Word: fiscality
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Dates: during 1950-1959
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...balanced company, Litton now has a healthy sales split of 45% military, 55% commercial. Yet Thornton, is the first to admit that "we have a long way to go"-and that the road ahead will be slippery. Though Litton's profits reached $3,700,000 in the last fiscal year, they have yet to live up to the price of his highly touted, fast-rising stock, now selling at 56^-or 26 times earnings. The competition in the industry is growing so rough that competitors still question whether Litton is strong enough to compete over the long...
...favor: it would lessen the pressure on the U.S. for shaky loans or grants. It would also cool the heat on the U.S. in another way. The U.S. has often had to talk tough to a borrower after loans were granted, to force him to put his fiscal house in order. A borrower would undoubtedly take such talk from the nations in the fund with much better grace...
...wide program of student loans of up to $1,000 annually for five years (repayable by eleven years after graduation). Cost: $295 million altogether for the next four fiscal years. Special consideration will be given to students who want to teach in elementary or secondary schools, and to students with superior background in or capacity for science, mathematics, engineering or a modern foreign language. Half the sum of loans will be forgiven to students who teach for at least five years...
...rises. What the bank expects is a relatively stable growth pattern over the next five years, with prices rising a modest 1% or 2% each year. Any further acceleration in prices could be crimped politically by Government controls or higher taxes. "Thus," concludes Economist Reierson, "unless the U.S. adopts fiscal irresponsibility as a way of life or, of course, we become involved in another war, an inflationary binge appears unlikely...
...Federal Reserve Board last week demonstrated the kind of fiscal responsibility that Economist Reierson was talking about. Deciding that it was time once again to lean gently against the economic winds. FRB gave the San Francisco Reserve Bank permission to hike its discount rate from 1¾% to 2%, the first such credit-tightening boost in eight months. The other eleven Federal Reserve banks will probably follow suit soon, thus signaling that 1) the Fed agrees that the recession is over, and 2) it is on guard to make certain that the recovery proceeds in a sound, orderly fashion...