Word: money
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Dates: during 1960-1969
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...corporate customers and rationing loans to regulars. Some are cutting off finance companies and mortgage-banking firms and generally refusing loans to finance corporate takeovers. The pressure is strongest on banks in the East and on the West Coast because they deal with many large corporations that need money to expand. The cost of borrowing, already at a 40-year peak, continues to rise. Bankers have stepped up their prime rate four times in the past six months, to an alltime high 7½%, and speculation is widespread that they will soon increase it again. That expectation helped to depress...
...most glaring trouble signals came from the jittery bond market, which ordinarily supplies 95% of the capital needed to finance U.S. business expansion. Some bond dealers describe trading conditions as the most disorderly in memory. So many banks are unloading their bond holdings to raise money for loans that underwriters are being forced to offer "shock prices" to sell new issues at all. Southern New England Telephone Co. last week paid 7.723% interest-the highest for any unit of A.T. & T. since 1921-to bring out $65 million in debentures...
...crunch" talk-the word was on nearly every banker's and broker's tongue last week-delights the Federal Reserve. The board interprets the commotion as evidence that its tight-money policy is now beginning to force banks to make difficult decisions about what to do with their funds, instead of trying to dodge monetary discipline by scraping up money abroad. So far this year, the Federal Reserve has allowed the U.S. money supply to grow at an annual rate of less than 2%. That is sharply below the inflationary 11% growth allowed in the second half...
...fear of inflation has been heightened by the enormous increase in the country's financial reserves. During the latest money crisis last month, $4¼ billion in francs, pounds, dollars and other foreign funds flowed into Germany. As of last week, almost $3 billion of it was still there. The influx has not only overinflated Germany's money supply but depressed the monetary reserves of France and Britain...
...nurse on duty at a time in each home and relies heavily on nurse's aides, who get only $1.30 an hour. President Richard Rynd, 38, a onetime scrap-metal dealer, openly scoffs at a competing home that employs registered nurses rather than aides. "No wonder it loses money," says Rynd. Like most operators, Rynd has no full-time staff physicians or dietitians. Even so, his homes exceed Medicare's staffing standards, which call for only one registered nurse in a home and licensed practical nurses to take charge when she is off duty...