Word: thrifts
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...from an estimated $28 billion in 1982 to $45 billion in 1986. Many economists argued, though, that IRAs did not spur new saving, but simply encouraged the shifting of funds from other investments. Advocates of the retirement accounts, however, contend that IRA contributions were just beginning to spur greater thrift when they were restricted in 1986, and that they would provide a powerful stimulus for saving if restored. The problem with restoring the IRA deduction is that the tax break would swell the federal deficit unless the change was offset by other revenue...
Ironically, the Japanese do not have a long tradition of thrift comparable to the Puritan ethic, which for centuries conferred upon Europeans (and, subsequently, Americans) a sense of moral rectitude for every penny saved. A dedication to saving became ingrained in the Japanese psyche only in the late 19th century, when the government, under Emperor Meiji, began cajoling the people into saving to supply capital for industrial modernization and, later...
...glitzy gallery is part of the FSLIC's effort to unload some $408 million worth of properties inherited from failed thrift institutions, mostly in the troubled oil-patch states. If investors cannot find something on the selling floor, they might want to bid for the gallery itself. The twelve-story office building that houses the center is available for $12 million...
Last year, for example, WSGP took over Honolulu Federal in return for $17 million in new capital and $40 million in bonds. The group slashed the marketing budget and cut back operating hours; they also discounted $100 million in bad assets. Now the thrift could fetch as much as $150 million if sold...
Critics complain that federal regulators, panicked over the parlous state of the thrift industry, have been all too willing to approve WSGP purchases at giveaway prices. Perhaps in response to that outcry, the regulators have balked at two recent WSGP takeover bids, in San Mateo and Irvine, Calif. In turn, Simon & Co. have altered their business strategy: Marina del Rey-based Western Federal is a healthy and profitable S and L with about $2 billion in ! assets. The Western Federal deal must still be approved by federal regulators...