Word: loan
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Dates: during 1970-1979
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...small farmer. Caught in a credit squeeze, he is usually the first to go bankrupt or give up (see box). Since 1970, farm debt has doubled to $101 billion. An Agriculture Department survey of the wheat belt last summer showed that 73,000 farmers were having trouble repaying loans, with some 14,000 of them likely to lose their farms. Edward H. Melroe, a Colorado grain farmer, reports: "I went to the bank last week for another $10,000 loan, and the banker told me: 'That's it. No more...
Five of the six paintings were on loan from Harvard's Fogg Art Museum, including two works by the 19th century French impressionist Eugene Boudin and one by the 17th century Dutch painter Gerrit Berckheyde, valued at $100,000 each...
...cannot afford to reduce any further services like fire and police protection; to do so would encourage more middle-class citizens to leave and discourage the desired influx of private capital. To add to Koch's troubles, this spring the city must also begin renegotiating the federal revolving loan program that has kept the city afloat for two years...
...Bert Lance ever needs another loan, he might consider asking William Safire. The Nixon-Agnew speechwriter-turned-columnist surely has the money, having made about $1 million from his bestselling Washington novel, Full Disclosure (TIME, July 4). He also has a personal admiration for Lance. "A likable man," says Safire, "and one of the very few in the Carter Administration to return my phone calls...
...about 8.8 million loans have been granted. But about 390,000 loan recipients have also taken advantage of the Government by not repaying. Ex-students have defaulted on $413.6 million worth of debt, either by declaring bankruptcy or simply refusing to pay. Neither the colleges nor the Government has yet seemed able to enforce repayment. But the loan default rate, now 12.3% and climbing, has finally frightened the Office of Education into some scare tactics...