Word: lende
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...state of New York, having reluctantly moved to lend money to the city, was itself in serious trouble. New York City and state bonds account for about 19% of the $200 billion state and municipal notes and bonds in circulation. As a result, a double default could well undermine investors' confidence in the market, causing them to shun the bonds of many other cities, states, counties and local authorities, imperiling their ability to borrow money. That could lead to their defaults too, and more business failures and higher unemployment. The nation's economic recovery could be set back, and overseas...
...Grant Co. (TIME, Oct. 13) and New York City's continuing financial crisis, the board pumped about $800 million into the banking system by buying federal securities. The proceeds were deposited in banks and had the effect of increasing bank reserves, giving the banks more money to lend and weakening upward pressure on interest rates...
...knew as well as they did what good PR people could do with TV--I had seen TV lend piety to Richard Nixon and purity to Marilyn Chambers (the 99 and 44/100 pure Ivory Snow Girl who wound up Behind the Green Door). I have a feeling that the whole thing derived from that fateful eighth grade day of reckoning when my friends found out that all their favorite Westerns, the ones they had patterned their lives after, had been made--far from west Texas where they belonged--but in Spain...
Among other things, the legislature had directed State Comptroller Arthur Levitt to invest $125 million from two state employees' pension funds in bonds is sued by the Municipal Assistance Corporation (Big Mac). In addition, the state was to try to borrow $750 million and then promptly lend it to Big Mac (TIME, Sept...
...last minute, however, Carey and Levitt devised another temporary fix, by legerdemain. Although Levitt would not buy MAC bonds, he did agree to buy $250 million worth of the otherwise unsalable state notes, thus providing the state with money to lend to the city. In addition, Levitt said he might "conceivably" buy another $250 million worth of state notes, if they could not be sold to anyone else. That should enable the city to get through October and probably November...