Word: interests
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Dates: during 1960-1969
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With money harder to get, interest rates have rocketed. The prime rate for the banks' major corporate customers has climbed to a historic high of 7%, and could go higher. Federal Housing Administration mortgage rates have risen from 61% to about 71% over the past year. A man who got a 25-year, $20,000 FHA mortage a year ago would have to make monthly payments of $135; if he signed a similar mortgage now, he would commonly have to pay $144. Last week a subsidiary of American Telephone & Telegraph issued a Triple-A bond with a 7% interest...
What other policies? Beyond the classic tools of high taxes, tight money, steep interest rates and restraint on Government spending, the most direct way to fight inflation without increasing unemployment would be outright federal controls on wages and prices. Paul A. Samuelson of M.I.T., a liberal economist, says that controls should be "saved for emergencies"; most officials shudder at their use under any. circumstances. In a letter to the Washington Post last week, Harvard's John Kenneth Galbraith argued for revival of the Johnson Administration's voluntary wage-price guideposts, "or something similar." Yet, as Johnson learned, such...
...Skourases got into shipping in a major way only by accident. Back in the early '50s, when Prudential Lines' Founder Stephen D. Stephanidis encountered financial troubles, Spyros Senior and some others bailed out their fellow Greek immigrant by taking a financial interest in the line. By 1960, Stephanidis had died unexpectedly, the others had sold out, and Skouras wound up as Prudential's sole owner. His son, bored with running a string of 75 New York-area theaters, decided to try his hand at directing the line...
...broadcasts endless orders and advice in his own peculiar Greco-American, calling businessmen and most other people "big sots"-his way of saying big shots. He remains chairman of 20th Century-Fox, but the post is largely honorific. Having sold or given away much of the $6,000,000 interest that the Skourases had in Fox, he laments that "I'm in debt up to my neck because of this shipping business." Translation: he revels in his new role as a maritime...
This is nonsense, of course, but these skeptics just wouldn't accept Miss Rogers' statement that "I am basically honset. . . . So I don't expect any conflict of interest." And, last week, after pressure of the criticism had built to unimpeachable degree, she quit...