Word: pay
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Dates: during 1970-1979
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...efforts of Margaret Thatcher's new Conservative government to rein in double-digit inflation by trimming spending, the country's economic outlook remains bleak. Though Britain's North Sea oil supplies have eased its dependence on-OPEC, British exports are still not strong enough to pay for its imports...
...trying to "recycle" the dollars that flowed into the oil-producing states and were then invested in the West or parked for short periods in the major institutions of industrialized nations. Much of this money was loaned to the hard-pressed developing countries to help them pay their ever heavier oil bills. The international banking system came through that operation in much better shape than many of the pessimists believed possible, though the amounts involved were huge...
Once again, it is hand-wringing time at the thrifts. With a 13% inflation rate, people are being driven into investments that offer more than the paltry 5¼% or so that savings banks and savings and loan associations are allowed to pay on passbook accounts. The result is that these traditional homes of the small saver are fairly scrambling for deposits. New customers are being lured by both familiar freebies (toasters, tickets to shows) and new appeals. For example, New York's big Bowery Savings Bank (assets: $5 billion) now has its longtime pitchman, Yankee Slugger Joe DiMaggio...
...first time since the early 1970s, when interest rates surged on the eve of the 1973-74 recession, they have been losing deposits in a big way. April, for instance, is normally a poor month for the savings banks, since their customers commonly make large withdrawals to pay taxes. But April 1979 was by far the cruelest ever: nationwide, savings and loan institutions lost $1.5 billion in deposits (vs. an increase of $400 million last year). They gained back $1.2 billion in May, but that was considerably below last year's more normal $2.1 billion in new deposits...
...March the Administration tried to improve the thrifts' earnings by dropping the quarter-point premium that they were required to pay on M.M.C.s. when the Treasury-bill rate was at 9% or above. But this backfired because the commercial banks then moved aggressively to compete for M.M.C. sales, cutting into savings-bank deposits...