Word: record
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Dates: during 1950-1959
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...every schoolboy knows, it was wildly inflated credit that brought on the 1929 crash. When consumer credit rose to a record $44.8 billion at the end of 1957, many an economist wondered uneasily whether history would repeat itself. Would credit, which had helped speed the postwar boom, bring on and accelerate an economic downturn? Now that the recession is waning, the answer is in. The credit structure not only surprised the experts but showed strengthening timbers that no one ever suspected...
...remarkable way in which the U.S. consumer kept up his credit payments despite the recession contributed to economic stability. With a record total of $78.5 billion in savings accounts, he had a fat roll to draw on. With the resources at his command, plus unemployment compensation and other supplementary benefits, he kept up his credit payments while cutting back on new commitments. Says a Los Angeles banker: "The consumer is not as wild an individual as many thought. For the most part, he is serious about satisfying his obligations...
...cost of repossession-and usually got his money when the customer's lot improved. Says the vice president of a Cleveland bank: "Our psychology is different from what it was in the 19303. We haven't gotten panicky this time. If a man had a steady record and didn't go to Florida when he was laid off but came in and talked to us, we carried him until...
With Government bonds near record lows, bond speculators have been taking much of the blame from the Government for their part in the debacle. Last week one of the biggest Wall Street dealers in Government bonds hit back with some plain talk about speculation and Government bond policies. The U.S. Treasury, said Aubrey G. Lanston, president of Aubrey G. Lanston Inc., not only encouraged speculators to come into the market by tailoring its offerings to attract them, but would have been unable to sell $26.5 billion of recent middle and long-term securities without "a good dose of speculation...
This latest win of the varsity gives the Crimson a record of four wins and one loss...