Word: crediting
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Dates: during 1970-1970
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...Administration's economic front office. But Connally personally may have nothing to lose. Says a close friend: "John knows the economy can't get much worse. He has nowhere to go but up. If the situation improves, he can get the lion's share of the credit. It is a situation that appeals both to his political instincts and to his rather roomy...
...Wright Patman, an archenemy of banks and railroads, blocked the Nixon Administration's efforts to prop up the Pennsy with a $200 million loan guarantee, the Federal Reserve moved swiftly to steer the financial system out of danger. The board made a special point of offering to advance credit to commercial banks through its "discount window," providing them with much needed funds for relending to corporations that had to pay off commercial paper. The mechanism was conventional, but the need for speed was so urgent that five top officers of the New York Federal Reserve Bank spread news...
...Federal Reserve Board thus narrowly averted a liquidity crisis-but not without a few tense moments. Some financially embarrassed companies had trouble refinancing their commercial paper. In one case, Chrysler Chairman Lynn Townsend flew to Manhattan and arranged a $400 million increase in the company's line of credit from a group of banks. Many other cash-hungry companies were not so fortunate. Business failures in 1970 rose to a three-year peak of about 10,000, and the sums of money involved reached an alltime high...
Heaving out the old curriculum, Allen & Co. reorganized departments into multidisciplinary "centers" that must rethink their goals every three years or automatically go out of business. Though timid undergraduates may still take old-fashioned teaching-methods courses, the adventuresome are free to gather credits where they may. In the "humanistic education" center, for example, students and professors join modified encounter groups to pinpoint the elusive emotional problems that may baffle them and the children they will teach. A doctoral student recently got credit for one self-designed unit of "watching Dwight Allen." Students also practice-teach while living full time...
Today, bartering is more lucrative than jingle making. Sixteen different divisions of the company are constantly trading off radio spots for Cadillacs, fur coats, Las Vegas hotel space and airline credit. Currently, Pepper & Tanner has at its disposal $27 million worth of spot time on U.S. stations. Last year the corporation grossed upwards of $40 million...