Word: rea
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Dates: during 1950-1959
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Born during the Depression, REA sought, by offering loans at a less-than-cost rate of 2% interest, to bring electricity to thousands of farm families that had none. REA did its job, and well: now more than 95% have such service. The necessity for a federally subsidized REA system has obviously decreased with REA success, yet REA has continued to grow as a dug-in interest, representing assets, loans, etc., worth billions and often generating as much political as electrical power...
Beer Bottles? All week long, Democratic speakers had paid homage to REA's power. Massachusetts' Senator Jack Kennedy, a strong presidential hopeful, promised that the Democratic Congress would "not go back on our word" by raising REA interest rates. Senate Democratic Leader Lyndon Johnson sounded a call to man the barricades against any Administration attempt to raise the interest rates: "We will fight them with beer bottles. The time has arrived when you must ask no quarter and we must give none.'' House Speaker Sam Rayburn, co-author of the 1935 act that created REA, asked...
...REA, the President suggested, has come to the point where it should pay normal interest rates on its new loans. "America is engaged in a great debate on the rule of government in the lives of her citizens. Shall government live within its means; shall our citizens, in a prosperous time, meet the cost of the service they desire of their government? Or is it to be our established policy to follow the ruinous route of free republics of the past ages, the route of deficit financing, of inflation, of taxes ever rising, until all initiative and self-reliant enterprise...
Probable answer in the Democratic 86th Congress: REA's low interest rates will not be raised...
Chile's Linea Aérea Nacional, for example, is subsidized by the government, does a sedate business at I.A.T.A. rates by ap pealing to national pride. Others offer special services, such as the direct European flights of Panair do Brasil, Cubana Air lines and Colombia's 38-year-old Avianca...