Word: lende
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...borrowing from the Fed two weeks in a row, or more than four weeks in any quarter, will thus be charged 16%. If banks want to go ahead and borrow anyway, the move would tend to raise still higher the interest rates that they in turn charge when they lend the money to customers. Federal Reserve officials hope that banks will instead reduce both their borrowing from the Reserve and their own lending. Cutting down on loans to member banks would help the Federal Reserve to lower the growth of money supply, a policy it has long pursued but found...
Housing starts in January fell 18% below a year earlier, to an annual rate of 1.4 million, and they appear headed much lower. Buyers cannot afford mortgage interest rates that top 16% in some areas oi the country, and savings and loan associations are running out of money to lend. In the Chicago area, new home sales in February tumbled 30% below the 1979 level. Contractors are laying off so many workers that 60% of the area's construction labor force may be unemployed in two to three months. In Houston, starts are down 50%, and John Pace, president...
Reputed to have received some 500 offers to lend his name to products after the Olympics, Spitz has phased out most of his work in endorsements. The bulk of the time he spends away from wife, Susan, and SUMARK, which is named for the two of them, involves traveling for Elton Swim Products, Arena Swim Wear, or doing color commentary for ABC broadcasts of major swim meets...
...place. Worse, said the Congressional Budget Office, the deficit for the current year might climb to a stunning $47 billion, more than $7 billion bigger than the Administration's latest projection. And forget broad credit controls: there will be no outright limits on the sums that banks can lend to businesses, and certainly no restrictions on how much consumers can borrow to buy houses or cars. Only a requirement that consumers pay credit-card bills more speedily-maybe...
Selective credit controls have been tried several times, most recently during the Korean War years, 1950-52, but economic experts say that they had little measurable effect. As long as people have money to lend, borrowers will find a way to tap it. Large corporations unable to borrow from domestic banks could borrow from abroad, or issue bonds or commercial paper (in effect, big short-term IOUs); a consumer could take out one of the personal loans that were permitted or borrow on his life insurance to buy a car. Says J.H. Tyler McConnell, president of Delaware Trust Co.: "When...