Word: term
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Dates: during 1980-1989
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...major issue. Somewhat unfairly, Gephardt linked Hart with Ronald Reagan: "Frankly, I'm disturbed that the front runner in our party echoes the President and offers nothing new on trade." (Reagan took a slap at Gephardt on Saturday, saying protectionists in Congress "would risk America's prosperity for short-term appeal...
...challenge facing the banks is summed up in an arcane and inelegant word: securitization. The term describes a sophisticated method of using powerful computers to package traditional loans into securities. The new instruments are then bought and sold like conventional bonds in the credit marketplace. Securitization is double edged: in only a few years, the technique has given an enormous boon to consumers in the form of lower interest rates and fresh infusions of money for mortgages and car loans. Banks have also gained from securitization, observes Lowell Bryan, a director at the McKinsey consulting firm. They have, he says...
...loans that remain in banking hands, however, are of steadily decreasing quality in areas like oil-related activity, farming, real estate and Third World debt. The drag of those deteriorating assets has put the banking system at increasing long-term risk. In 1984 and 1985 U.S. banks had to write off between $15 billion and $16 billion worth of bad debts. In 1986 the figure is estimated at $21 billion. Last week, when many big banks reported their first-quarter earnings, the results were broadly depressed. Manufacturers Hanover's profits, for example, fell 21%, to $81 million, while Chase Manhattan...
...first important loan customers to kiss the banks goodbye were blue- chip corporate borrowers; in the mid-1960s they began issuing short-term debt securities called commercial paper. While corporations have always relied on securities like bonds for long-term debt, commercial paper took the place of short-term bank borrowing. Commercial paper, which is sold by investment banks to big investors, has become a $190 billion industry...
Thornburgh, a Republican who was prohibited by state law from seeking a third consecutive term as governor, left office last fall with a strong approval rating among Pennsylvania voters...