Word: discount
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Dates: during 1960-1969
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Three Harvard professors yesterday joined President Johnson in criticizing the Federal Reserve Board's decision Sunday to raise discount rates from 4 to 4 1/2 per cent...
...discount rate is the interest rate charged by the 12 Federal Reserve banks to their member banks when they need to borrow in order to fulfill the loan requirements of their customers...
Within hours after the FRB announced the hike in discount rates. Johnson affirmed the Board's statutory right to act independently, but regretted its refusal to hold its decision until next year's economic prospects have been appraised and a budget prepared...
...reinterated Johnson's contention that the FRB has acted hastily and went on to contradict the Board's contention that the new discount was the best method to solve the balance-of-payments problem...
...Though the average age of the U.S. millionaire is about 60, a remarkable number of the men who create productive wealth-the doers, drivers and achievers-become millionaires before they reach 40, then go on during their 40s to build their businesses even bigger. The most imaginative innovator in discount retailing, Korvette's Eugene Ferkauf, became a millionaire in his early 30s and now, at 44, is worth $55 million. The young owners of National Football League franchises-notably the Philadelphia Eagles' Jerry Wolman, 38, and the Cleveland Browns' Art Modell, 41-have seen the value...