Word: boost
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...stay in business. Furthermore, the new rate may do as much harm as good. Instead of siphoning money away from businessmen, it may simply dry up completely the market for VA loans, which are still limited to 4½%. The Administration may ask Congress next month for permission to boost VA rates to 5%, but congressional approval is still in doubt...
...that the Government's entire mortgage program should be overhauled. Among the ideas proposed: 1) a central mortgage bank created by the Government, which would operate much as the Federal Reserve does for commercial banking by making rediscount loans to regulate the fluctuating supply of credit; 2) a boost in the buying power of Fannie Mae, the Government's secondary mortgage-buying agency, from the current $1.1 billion to $4.5 billion; 3) more direct loans from VA to home buyers...
...already lofty sights. General Electric Chairman Philip D. Reed, whose company is committed to a $500 million expansion program in the next three years, announced last week that the figure was "very much on the conservative side." As predictions of future markets soar, General Electric may well have to boost its original estimate by a spectacular 40%. Said Reed: "There is no leveling off in the need for capital expenditures, and nothing in the picture to suggest any lessening of pressure for new equipment and facilities...
...Treasury's action: it had to offer an interest rate of 3.043% to sell $1.6 billion worth of 90-day bills, a rate slightly higher than the Federal Reserve's 3% rediscount rate. Traditionally, when the Treasury rate climbs above the rediscount rate, it means another rediscount boost by the Federal Reserve. In fact, had it not been for possible upsets to business threatened by the Middle East crisis, most economists thought that money would have already been tightened...
...Bountiful. Although Government surpluses have been doled out to the needy since 1933. the present program bears little relation to the nation's economic state. The program got its big boost in 1954, when Kentucky's Democratic Senator Earle C. Clements and Virginia's Democratic Representative W. Pat Jennings opened the floodgates with a bill providing that surplus food be made available in coal-mining areas with high unemployment. Since then the amount of free food has jumped tenfold, a total large enough to compete with grocers in many towns, bountiful enough to favor many who could...