Word: borrowers
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Dates: during 1970-1979
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...quarter. "Just think--another quarter you won't have to own."). His preaching aside, people in these times still clamor to own just about everything they can possibly imagine. Cars, homes, Cuisinarts, video-cassette recorders--and if you can't afford it, then you simply buy it on credit, borrow money, get a loan, try our EZ Payment plan, Master Charge it, put it on the tab, Leo--anything. It seems the inevitable extension of the consumer age. The old Puritan Ethic might have built this place, but it's the old play-now, pay-whenever attitude that keeps everything...
...Joseph Flom, a lawyer famed for his skill in fighting long delaying actions against takeovers and thus an expert on how to counteract such tactics. American Express further arranged $700 million in stand-by credits from major banks. It obviously does not need the money, but might prefer to borrow for the takeover rather than cash in some high-yielding securities...
...Paying off the debt now enhances the Treasury's ability to borrow later, when Social Security benefit payments will exceed incoming payroll tax revenues. A smaller national debt also reduces overall demand for credit, pushing down interest rates. This in turn should stimulate economic growth and create jobs, producing more payroll tax revenue to keep Social Security healthy. Devoting the savings in interest payments to Social Security should extend the program's solvency from...
While they spend, borrow and pay off, Americans are saving less of their incomes than in a decade-only 5.1%, which is down from the 1973-75 average of 7.6%. This may be due in part to a feeling that people need not worry about their old age because Medicare, Social Security and private pensions will take care of them, but the attitude represents a basic change in consumer psychology. When inflation ran high in past years, consumers reduced their borrowing and increased their savings out of fear of bad times ahead. This helped fight inflation by braking an economy...
...rises or falls out of this narrow band, its government will be obliged to adjust the price and pull it back in. A country can do this by buying or selling its own currency on international markets. If it needs money to do this kind of buying, it can borrow from a new fund. To set up the fund, each member country will contribute about 20% of its gold and dollar reserves, or a total of up to $32 billion. The fund will be denominated not in marks, francs or dollars but in the new European Currency Units-ecus...