Word: states
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Dates: during 1970-1979
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Savings inflows at the nation's 5,000 federally regulated savings and loan associations dropped to $1.5 billion in July, down from $2.8 billion a year ago. The state-chartered mutual savings banks have lost more than $2 billion in deposits since January, $725 million just in July...
These institutions still have a pot of money-the state mutual savings banks alone command $145 billion in deposits-but they are being squeezed. As a result, mortgage money is getting tighter, just as all borrowing rates are rising. The prime rate went up last week to a record...
...seven months of this year, the saver has discovered that he is throwing his money away if he puts it in a passbook account paying the federal maximum of 5¼% to 5 ½%. The real interest rate is usually less than that because it is clobbered by federal, state and city income taxes. Since interest is considered "unearned" income, the federal tax alone can go as high as 70% for wealthy people...
...government coming and going. If the legislator or bureaucrat, ignorant of Chrysler's history, accepted the blame for Chrysler's failure, then it would seem that the government would have little choice but to bail the company out. If not, Chrysler points to the plants in your state that would shut down, citing the hundreds of thousands of workers who would be unemployed...
Butros Gahlil, Egyptian Minister of State for Foreign Affairs, argued that his country's peace initiative did not amount to a separate peace with Israel, but was a first step toward an overall Mideast peace settlement...