Word: specialize
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Dates: during 1990-1990
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Freedom's failure underscores not only the weakness in the banking system but also the special fragility of financial institutions controlled by minorities. Freedom was the weakest of the nation's 37 black-owned banks and the first to fail this year. While minority-owned banks face the same problems as traditional lenders, their troubles are compounded as they are overly dependent on depositors whose small accounts are costly to maintain and borrowers who run a greater risk of defaulting because of business failure or unemployment. This leaves these banks with little or no room for miscalculation...
Community leaders maintain that there is a special need for black banks. Rejections for black business and mortgage loans run so high in New York that the city's Human Rights Commission recently launched an investigation into bank lending practices. There is also growing concern about the number of branches being closed by big banks in minority neighborhoods. That's why black leaders went all out to rescue Freedom, as they had once before. In 1975, 11 area banks and foundations supplied $4 million in emergency funds to avert a collapse...
...there is also a genuine concern about the apparent drift toward war for uncertain or ill-defined goals. Perhaps most striking was a request from Senator Richard Lugar of Indiana that the recessed Congress be called back into special session to debate a possible declaration of war. Lugar seemed confident that the Senate would back the President, if not in a declaration of war then in a more general resolution of support for his policy toward Saddam Hussein. But that is uncertain, and a close vote might suggest that Congress is not solidly united and thus prove highly damaging...
Ordinarily, only a President can call a special session of Congress. But this year, fearing that Bush might go on the offensive during their two-month recess, the lawmakers authorized Senate majority leader George Mitchell and House Speaker Tom Foley to reconvene the legislature "as necessary." While Mitchell enjoys having that weapon, he has no great desire for a debate on the Persian Gulf -- as long as Bush recognizes that only Congress has the constitutional authority to declare war. For his part, Bush does acknowledge Congress's right to declare war, but he has said that "history is replete with...
...White House, nonetheless, has ruled out a special session, partly because of concern that the Democrat-controlled Congress might reject Bush's strategy. Instead, the Administration's next move will be at the U.N. Security Council. Baker spent much of last week mobilizing support for a U.S. resolution that would authorize the use of force to remove Iraq from Kuwait. Such a resolution would provide the Administration with a mandate for going on the offensive even if Congress declined to give one. Baker seems to have the necessary votes in hand. The other permanent members of the Security Council -- Britain...