Word: cashing
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Dates: during 1980-1980
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Despite the modest increase in retail sales, it is unlikely that consumer spending will pull the economy out of recession this year, as it did in 1975. Wary customers are still doing most of then" buying for cash rather than on credit. In California the Carter Hawley Hale chain reports that in the first half of the year there was a 2½% drop in credit sales. Consumers in June decreased their debt load by $3.46 billion, after a $3.43 billion drop in May. Any cash left over is now being stashed away in savings accounts. The level of savings...
...from his Libya connections. Yet during the many months that Carter wondered whether Billy had a financial motive in courting Libya, the President apparently never even phoned his brother to discuss the matter. Upon learning of the payments, he failed to ask Billy what he had done with the cash...
...learn its lesson. A man named Richard Vigurie looked fondly at the power of the Sierra Club or the anti-war groups to mobilize support, and decided to go them one better. His computer bank now contains more than 20 million names, most of them eager to give cash to anyone or anything that will help uphold decency, religion and high profits. The anti-feminists, formerly too demure to march and lobby, now scream shrilly about co-ed bathrooms; the pro-life contingent bombs clinics and pesters legislators. Liberals seem to be slowly emerging from the alfalfa-sprout doldrums...
...Treasury does it. So do states and corporations. Now financially pinched private universities are catching on. Chicago's Roman Catholic Loyola University has become the first such institution to raise cash by issuing lOUs in the crackling-hot short-term money market. Needing building funds, Loyola issued a total of $53.5 million in tax-exempt corporate paper for terms ranging from 15 to 93 days at an average interest cost of 3.86%. Loyola intends to keep reissuing the paper until long-term interest rates (now as high as 9½% for 30 year tax-exempts) decline...
Besides gaining a lower price for its cash Loyola has won kudos. Standard & Poor's, the investment-rating firm, now appraises the short-term debt of nonprofit institutions. It gives the Loyola debt its top grade...