Word: invest
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Dates: during 1960-1969
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...York Governor called for a nationwide, decade-long assault on urban atrophy. To be financed largely by issuance of bonds, his program would allot $30 billion to schools, parks and mass transit, and $60 billion to universities, hospitals and middle-income housing. He also called on industry to invest $60 billion in slum renovation. Unless a major effort of that scope is undertaken, Rocky argued, the U.S. will remain "at one and the same time the affluent society and the afflicted society." When Nixon appeared next day, he warned that such spending would only feed inflation and thus starve...
Leveling the Peaks. A 30-year-old New Deal creation, the association today is a partly private, partly Government-owned corporation with $2.4 billion to invest this year in FHA and VA mortgages, the only kind in which it deals. Better known by its nickname, Fannie Mae, the association's chief purpose is to help level off the costly peaks and valleys in U.S. housebuilding volume. It does so by buying mortgages in large quantity when home loans are scarce, selling part of its $9.6 billion portfolio when funds are plentiful. Fannie Mae deals only with such approved lenders...
...Much Credit. The big trouble was that money flowed in at a rate that strained Lytton's ability to invest it profitably. The collapse of the Southern California real estate market hit Lytton Financial hard, forcing its two subsidiary S&Ls to dispose of $56 million worth of foreclosed property in 1966 and 1967 at a loss of nearly $11 million. They still have $46 million more of foreclosed property on their books. To keep the capital reserves of the subsidiaries at the required level, Lytton borrowed through his holding company and lent them the money. Even so, those...
...economies grow more industrialized, the productivity of their capital can decline-as the Soviets have lately discovered. To raise gross national product by a value of 1,000,000 rubles a year, for example, the Soviets during the 1950s had to make capital investment of 2,000,000 rubles; to achieve the same G.N.P. gains more recently, they have had to invest 3,300,000 rubles. The Communists have been used to raising capital by coercion, holding down wages, deferring consumption, and plowing back the produce of today's labor into plants and machines for tomorrow. But now they...
...Market officials have been disappointed by the slow progress made toward their goal of a free-capital market. Still standing in the way is a thicket of props, controls and discriminatory taxes on incoming or outgoing capital. Governments often tell banks and other financial institutions where and how to invest their capital...