Word: feds
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Dates: during 1980-1989
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Twenty thousand percent more, to be precise. At $449 per family, the returnees had better be well-entertained and fed. One woman, arriving at her dorm-to-be declared that she would not stay there if forced to share a john. Any undergraduate could have told her that's what dorm living is all about, but 25 years down the road, no one wants to be reminded how things really were. Those of us who stick around discover the charade we will one day be dazzled with, the Harvard of fiction...
...long and complex battle traces back to the new environmental mood of the 1960s, when the National Park Service decreed that its holdings be kept as natural as possible and the animals be left to fend for themselves. Old dump sites, where the bears had long fed, were abruptly closed. Hotelkeepers were no longer allowed to put food out to attract bears for the amusement of guests. Well meant as it was, however, the new policy had unintended consequences. The bears began looking for food not only in campgrounds but outside the parks as well. They picked off sheep...
...economic Catch-22. Explains Wall Street Analyst Sam Nakagama: "If the Federal Reserve tries to keep interest rates down in the face of a big deficit, it would have to permit explosive growth of the money supply and another cycle of high inflation. On the other hand, if the Fed pursues a slow-money-growth policy with the aim of fighting inflation, a large deficit causes such high interest rates that private business activity is devastated...
...they credit it to their customers' accounts. To receive payment for a check, a bank usually sends it to a Federal Reserve branch or some other check-clearing institution. The bank typically receives credit from the Federal Reserve within 24 to 48 hours, even if it takes the Fed longer to collect from the bank on which the check was drawn. After being paid for the check by the Federal Reserve, a bank may wait several days, or in some cases a couple of weeks, before permitting the customer to use his own money. During that time, the bank...
Bankers point out that the check credit granted by the Federal Reserve is only provisional. If the check later proves to be no good, then the Fed takes its money back. Revenues from playing the float, however, can be much higher than losses from bad checks. Lee Falls, a vice president at San Francisco's Bank of America, estimates that his bank earns $3.35 million off the float each day and suffers only about $3 million of bad-check losses during an entire year. But Falls says that the number of bad checks would rise dramatically if the bank...