Word: thrift
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...businesses ranging from steel to computers can rebound from sharp slumps, what is wrong with the thrift industry? Instead of hitting bottom and starting back up, an estimated one-third of the 3,200 federally insured thrifts in the U.S. just keep falling deeper into the red. The problem is potentially grave, because the ballooning cost of rescuing the ailing thrifts could strain the Federal Government's insurance fund. Last week officials at the Federal Savings and Loan Insurance Corporation, which guarantees deposits up to $100,000 and handles troubled thrifts, estimated that the deficit in its fund reached...
Still, M. Danny Wall, chairman of the Federal Home Loan Bank Board, which oversees FSLIC, believes that the thrift spiral is finally ending. His list of the worst-off thrifts has stabilized at 204. Moreover, S and Ls in general are starting to soak up much needed deposits again. During the first two months of this year, thrifts absorbed $10.6 billion in new deposits, compared with an outflow of $3.2 billion during that period last year...
FSLIC is steadily whittling away at the problem cases. Since last August it has closed 13 thrifts and merged 28 others into healthy institutions. Last week regulators began negotiating the sale of one of their most unwieldy cases, California's American Savings & Loan Association, the nation's second largest thrift (assets: $33 billion...
...true that anti-Semitism bubbles deep in America, it is also true that no place on earth is better suited to Jewish values and predispositions. Folklore has it that New England parsimony means thrift, whereas Jewish parsimony means miserliness, but the qualities are exactly the same. A dogged middle-classedness; a passion for education; a faith in individual enterprise; a near hysterical sense of family; a driving impulse toward nationalism and security; a belief in individual rights and expression, in reason, in the rule of moral law; a lust for self-celebration; a boisterous embracing of life, underlain...
Connally has already found other work as well. Houston's University Savings, the state's fourth largest thrift, has cast the former Treasury Secretary in commercials promoting financial prudence. In the ads, scheduled to debut on Texas TV stations during the Super Bowl, Connally says that though he and his wife Nellie "worked hard all of our lives . . . things haven't quite worked out like we'd planned. But that's all right," he drawls, "because there's no better place than Texas to start over and save a little...