Word: thrifts
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Dates: during 1980-1989
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This past fall, rumors circled the Hollywood hot air mills purporting that Waits had returned from France a changed man. One story went so far as to suggest he had shed his thrift shop threads for Giorgio Armani suits and a clean-shaven, manicured Continental haute couture. Sitting in one of Herb Cohen's small offices and backdropped by a fountain and Spanish courtyard, Waits needn't have inquired "Giorgio who?" to debunk that fiction. One look was enough: pointed black shoes (leather cracked), tight, wrinkled straight black pants, a haphazardly-buttoned off-white white shirt, his goatee more under...
Despite the mob's fury, the torching and destruction were remarkably selective. Although some black merchants saw their shops burned out, the crowd concentrated on white-run businesses. The rioters' main targets were white-owned thrift stores, pawnshops, liquor stores, auto parts dealers and chain groceries. Few banks or pharmacies existed in the area. Schools and churches escaped damage, and the homes occupied by blacks looked as untouched as the residences of affluent whites in Coral Gables and Miami Shores...
DIED. Arthur Levitt, 79, New York State comptroller from 1955 to 1978, whose nonpartisan dedication, thrift with public funds and relentless criticism of fiscal chicanery endeared him to voters, who returned him to office five times with huge majorities; in New York City. A Brooklyn lawyer and nominal Democrat, Levitt served under four Governors, tightening the state's auditing procedures, including "performance audits" of state agencies, and eventually giving his office prestige and power virtually beyond politics...
...only four weeks ago to 17%. The popular $10,000 six-month money-market certificates, which carried Golcondan interest payoffs of 15.7% only six weeks ago, were offering a mere 9.5%. Even mortgage rates took a tumble. California's Home Savings & Loan, the nation's largest thrift institution, dropped its home lending rate from 17.5% to 12.75%. Said Irwin Kellner, chief economist at New York's Manufacturers Hanover Trust: "Rates are following a financial version of Newton's law that for every action there is an opposite and equal reaction...
...cure the Depression, capitalism was forced to save itself by creating the economic mechanisms that produced inflation and the consumer mentality. Capitalism had to destroy the Protestant ethic of thrift and create, through advertising and other mechanisms, a hedonistic culture of free spenders. Now this solution threatens capitalism, so we are told to stop spending, stop consuming...