Word: millions
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Dates: during 1960-1969
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...Eastern, which as recently as 1963 was shaky enough to ask for a $33 million subsidy, got a chance to change from a domestic carrier into a major international airline, giving Pan Am its first U.S.-flag competition in such South Pacific areas as New Zealand, Tahiti and the Fiji Islands-not from U.S West Coast cities (which Pan Am serves), but from eleven mainland points plus Mexico City and Acapulco...
...shake-up he has devised for Fannie Mae. Last week the Senate Banking Committee gave tentative approval to an Administration-backed bill that would convert the agency's main operation into a completely private company. If the bill passes, Fannie Mae will buy back the $142 million of its preferred stock now held by the U.S. Treasury. "We don't need the Treasury's money," says Lapin. Ultimately the corporation would be controlled by its 9,598 private stockholders* subject to a few important policy guidelines set by HUD Secretary Robert Weaver, the present chairman of FNMA...
...will hold a weekly auction in reverse. Bidders will not be buying, but competing for the right to sell Fannie Mae loans at some future time. Thus the private market will set the price, or discount, while FNMA controls the volume of its business probably $40 to $50 million a week.' For loans on new or used houses, the association will accept bids to deliver mortgages within either three or six months. For houses yet to be started, it will accept mortgages to be delivered within a year-a condition that will enable builders to erect subdivisions without gambling...
...clamping down on capital expenditures and tightening money, the government was able to nip inflation-and by the end of 1967, the economy was stabilized. During the first two months of this year, production was up about 5.5%. In March, crude-steel output hit an alltime high of 3.6 million tons. Domestic auto sales have been slower to recover, but carmakers predict an increase of 12% this year. Even the staid Deutsche Bank has been inviting Germans to loosen their purse strings. "You can go out and buy those things you put off last year," the bank said last week...
...bloom is likely to be France, which ships more than 20% of its exports to West Germany. After matching its leading customer in economic cutbacks, France found itself with unemployment at a record Gaullist high of 450,000. To offset this, the government plans to inject $600 million into the economy during the year, while continuing to boost exports. Now that West Germany is back on its feet, the export business promises to brighten the French employment picture as the country's economy moves closer to the 5% growth rate it has been reaching...