Word: thrift
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...Butlers, who are putting two of their children through college, have made thrift the corner stone of their lives. "I'm always looking to use something in a creative way," says Mrs. Butler, 57, who works as a school teacher's aide. "I never buy anything that I can make for myself." She has recycled melted wax into candles, wraps gifts in old newspapers and never buys on credit. Still, the Butlers have been unable to set aside funds for retirement. "We had hoped that we would travel after we retired," says Mrs. Butler...
Millions of people justifiably feel that the economy is cheating them of the rewards of hard work and thrift. A few more years of skyrocketing prices that wipe out much of the middle class and reduce some Americans to eating dog food could well cause many voters to question whether a system so fundamentally flawed can endure...
...critics' fear is that issuance of the notes would tempt depositors to pull more money out of savings and loan associations and mutual savings banks (generally called "thrift institutions"). This would further cripple the housing industry, which depends heavily on mortgage money advanced by those institutions. Even AFL-CIO President George Meany, worried about jobs in the construction industry, joined the chorus of criticism. Citicorp held off the note sale, though it may try again this week...
...dispute illuminates several aspects of the money squeeze now afflicting the U.S. It illustrates the lengths to which banks and their holding companies are willing to go to raise the funds to meet clamorous loan demand from business, and spotlights the plight of the thrift institutions in competing with commercial banks for savings in a tight market. Last week the National Association of Mutual Savings Banks reported that its members suffered a net savings outflow of $350 million in June...
Savings Outflow. In consequence, says Economist Alan Greenspan, "we are in for a massive hemorrhaging of [funds from] the thrift institutions," as depositors shift their money into higher-yielding investments. This process is known as "disintermediation," and there are some signs that it already has begun. The U.S. Savings and Loan League estimates that in April S and Ls suffered a savings outflow of $350 million, v. a net inflow of $831 million in April 1973. Ultimately, the process could bring home construction to a virtual standstill by drying up mortgage money, and could threaten the solvency of the thrift...