Word: outflow
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Dates: during 1970-1979
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Something for Savers. To help banks and savings-and-loan associations stem a worrisome outflow of funds, the Government raised the maximum interest rates that they can pay to depositors. On ordinary savings accounts, the ceiling went up from 4% to 4½% for commercial banks and from 4¾% to 5% for S & Ls. At the same time, Washington perpetuated a dubious double standard by which the rich can earn more with their money than can citizens of modest means. Banks and S & Ls were empowered to pay up to 7½% interest on certificates of deposit...