Word: borrowing
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1980
Sort By: most recent first
(reverse)
...begun using refined products--like kerosene--for cooking and heating. When the price of oil rose, therefore, the Third World could not cut down on its consumption. At the same time, it lacked the money to pay the higher prices. Poor nations had no choice: they had to borrow oil money from Western banks...
...with other deductions, Lucas came out with somewhere between $22 million and $26 million for himself. When the IRS left, that was reduced to $12 million. That is still a lot of money, but Lucas used just about all of it as collateral to borrow the $22 million ultimately needed to make The Empire. He says he kept only $50,000 or so for his own living expenses. "The truth of it is that I'm very overextended right...
Gloomy businessmen are now bracing for an economic downturn as deep as any in the postwar period. They consequently see no need to borrow funds at the still relatively high rates so as to expand capacity or hire new workers. General Electric Chairman Reginald Jones predicts that the prime rate will sink to 12% or 13% before investment picks up. Explains Gilbert Heebner, chief economist at the Philadelphia National Bank: "It was like 20% was some magic threshold. Borrowers simply stopped borrowing. Even small independent businessmen like farmers chose to liquidate their crops rather than borrow money...
...Boston Museum of Science, the Children's Museum of Boston, the Art Institute of Chicago and the Memorial Art Gallery of the University of Rochester are among the institutions that will borrow from the Peabody collections...
...culprit of the crunch is clearly the Federal Reserve's credit squeeze. Would-be house buyers are now finding it difficult to obtain money to borrow, and when they do, the rates are high enough to make any bail bondsman blush. The nation's average mortgage rate today is an astronomical 17%, vs. 11% late last year and 9% in 1977. Last November a family buying a $100,000 house would have needed an income of $36,500 to qualify for the normal $80,000 mortgage, and faced monthly payments of $761. Today, obtaining a mortgage for that...