Word: ratings
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Dates: during 1970-1979
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Canada. The U.S.'s biggest trading partner is having its share of economic problems. Its new Conservative Prime Minister, Joe Clark, is committed to cutting inflation from its present annual rate of 11.7% to 5% and joblessness from 7.9% to 5.5% by 1985. Clark has vowed to use tax cuts and other incentives to boost Can ada's growth from its present level...
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...
...bankers' jargon for loss of deposits to higher yielding investments, such as Treasury bills. For a while, savings officials thought that this had been averted through the introduction in mid-1978 of six-month money-market certificates (M.M.C.s), whose payout is tied to the going Treasury-bill rate, currently 8.87% for six-month bills. But the M.M.C.s did not bring in just new money; they also attracted funds that the thrifts already held in lower yielding savings accounts. Result: the savings institutions' deposits held up, but their profits were squeezed hard, since they were trading low-payout depositors...
...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...
...there is such a thing as a foolproof movie, Escape from Alcatraz must be it. Throw together Clint Eastwood, an airtight jailbreak plot, a first-rate storyteller like Director Don Siegel ... and what could possibly go wrong? As it happens, almost nothing. True, Escape from Alcatraz embraces virtually every cliché known to prison movies. Eastwood does not exactly break new ground as an actor either. Yet this film's familiarity ends by breeding affection rather than contempt. When an old-fashioned genre piece is executed with spirit, audiences can rediscover the simple, classic pleasures of moviegoing...