Word: discounters
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Dates: during 1960-1969
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...Minneapolis, which has exhibited a flair for showmanship that has been emulated by some of the biggest names in U.S. retailing. Still, the showcase downtown store is only one part of the fast-growing Dayton Corp., which by the end of 1968 will include ten other department stores, eleven discount outlets and a chain of 27 bookshops...
Building his hopes on the South and the Border States, Nixon is concerned that George Wallace might win a great many conservative votes that might otherwise go Republican. But for the long run, Nixon tends to discount Wallace's appeal. By November 5, say hopeful Nixon thinkers, Wallace's strength will have dwindled from the 16% the polls currently give him (in a three-way race with Nixon and Hubert Humphrey) to no-more than 4% to 5%, the "hardcore" racists. "The rest," says one man at Mission Bay, "are people who are just upset at things...
...economy collected a surprise dividend last week from its new burden of higher taxes. In a move that most moneymen had not expected for weeks or even months, the Federal Reserve Board lowered its discount rate from 51% to 51%. Though the 1% change was as small as the Reserve Board ever makes it, it was an unmistakable signal of a general trend toward lower interest rates on all kinds of loans...
Dwindling Pressures. By its 5-0 vote to cut the discount rate, the Reserve Board sided with Administration economists who contend that inflationary pressures in the economy are dwindling because of the 10% income-tax surcharge enacted in late June. Unless the credit brakes were eased, so their argument ran, the combination of both fiscal and monetary restraint could slow the economy too much and create the risk of a mini-recession. To offset such economic drags as a sharp drop in steel buying, a leveling off in defense outlays and the anticipated decline in consumer spending, the Administration counts...
More liberal use of the federal discount window, even at the rate of more than $2 billion a week desired by the Mitchell study, will mean a shift in the way bank credit is extended. It will not increase the overall money supply, just de-emphasize the Fed's buying and selling of Government securities to regulate the flow of money, which has not always been fully successful when the chips were down. It took several months during the 1966 credit crunch to improve bank lending by such means alone. "If the proposed revisions had been in effect," says...