Government Credit: Hearings ... on the Creation and Control of Credit by the Federal Government, Volumes 1-3U.S. Government Printing Office, 1947 - 382 pages |
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Common terms and phrases
agency Agriculture American American Bankers Association amount authority automobile balance BANTA believe bill billion dollars bonds borrowing BUFFETT capital cash CHAIRMAN committee Congress consumer credit disbursed durable ECCLES economic enterprise Federal Housing Administration Federal Reserve banks Federal Reserve Board Federal Reserve System FLETCHER funds GOODLOE Government guarantee income industry inflationary installment credit institution insurance companies June 30 KIMBRELL land banks legislation lending liquidation losses McMILLEN ment MONRONEY months Mortgage MUIR operations outstanding paid payment percent period preferred stock President production profit Public Works Administration purchase purpose question Reconstruction Finance Corporation regulation regulation W repaid retail Rural Electrification Rural Electrification Administration Secretary securities SELBY small business SMITH statement struction Finance Corporation surplus TALLE thing tion Treasury U. S. Commercial Company understand veterans wartime
Popular passages
Page 146 - Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the issuance of the obligations.
Page 81 - States, with public agencies and instrumentalities of one or more States, municipalities, and political subdivisions of States...
Page 142 - Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on...
Page 142 - ... (o) The Corporation is authorized and empowered to issue and to have outstanding at any one time in an amount aggregating not more than three times the amount of its capital, its notes, debentures, bonds, or other such obligations, to be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obligations, and to bear such rate or rates of interest, and to mature at such time or times as may be determined...
Page 82 - To make loans to, or, when requested by the Federal Loan Administrator with the approval of the President, purchase the capital stock of, any corporation (a) for the purpose of producing, acquiring, and carrying strategic and critical materials as defined by the President, and (b) for plant construction, expansion and equipment, and working capital, to be used by the corporation in the manufacture of equipment...
Page 80 - ... with the approval of the Interstate Commerce Commission, including approval of the price to be paid, may, to aid in the financing, reorganization, consolidation, maintenance, or construction thereof, purchase for itself, or for account of a railroad obligated thereon, the obligations of railroads engaged in interstate commerce, including equipment trust certificates, or guarantee the payment of the principal of, and/or interest on, such obligations, including...
Page 7 - ... of such sound value or so secured as reasonably to assure retirement or repayment...
Page 83 - States and having resources adequate for their undertakings, for the purpose of enabling them to finance the. carrying and orderly marketing of agricultural commodities and livestock produced in the United States.
Page 272 - Its role in instability is increasing with the growing importance of consumers' durable goods in the economy. It is recognized that the development of this type of credit has gone hand in hand with and facilitated the unparalleled industrial development of the nation. Yet, it is equally significant that when competition takes the form of relaxing credit terms and is carried to extremes, it is a symptom and cause of economic unsoundness. Millions of people are encouraged to overpledge future income....
Page 272 - Yet is is equally significant that when competition takes the form of relaxing credit terms and is carried to extremes, it is a sumptom and cause of economic unsoundness. Millions of people are encouraged .to overpledge future income. This inevitably entails instability, because the excessive credit extended during a business boom accentuates the boom and has to be liquidated out of current income on the downswing, which accentuates depression.