Word: low-cost
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That pain is already intense for businesses dependent upon the easy availability of low-cost loans. Auto sales this year are running 30% below the same period in 1978. Home construction for the year is expected to plummet to its lowest level since 1946. "The housing recession is now 34 months old and counting," says Jack Carlson, chief economist for the National Association of Realtors. "We've never had one that long before...
Literacy once meant the ability to read and write, and perhaps acquire familiarity with, say, Paradise Lost. Today, children who cannot even decipher a limerick are becoming what is known as "computer literate." Just as Gutenberg's press stimulated literacy in the 15th century, the emergence of the low-cost personal computer of the 1980s is making the knowledge of what computers can do an essential educational discipline...
Pentagon insiders fear that some other weapons projects will be on Weinberger's hit list. One is the Navy's new F18, conceived as a light, low-cost, all-purpose fighter. The price for the planned production of 1,377 F-18s has soared from $16 billion to $38 billion. The Army's new armored "infantry fighting vehicle," designed to carry troops into battle, is also in jeopardy because of its exploding cost: from $900,000 each just three years ago to $1.4 million now. Other savings for 1982 apparently would have to come from reducing...
...loans, but Congress effectively canceled this method in 1980, though not before the program had helped some 190 faculty members. U.C.L.A. also started its own program of second mortgages but ran into trouble when it had to choose between tenured professors and promising newcomers. Besides, adds Crooks, even with low-cost loans "a professor cannot even afford these loans unless he has additional family income." At Stanford, the university is constructing 144 condominiums and town houses...
Sometimes ads can succeed beyond a lawyer's wildest dreams. Madison, Wis., Attorney Ken Hur, founder of a low-cost legal clinic, pushed its services with a variety of novel pitches that he says made him "the advertisingest lawyer in America." A hearse, for example, began to rumble along local streets with a printed message promoting $15 wills. Before long, Hur left the clinic and boosted his own hourly charge to $100. He explains, "I had to raise my rates to drive away business...