Word: rising
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Dates: during 1960-1969
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During a conversation, the transparent walls of the booth may slowly turn green or black as panels of colored water rise inside them. A television screen set in the floor may go on, showing the viewer's face grinning nervously up at him. His voice may be recorded on a tape and played back to him. Sirens may blow and a wind blast up from a screen beneath the telephone; a ghostly echo of his words may resound in the booth, or a screen descend (the idea is to make shadow pictures on it with one's free...
...pulling out of the winter downturn which is being called, in current vogue, the "mini-recession." Though the economy, as Martin noted, "is beginning to show signs of moving ahead again," many dark spots remain. Despite massive stimulation to business through an easing of credit and a sharp rise in federal spending, industrial production has slipped four months out of the past five on the Federal Reserve Board index; in May, it fell 2% below its December peak. The nation's real output of goods and services, in the first three months of this year, missed its clockwork quarterly...
Housing has since recovered part way from its lonely depression, thanks to lower interest rates and a renewed flow of mortgage money. Lately, however, mortgage rates have rebounded more than two-thirds of the way back to their 1966 heights. If the rise in interest rates continues, as many analysts expect, it can only siphon funds away from mortgages again. Warns John G. Heimann, vice president of the Manhattan investment-banking firm of E.M. Warburg and mortgage consultant to Housing Secretary Robert C. Weaver: "The fragmented, highly specialized mortgage system, responsible to so many agencies, has fallen behind, never...
...supply 44% of the money to finance homes; mutual savings banks and commercial banks each provide another 14%. Thus 70% of the $275 billion tied up in residential loans (mostly of 20-to 30-year duration) comes from passbook savings subject to almost instant withdrawal. When inter est rates rise rapidly, S & Ls and savings banks are caught in a pincers. To keep their savings accounts, they must pay higher interest, but their income from existing loans remains fixed. So they curb new lending...
...divert funds elsewhere. Only Government-backed mortgages, less than a fifth of the total, can be readily traded among investors. The 6% interest ceiling on FHA and VA loans, handiwork of the congressional easy-money bloc, not only makes some investors shun them but also gives rise to the unwelcome system of "discounts" to lift yields. Mortgages' cumbersome complexity keeps their interest cost to home buyers higher than need...