Word: profiteered
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Dates: during 1970-1979
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Pillsbury worries over the plight of the small landlord, who is the lowest-level beneficiary of the profit system. He accepts as given the contention that some people have a right to make a profit on others' having a place to live, and hopes that we can still provide decent housing at prices tenants can afford, without understanding the investment system which keeps the housing market going...
...point, of course, in that the system has not kept the housing market going. Maximization of profit has not proven compatible with decent rents. Yes. Controls on rent do make things worse within the investment system, by inhibiting maintenance and construction. But should we remove them? Even the current increase has forced elderly people on fixed incomes and families without employment to switch to diets of starch and pet food in order to pay their rents, or to move out of their homes-and hometown. We have to dig deeper, beneath the tug-of-war between protected profits and decent...
...organized power of large, militant tenant groups is a mystery to me. His "balanced analysis" fails to show that the current economic crisis comes down hardest of all on the minimum living standards of poor and working people and only secondarily upon landlords and hapless local governments--while the profits of large banks and corporations are safeguarded at all (social) costs. Such a failure to target corporate profit leads only to a good deal of handwringing about "complexities" and to shallow, ideological hopes for improvement. Each of us grasps the deeper reality when she will, usually after further study...
...Record Profit. Unfixed commissions had been resisted by much of Wall Street for years, and their May 1 advent had been ominously labeled "Mayday" (TIME, April 28). Yet Mayday came and went with few surprises. Some firms raised commissions to small investors. Merrill Lynch, Pierce, Fenner & Smith, the industry's leader, increased rates an average of 3% on orders of up to $5,000. But Blyth Eastman Dillon held commissions at present levels for small investors, trimmed them by 8% or more on larger deals for institutional clients. Bargain brokers popped up; one advertised commission cuts...
Wall Street is in good shape to withstand the intensified competition. Helped by heavy trading volume, member firms of the N.Y.S.E. scored a record profit of $287.9 million in the first quarter. And the Dow Jones industrial average, spurred partly by traders' hopes that new rivalry on commissions would bring more small buyers back into the market, spurted 36 points last week, to close at an eleven-month high...