Word: borrowers
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Dates: during 1960-1969
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...which inner necessity dictates. Eclecticism is consequently faded and diffuse instead of directed towards precise statement. The work of an eclectic laborer cannot possess independent life, whereas the work of the derivative artist cannot possess anything else. This was what T.S. Eliot meant when he said that immature poets borrow while mature poets steal. Stravinsky's Pulcinella is derivative, Poulenc's Gloria eclectic...
Disturbed by the corporate borrowing, Federal Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks...
Loosening Old Ties. Industrial corporations have increasingly been drawn into building and development deals by the opportunities to use borrowed money and tax advantages for an exceptionally high return on their own investment. Developers commonly borrow 90% of the funds they need to operate-a ratio that would worry executives involved only in manufacturing...
Because the Coop itself is in debt, it cannot be of very much direct monetary aid to the community. "To expand, the Coop had to borrow from local banks and the John Hancock Company. The terms of those loans expressly forbid us to invest in any other businesses," Brown explains. The Coop can, however, give about $5000 to charity each year, which it donates through the United Appeal...
...been undermined by Deputy Secretary of Defense David Packard, who turned up to testify armed with a raft of charts and diagrams showing Russia's growing threat as an 1CBM power. When he had finished explaining them with the help of a pointer, Senator Albert Gore asked to borrow his "wand" and produced some homemade charts of his own. The resulting debate on "overkill"-nuclear capability beyond that needed to assure the total destruction of an enemy-turned primarily on the difficulty of determining a nation's future offensive capacity. Packard stuck to his estimates. He admitted, however...