Word: inflationitis
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Dates: during 1960-1969
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These conditions partly reflect the Federal Reserve's squeeze on credit. Banks are curtailing bond buying and mortgage lending in order to conserve scarce funds for direct loans to business. Insurance companies, which are normally major buyers of bonds and mortgages, are being drained of cash by loans that...
What Is High? Simultaneously, inflation makes bonds or mortgages unattractive investments. If prices kept on rising during the 20 to 40 years that investors often must wait for full repayment of principal, investors eventually would get back dollars worth much less than those they originally lent. Meanwhile, interest rates would...
Making It Worse. If widely adopted, these makeshift devices could be dangerous. The need to refinance mortgages or bonds every five years or so would create endless headaches for home buyers and builders of schools, roads and factories. Variable interest rates would amount to a recognition that lenders expect continued...
In spite of President Nixon's tireless warnings that businessmen who bet on persistent inflation are bound to lose, the bets are still being placed. Wholesale commodity prices continued to rise at an estimated 4.8% annual rate in November. The index will almost certainly move up again this month...
The reason, of course, was the six-week-old strike against G.E. Whether the boycott will force the company to budge remains to be seen. Union boycotts generally have been ineffective. Indeed, at the scheduled start of the G.E. boycott on the day after Thanksgiving, no pickets showed up in...