Word: ls
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Dates: during 1980-1989
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...almost as homespun as Jimmy Stewart. In Frank Capra's 1946 movie It's a Wonderful Life, the actor played an embattled S and L officer who eventually triumphs over evildoers when depositors unite to save his business. The nation's 4,600 S and Ls could use a little of the Capra grass-roots rescue treatment right now. Along with their sister "thrifts," the 460 mutual savings S and L banks are caught in a profit squeeze that some analysts fear could lead to their collapse and ultimately to U.S. financial chaos. Says Jonathan Gray...
...main causes of the problems for the thrift institutions are double-digit inflation and interest rates, which were both unheard of in 1831 when the first S and L in the U.S., the Oxford Provident Building Association, was founded in Philadelphia. The nation's S and Ls and mutual savings banks today hold $650 billion in long-term mortgages, nearly three-fourths of the U.S. total. But about one-third of those were written within the past decade at interest rates of 8¾% or less. Moreover, during the past two years the costs to the thrifts of acquiring...
...trouble facing the S and Ls is that savers are no longer content with the meager 5½% yields on passbook savings accounts, which have long been the main source of money for lending by the thrifts. Instead, they are putting their resources into money market mutual funds, where 16% interest was common last week, or into the thrifts' own money market certificates, which yielded 15% interest. During the past year, an estimated $28 billion has flowed out of savings accounts into other forms of savings...
...decided it needed a new version of the old spy plane. It would incorporate the latest "stealth" features as well as updated electronic snooping capability that can peer sideways over borders and transmit data-including TV-type pictures-directly back to military commanders on the ground. Twenty-five TR-ls will be built at a cost of $550 million. Thanks to Johnson's premonition, the bill will be a tidy $10 million less than it might have been had he not squirreled away those old tools...
Banking experts would not be surprised at all to see at least a few more S and Ls keel over in the coming months. Said Wall Street savings and loan analyst Jonathan Gray: "There is simply no way to describe the situation without sounding inflammatory. If rates stay at their present levels, by the end of the summer about 75% of the nation's S and Ls will be losing money...