Word: discounter
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Dates: during 1960-1969
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...corporate capital spending, pumped money into a drooping mortgage market, stepped up highway and other construction spending, including $1.14 billion more released last week. Federal Reserve Chairman William McChesney Martin and his governors also took a major step last week. The seven-man board voted unanimously to reduce the discount rate-the interest rate charged banks that borrow from the Federal Reserve-from 41%, where it has stood for 17 months...
...that, last week's move was mostly psychological; in spite of the new rate, few member banks are likely to rush to the Federal Reserve's discount windows for loans. At the moment, they have all the money they need. A record rate of consumer saving and a decline in demand tor loans have pushed bank reserves to a four-year high. Bank deposits have increased 20% at an annual rate since the beginning of the year, while loans have dropped by $1.9 billion or 1.4%. Certificates of deposit, which hit a high of $18.6 billion during...
...bond market to keep their excess funds working. So far this year they have invested $4.6 billion in municipal and Government bonds, keeping most of their money in short-term securities that can be quickly liquidated if cash is needed. With so much money around, and the discount rate reduced, some businessmen say that they expect the prime rate to drop still lower. Few bankers agree. They expect loan demand to increase by midyear with a revitalized economy. They are confident that when that happens, their customers will come to them, eager to borrow at the present ½% rate...
...still other critics, the objection to draft exemption goes deeper than the war and involves the broader question of the clergy's relation to secular society. In their view, exemption from service, like the old "clergyman's discount" at stores, unfairly and unnecessarily sets the cleric apart as a privileged member of society. Some seminarians even feel that their exemption stigmatizes them in the eyes of others as suspected draft dodgers. Still another argument against exemption is that clergymen, if faced with the real challenge of whether or not to serve, would be forced to evaluate more searchingly...
...enough in word and deed to blur old liberal-conservative labels, flout traditions, flaunt new ideas. Dewey Daane, 48, a Harvard-trained former Treasury aide, likes to call himself a "neo-Keynesian swinger." His was the key vote in the board's 4-3 decision to raise the discount rate-the interest that the Fed charges member banks for borrowing-from 4% to its present 41% in December 1965. George Mitchell, 63, onetime director of finance for the State of Illinois, holds that the Fed may need a whole new set of monetary weapons to deal with tomorrow...