Word: thrifts
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Dates: during 1980-1989
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...when the Federal Reserve published figures reflecting that increased loan demand and money growth, American financiers reacted nervously. The report showed that the most important measure of the money supply, which is called M1B and includes money in circulation, checking accounts and checklike NOW deposits at thrift institutions, had grown by a stunning $4.2 billion to $431 billion in the third week of April...
...Fund Insurance (1980 sales: $3 billion). Shearson's main offerings to the merger were 11,000 employees in 270 U.S. and overseas branches, plus $8 billion in assets in popular money-market funds, which in recent months have lured a small army of savers away from banks and thrift institutions...
Banks and savings institutions have undoubtedly been hurt by the money funds, since their cheapest source of funds is deposits in checking accounts and low-interest passbook accounts. Saddled with billions of dollars' worth of unprofitable old low-interest mortgages, some thrift institutions are tottering on the edge of bankruptcy. Last week the U.S. League of Savings Associations urged the Government to impose sharp restrictions on the money market funds and asked the Federal Savings and Loan Insurance Corporation to pledge up to $7 billion in low-cost loans. Says Carroll Melton, league economist: "The money market funds...
...main causes of the problems for the thrift institutions are double-digit inflation and interest rates, which were both unheard of in 1831 when the first S and L in the U.S., the Oxford Provident Building Association, was founded in Philadelphia. The nation's S and Ls and mutual savings banks today hold $650 billion in long-term mortgages, nearly three-fourths of the U.S. total. But about one-third of those were written within the past decade at interest rates of 8¾% or less. Moreover, during the past two years the costs to the thrifts of acquiring...
...record, Brando is the character wearing granny glasses and a hearing aid, the one whose fringe of white hair curls cunningly around a large bald spot and whose corpulence is encased in a wardrobe that seems to have been picked up at a thrift sale managed by the estate of Charles Foster Kane. Brando has also got himself up with a down-home country-boy accent that makes his cynicism terribly appealing-especially in the bloody and lugubrious context of this emotionally unpunctuated movie. His performance is not truly good-it lacks a real edge of sharpness...