Word: loaning
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...incurable golfer, the club names are almost mythic: Palm Beach, La Quinta, Mission Hills. But the owner of those exotic courses, California's Landmark Land Co., has been stuck for months in that great sand trap of the American economy, the savings and loan crisis. Landmark owns the resorts through a New Orleans subsidiary, Oak Tree Savings Bank, which is under pressure from federal regulators to raise some cash and shore up its finances. As a result, Landmark agreed last week to sell nine golf clubs and resorts for an estimated $739 million to an investor group led by Tokyo...
...prevent a run on deposits in the wake of the collapse of the private firm that insured them. While such private insurance has become a rarity, the closings aggravated the growing anxiety about the health of the entire financial system, as the U.S., already reeling from the savings and loan debacle, sinks into a new recession...
...biggest risk is the prospect of a widespread bank collapse. The trigger could be a protracted war in the Persian Gulf, which could, in turn, deepen the recession and force debt-laden companies into massive loan defaults. Collapsing banks would aggravate the downward spiral by drying up credit and leaving taxpayers with another painful bailout bill. The disaster scenario may be plausible, but most experts doubt that bank failures will come close to the magnitude of the S&L fiasco, which will cost Americans as much as $1 trillion over the next 30 years. Despite the banking industry's problems...
...vigils around the country. With Jan. 15 approaching, protest organizers are hoping to ignite a bonfire of dissent against any U.S. military action. Said Dennis Murphy, an antiwar demonstrator in Charlotte, N.C.: "These politicians are the people who gave us Vietnam, Watergate, the deficit, the savings and loan crisis, and 'Read my lips.' Are we supposed to stand back and say, 'Oh, go ahead and do what you want to'? Not this time...
Under the new proposal, colleges and universities would receive money directly from the government, and then loan the money to students. Currently, most students--including Harvard undergraduates--must go to commercial banks for tuition loans, which are then guaranteed by both the state and the federal government...