Word: ownership
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Dates: during 1980-1989
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...Mercedes- Benz. The symbolism of so expensive a car bothers this man of independent means who cuts his own hair (badly) because "it's cheaper and faster." With a reporter he knows well, he can be drawn into conversation about his innermost thoughts. Still, he refuses to confess ownership of the Mercedes...
...Every time we saved $5,000, interest rates jumped and we needed $10,000." Even with a solidly middle-class income (now $40,000 between them), Dribin and Eysenbach, 39, a part-time teacher and actor, wondered whether they would ever be able to unlock the door to home ownership...
That dream has been steadily receding for many Americans, primarily young people. Since 1979, periods of high interest rates and fast-rising prices in many parts of the U.S. have caused the rate of home ownership in the 25-29 age group to drop from 44% to 36%. For those in their 30s, the rate fell from 61% to 53%. The increase in home prices has far outpaced the ability of young people to save the necessary down payment. A prime reason is the price of rents, which have risen even faster than home prices in many cities. Now interest...
...biggest customers, using the network of banks and thrifts to finance ventures in which he held hidden interests. "He saw the thrifts as one big gold mine, an endless pit of money," says Joseph Cage, a U.S. Attorney in Louisiana who prosecuted Beebe. Rather than exert his ownership outright, Beebe often held control behind the scenes. One of his tactics was to stake friends like the high-flying financier Don Dixon, who relied on Beebe's backing to acquire Texas-based Vernon Savings & Loan in 1982 and rode the institution to a spectacular collapse...
...Bass. American Savings will be split into two entities: a "good" S & L to hold $15.4 billion in healthy assets and a "bad" one that will liquidate $14.4 billion in sour loans and other assets. For a total investment of only $500 million, the Bass Group gets 70% ownership of the good thrift. FSLIC controls the rest...