Word: loans
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Dates: during 1950-1959
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...Base. During the debate over the interest rate, Bill Fulbright took off onto a new and unusual line of advocacy. Arguing for his 3% interest, he ticked off foreign nations that have fared as well or better with U.S. loans: "Afghanistan pays 3% on its mutual-security-program loan. Burma paid 2⅜ on an overseas surplus property loan. Nationalist China under the mutual-security program has been paying 3%." Cried he: "It is beyond my understanding why grants to that extent and loans for economic development in the amount of more than $41 million can be extended...
Rhodes Scholar Fulbright, who prides himself on his knowledge of foreign aid problems, well knew that a low-rate foreign loan or grant usually has security or political implications that play no part in U.S. domestic affairs. Snapped New Jersey Republican Clifford Case: "If it is impossible for the people of the U.S. to understand the reason for loans at lower interest rates to foreign countries . . . then indeed the security...
People First. The possibilities of irreplaceable loss to the art world were monstrous. On the museum's ground floor was a special on-loan show of 63 paintings by the late Cubist Painter Juan Gris. In the gallery above the fire hung more than 150 works by famed 19th century French Pointillist Painter Georges Seurat, including four of his seven major canvases, lent by U.S. and European collectors (TIME, Jan. 20). Only one closed fire door stood between the acrid smoke and scorching heat and the pick of the museum's permanent collection, richest and choicest trove...
...fact is that FRB's five-month campaign to ease credit has failed so far to cut interest rates appreciably. Though Federal Reserve banks have cut their rediscount rate 1¾%, only a few loan categories such as 90-to-180-day bankers' acceptances and short-and medium-term commercial paper have followed with similar declines...
...operations if prime rates drop any lower than 4%. As a result of the cost squeeze, says one New York banker, "there has been no lending at all in New York below the 4% prime rate so far. And there are very few exceptions out of town. The loan ratios are high in all categories, and sentiment is firm against lowering the prime rate...