Word: discount
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Dates: during 1960-1969
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Ackley and the Administration could take credit for part of the turnaround. Faced with unmistakable signs of recession, the Administration in the past months has shoveled funds into mort gages and freed money to speed federal construction programs. The Federal Reserve Board, meanwhile, cut the discount rate and has generally moved to make money easier. At the same time, a lag in domestic spending has almost been covered this year by an upswing in defense spending; in the first quarter $3 billion more was spent on military needs than had been anticipated. Altogether, said Ackley, fiscal and monetary policy...
...glossy, city-centered magazines that are now catching on across the U.S. (TIME, Dec. 24, 1965). Digging just as hard as Karafin, Philadelphia Writers Gaeton Fonzi and Greg Walter began by investigating a racket involving fly-by-night companies that bought retail items on credit, unloaded them fast at discount prices, and then went into bankruptcy. The trail led to the doorstep of a 600-lb. operator named Sylvan Scolnick. Arrested, prosecuted and convicted, Scolnick started singing. Karafin, said Scolnick, was a good friend, so good, in fact, that he vouched for Scolnick's moral character and signed...
...home-repair racket. Fast-buck operators would talk a homeowner into making improvements such as installing a new heating system or aluminum siding. The owner signed a credit agreement. The work, usually cheap and shoddy, got done and the fast-buck men sold the credit agreement at a discount to a broker, commercial finance firm or a bank. If too many angry and defrauded homeowners threatened, the company simply folded. It was a business particularly vulnerable to bad publicity, and Karafin and Scolnick said so to one of its practitioners, Joe Py. Public Relations Man Karafin, they said, could help...
Most bank cards cost consumers nothing-provided they pay their bills at the bank within 30 days. After that, the banks usually collect a highly profitable 1½%-a-month interest on the balance. Merchants who agree to honor the cards usually pay a 5% discount to exchange their charge slips for cash from the banks (v. up to 7% through American Express). In parts of the Midwest, competition has driven the rate down to 3%, but even that is not quite low enough to attract major retailers, who have a heavy investment in their own credit setups. President...
...away from public scrutiny and attack is abhorred. So are the liberals who know what is right but do too little about it over too long a period. They are considered the worst hypocrites of all. Student activists tend to see the establishment in its totality as monolithic and discount any cracks that may appear in its granite face. All authority, except their own, is suspect. Exercise of authority by the university is seen not as a legitimate protection of the university but as a line of defense for the society that controls...