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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 16, 1981
Page
7
Washington officials back a long term plan to reform thrifts while resisting short term bailouts. Industry leaders say tax bill boosts help with tax free certificates and expanded retirement accounts, but many institutions need lower interest rates to recover. Economists warn recovery pace unclear.
Analysis Associations notes thrift industry losses hit 1.75 billion in six months due to 9 percent mortgage yields versus over 10.5 percent costs. Regulators clash over FSLIC bailout powers while McNamara argues the Reagan plan will curb rates by year end. East River Savings Bank chair Austin Murphy says it may take six years to work off unprofitable assets.
Saas TALZ is named president of Retail Ventures of Cleveland a Jacobs Visconsi and Jacobe Co subsidiary expanding to about 40 Cards n Such Law The Gift Box and Classique stores. Promotions include Robert Wagner and Gregory S Smith at Citizens Home Savings and Davy McKee executive G L Stevenson named head of the Petroleum and Chemicals Center. Other moves place Richard C Shaw and William J Masonis as account supervisors at Carr Liggett Inc.
Lawmakers from automakers housing farmers and town officials pressed Federal Reserve Chairman Paul Volcker over high rates. Hearings highlighted inflation as a core cause and showed how demand for money and deficits shape rates beyond the Fed's policy.
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