Word: money
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Dates: during 1960-1969
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...cost of borrowing money has been rising rapidly ever since the Federal Reserve Board decided last December to get tough about inflation. Last week the deliberate squeeze on credit pushed many interest rates to the highest levels since 1929, causing considerable anxiety among bankers. Many moneymen fear that one more turn of the Federal Reserve's monetary screws might, as the Bank of America put it, cause "serious disruption in the financial markets and create conditions that would generate a recession...
What this means, in short, is that Harvard is only spending about one-third of the income from its endowment. The bulk of the income is reinvested, or more precisely, remains invested in the form of unregistered capital gains. Why is the Corporation so stingy wiht its money, while students fees are having such a dramatic effect on the makeup of the student body...
...predicted--$42.5 million. Yet not even all of this was spent. Two and one-half million was transferred to the principal of the endowment funds and another six million stayed in a fund entitled "Investment income reserved for future distribution," which is Harvard's way of saying that the money was just reinvested. That reserve fund, in fact, is an excellent example of income disuse; it has grown 2,590 per cent since the end of the Second World War (or more than four times as fast as the value appreciation of the general investments) so that it now amounts...
There are a number of problems with this policy. For one thing, it forces the University to judge academic departments by financial criteria, that is, how much money they can draw in for their own support...
...with a small group at Quincy House about obstacles to political reform--and to reform candidates. He made no sweeping statements about the decline of democracy, but his remarks did suggest that electoral politics has become the dismal science. And in a painfully true truism, he also admitted that money talks. "I would have taken the financial aspect much more seriously if I had it to do over again," Gilligan reflected wryly. "I thought the money would always turn up somewhere once the campaign began to roll. It didn't. We had to close down the campaign for two months...