families have shifted the risk ((of rising tuition and inflation)) from the household to the bank." Even if a child skips college, the parents can still cash in the CollegeSure...
...economists generally believe any such slump would go no further than a difficult recession, rather than plunge into a full-blown depression. Reason: since the 1930s the U.S. has constructed a battery of economic and social safeguards. When the last crash struck, the U.S. lacked such backstops as bank-deposit insurance, unemployment compensation, food stamps, Social Security and Medicare. Says Economic Consultant Pierre Rinfret: "Could we have a crash a la 1929? The flat answer...
From that premise flows Bork's belief that constitutional questions should be decided on the basis of the "original intent" of the framers. Judges should avoid creating new rights or notions, like "privacy" or "fairness," that the framers did not deposit there. Yet the Founding Fathers foresaw the possibility that the Bill of Rights might leave the impression that citizens possessed only those liberties specifically mentioned there. For that reason they provided a catchall in the Ninth Amendment: "The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people." Neglected...
...hallways. A manager who had submitted his resignation five days earlier changed his mind. All in all, an air of elation last week permeated the Houston offices of First City, Texas' fourth largest banking firm. And with good reason: word had just come from Washington that the Federal Deposit Insurance Corporation had agreed to save the failing institution by pumping in $970 million worth of assistance. The cavalry-like rescue was the second largest in banking history, eclipsed only by the FDIC's $4.5 billion bailout of Continental Illinois...
...Harbor Township, N.J., a large fecal deposit closes down a stretch of water for several days...