Word: poole
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Dates: during 1980-1989
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...Brady commission did not highlight the role of the specialist, but that may be a major topic of the report expected to be released this month by the Securities and Exchange Commission. SEC Chairman David Ruder contends that a way must be found to provide a much larger pool of capital for the specialists. Says he: "There is just not enough buying power in times of emergency...
...long as possible. (In fact, forever.) Earl Madden, an auto mechanic, knew from experience, "Once you take a job, that's it." In constant cahoots with his best pal at Our Lady of Perpetual Help grade school, the present Los Angeles Rams coach John Robinson, young Madden tried the pool halls and bowling alleys before settling on the caddie house as his preferred den of iniquity. There he learned about shuffling cards, pitching nickels and living life. He recalls, "I shagged balls for Ken Venturi," who would win the U.S. Open and end up a CBS commentator. Among Madden...
...dangers. With too few reserves to fall back on, consumers might have to restrict their spending severely during a recession and thus aggravate the downturn. Other harmful side effects have already shown up. Profligate consumer spending on imported goods has ballooned the U.S. trade deficit, while the dwindling national pool of savings has forced America to borrow from abroad to meet its financing needs. Says Investment Banker Peter Peterson, a former Commerce Secretary: "Correcting the current imbalance assumes that America can embark on an enormous shift from consumption to savings. I hope we don't have to have a national...
Personal reserves are only one part of the larger pool that the nation draws upon for investments in capital projects and new businesses. Since corporate and government saving also help fill the pool, a decline in thriftiness on the part of households might normally be offset by surpluses in other parts of the economy. But the downturn in personal saving comes at a time when the Federal Government is doing even worse, running budget deficits that have totaled nearly $1.3 trillion so far during the 1980s. Result: America's pool of savings is inadequate for the country's investment needs...
...biggest tax incentive to spend may be the unlimited deduction on mortgage interest. This sacrosanct loophole has fulfilled the worthwhile ideal of widespread home ownership, especially for first timers, but has encouraged people to make disproportionately large investments in housing instead of putting their money into the savings pool. Most other industrial countries impose limits on the mortgage interest that can be deducted. The U.S. mortgage-deductibility provision, contends Economic Commentator Robert Kuttner, is not only antisaving, but inflationary and inequitable as well. Wrote Kuttner in his 1984 book The Economic Illusion: "The effect is to fuel ; housing speculation, drive...