Word: discount
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Dates: during 1960-1969
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...pictures are developed and printed by means of a chemical process built into the film. And it all happens within seconds after the picture is pulled out of the camera, so that there is no waiting to take the next shot. Price: from $119.95 at discount houses to $139.95 at most conventional retail stores. An eight-picture color film pack will cost from $4.88 to $5.95, black and white...
...unanswerable question is where the further steps may lead. It may or may not be a major turning point in the cold war. Given all the bitter memories of Communist deceit and broken pledges, all the past "peace offensives" that only served to aggravate the battle, no one can discount the possibility that the test ban agreement will only serve to give the Russians a breather in their struggle with the West, to be resumed later with even more ferocity. Still, this event seems different, and the evidence points to a more hopeful interpretation...
Congressional hearings last week revealed considerable opposition to the Federal Reserve Board's discount-rate hike on the part of Congressmen who fear that it may restrain domestic economic expansion; the Board itself is known to have split over the move. While supporting the increase on the ground that it will affect mostly short-term borrowing, Walter Heller, the President's chief economic adviser, showed his concern about any further rate rises: "Clearly, this is no time for tightening long-term credit...
...first time in 30 years, foreign rather than domestic considerations prompted the Federal Reserve Board to raise interest rates. Lifting its discount rate to member banks to 31% from 3%, where it had stood for three years, the Fed said that its move was designed to discourage foreign borrowers, who raised well over $1 billion in the abundant U.S. capital market last year. Though the U.S. earns interest on these foreign loans and stands to get them back in the future, the exported dollars flow into foreign central banks and are often swapped for U.S. gold...
...increase of the dis count rate, some leaders in Congress complained that President Kennedy had reneged on the Democrats' campaign pledge of "easy money." The Administration replied that the discount-rate rise is aimed at affecting only short-term credit in the U.S. and not long-term borrowing for mortgages and business expansion. U.S. dealers in foreign securities also grumbled that they now face hard times; such foreign shares as Royal Dutch Shell and Aluminium Ltd. plummeted on the New York Stock Exchange...