Word: discount
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Dates: during 1980-1989
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...City's Lord & Taylor and Houston's Sakowitz have become disenchanted with designer products because the widely available garments have lost much of their exclusivity. Halston's name, for example, now appears on J.C. Penney's dresses. Even worse, designer clothes frequently turn up in discount and off-price stores that are multiplying like fried-chicken outlets. By promoting their own label, retailers can guarantee exclusivity as well as protect their profit margins. Since the manufacturer's name is not important, the private-brand goods are often made overseas...
...market in droves. Since last August, Merrill Lynch has added 900,000 customers to the 3.2 million it already had. At a time when big brokers are linked to their customers largely by area code 800 telephone numbers, many investors have begun patronizing the hundreds of small discount brokers that have sprung up in storefronts and lobbies. Banks also are getting into the act, buying discount brokers and offering their services. Last week, for example, the Federal Reserve permitted Chase Manhattan to acquire Rose & Co. Investment Brokers. BankAmerica and Citicorp already own brokers...
...analysts, however, had sensed that an explosion lay ahead. In August the sparks started flying. On the 13th, with inflation down sharply, Federal Reserve Chairman Paul Volcker unexpectedly announced still another reduction in the discount rate, from 11% to 10.5%; two cuts had already been made. That credibly signaled easier money after almost three years of an anti-inflationary clampdown. On the 15th, Ronald Reagan gave a speech asking for $99 billion in new taxes to reduce the federal deficit. On the 17th, Salomon Brothers' influential economist, Henry Kaufman, predicted that interest rates on long-term Government bonds would...
...fall on deaf ears, regardless. Most of the eight recent hijackings were carried out by homesick refugees, part of the wave of 125,000 Cuban exiles who washed up on South Florida's shores during the 1980 Mariel boatlift. Disillusioned with their new life in the U.S., they discount talk of prison terms as American propaganda. At present, Havana refuses to do the one thing State Department officials believe would deter potential sky bandits: extradite them back to the U.S. for prosecution. Cuba has done so only once, in 1980, and the two returned hijackers were sentenced...
...close at 1192. The Reagan Adminstration, which fears that tight money could brake the recovery, has been making some clumsy attempts to influence the Federal Reserve's policy on interest rates. White House Spokesman Larry Speakes said last week that the Administration opposes any increase in the discount rate, which is the interest the Fed charges on loans to its member banks. A boost in the rate, which has been at 8½% since January, is unlikely, however, because it would indicate a strong shift in policy. Concedes a Fed official: "Nobody wants to send a signal...