Banking: A Time to Borrow

The U.S. has more cash lying around than at any time in years. Consumers not only are spending more, but saving more. Corporations are pulling in record earnings, and keeping much of it in their coffers. Even the Government, while setting spending records, has more money than usual in the till.

One result of all this is that money is piling up in banks, insurance companies, pension funds and savings and loan associations to an extent that gives them trouble putting funds to work both safely and profitably. Last week the U.S. Treasury took advantage of this situation to stretch...

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