Word: nonliquid
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Dates: during 1960-1969
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Crisis loomed over one big segment of the money market: the savings and loan associations. Tempted by higher yields elsewhere, depositors withdrew $1.5 billion from the S & Ls in July. Government money managers were so worried that dangerously nonliquid S & Ls would go under that the Federal Home Loan Bank Board, which regulates the associations, arranged a $4 billion stand-by loan with the Treasury and hoped to get $5 billion more from the Federal Reserve - if needed. Says one high U.S. Treasury official: "The withdrawals scared the hell out of us. The savings and loan people were hysterical...