Word: loans
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Dates: during 1950-1959
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...effective tax increase would fall most heavily upon the low-income groups from which he derives his political support, did not fight very hard. The result: an agreement that the government would not raise income taxes until it had tried to finance Algerian war costs through a public loan...
Mollet's public loan seems to be straight fiscal poison for France. In interest charges alone the new bonds will cost the government $2,100,000 next year, and, given continued inflation, their redemption could prove a ruinous burden on the government of 1971. (Had a similar loan been floated in 1949, the government would now be obliged to pay out $250 for every $100 worth of bonds originally issued.) Worse yet, the $429 million which the loan is expected to raise will pay for only about five months of fighting in Algeria. Then, if the rebellion...
...established lines of credit will have no difficulty raising money (though at a higher price) for productive uses, e.g., to expand plants, construct office buildings, etc. Ford Motor Co., for example, raised $250 million for plant expansion last month, but had to pay 4% for the 20-year loan. However, some banks are so short of money that they turn over many of their loans to insurance companies, the last great reservoir of private U.S. capital. But even some of the biggest insurance companies, e.g., Prudential, are so heavily committed that they are turning down loans they would have snapped...
Though economists are chiefly concerned by pyramiding personal debt and such installment loan abuses as no-down-payment deals and overlong terms, the installment buyer is not yet being pinched, will be the last to feel it. Bankers welcome installment loans not only because they are quickly repaid (average loan duration: two years) but also because few customers resist high interest rates (top effective rate* at New York banks: 11.7%). The installment buyer is usually not concerned with interest rates; all he wants to know is the size of his monthly payment and whether he can carry it. Household Finance...
...join the Export-Import Bank as a director. Within a year Martin was appointed Ex-Im chairman (at $15,000), presided over the bank's expansion of capital to $3.5 billion. Determined not to allow the bank to become a handout window, Martin once refused to make a loan to China that had been requested by General George C. Marshall, then Secretary of State, insisted that he would never approve a loan unless it were economically sound. In 1948 Martin took a $5,000 pay cut to go to the Treasury as assistant secretary for international affairs...