Word: saversion
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The famous 17-year cicada has nothing on the perennial goldbug. Quick-buck speculators, long-haul investors and just plain inflation-scared savers have put so much money into gold that last week it ballooned to a record $277.15 an ounce. Other precious metals have been piggybacking on the yellow...
Seventy percent of America's capital comes from household savings, yet small savers are discriminated against.
Last week savers got a powerful lift, and so did the cause of capital formation, when President Carter called for a phasing out of interest rate ceilings. This deregulation would have the additional effect of eliminating the differential between commercial banks and savings institutions. The President also recommended that all...
Congressional action on some or all of them may come quickly. The rates will probably be allowed to rise in steps over a period of years, and there is a good chance that small savers will start to get a fairer share before 1980 is very old.
The Gray Panthers, a group of aged activists, have been lobbying long and hard for higher interest for small savers, and have publicized their campaign through buttons and bumper stickers bearing their wry slogan: "Savings may be hazardous to your wealth." They have a point. Just to keep even with...