The President of the richest nation on earth last week publicly confessed what everyone on Wall Street has known for months. The U.S. Treasury cannot sell its long-term bonds. This week Congress got the President's proposal to tide the Treasury over its crisis. In a special message Ike 1) recommended an end to the statutory ceiling on interest rates both for savings bonds (now pegged at 3.26%) and long-term Treasury securities (pegged at 4.25%) so that they can compete in the open market, and 2) asked for a ½% boost in the interest rate on all E and H...
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