Word: loaning
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Consider this: though the economic recovery is now 27 months old, not a single net new dollar has been lent to business by banks in all that time. Last week the Federal Reserve reported that the amount of loans the nation's largest banks have made to businesses fell an additional $2.4 billion in the week ending June 9, to $274.8 billion. Fearful that the scarcity of bank credit might sabotage the fragile economy, the White House and federal agencies are working feverishly to encourage banks to open their lending windows. In the past two weeks, government regulators have introduced...
...government's concern fully justified? Who really needs banks these days? Hardly anyone, it turns out. While banks once dominated business lending, today nearly 80% of all such loans come from nonbank lenders like life insurers, brokerage firms and finance companies. Banks used to be the only source of money in town. Now businesses and individuals can write checks on their insurance companies, get a loan from a pension fund, and deposit paychecks in a money-market account with a brokerage firm. "It is possible for banks to die and still have a vibrant economy," says Edward Furash, a Washington...
...instead of giving up, I made the now-familiar rounds of student agencies to find out why they thought I had graduated in March and how I could convince them otherwise. I approached the Registrar, the Student Loan Office, the Student Billing Office and the Financial Aid Office with my dilemma and tried to assure them that I was still in school...
...current lending system for student loans facilitates this kind of bungling. The reason that my loan for this year did not go through is that Harvard did not sign the forms correctly. The lending institution, in the true fashion of a go-between, wouldn't process incorrect forms and, instead of notifying anyone, just sat on them. The student billing office kept sending my family huge bills, and wouldn't let me register for spring semester until I convinced them "the check was in the mail." Then I started getting the diploma warnings. The correct forms went...
Elsi is only the beginning of a long, paper-filled maze of agencies. Sallie Mae, the Student Loan Marketing Association, is the real culprit. Sallie Mae is no Madonna, but she probably makes more money in a year from poor saps like me than Madonna will make in her whole career. Sallie Mae and Madonna do, however, have one thing in common: bondage. One temptress' whips and chains are another's default notices...