|
|||||||||||||||||||||||||
April 01, 2003 Issue war bonds, woman says By Jessica Gardner Times Herald-Record jgardner@th-record.com Port Jervis – Lillian Andriack's efforts to reach someone at the White House came up short. But President Bush just might want to listen to this feisty 88-year-old Port native who's offering up an idea right out of the history books. "I wouldn't invest one penny in the stock market, but I'd buy bonds from the government," Andriack said recently. "We need to stand behind our boys." The U.S. needs help covering the estimated $75 billion price tag attached to the war. Andriack's idea: issue war bonds, those forgotten money-making gems from World War II. She offered her idea in a call to the White House, but she said they couldn't find her anyone to talk to. Then, she called the newspaper. Back in the '40s, you could buy a war bond for $18, wait 10 years and get about $25 back. Not a bad deal, if you ask Andriack, a retired seamstress. Andriack bought dozens of them in the 1940s, some for $18, others for $50. By the end of World War II, more than 85 million Americans had invested in war bonds. From 1941 to 1946, the Victory Bond campaign brought in $185.7 billion. Andriack thinks it just might work again. "We needed loads of money then and we need loads of money now," she said. "If the government goes broke, we all go broke." Bonds, generally considered a safer long-term investment, allow the issuer to finance a project over a period of time. Ed Mercier, manager for the investment firm Advest Inc., said that by selling bonds, the government wouldn't have to float all the costs of the war up front. The down-side is additional long-term debt. "You have to weigh that versus paying cash out of pocket," Mercier said. U.S. Sen. Charles Schumer doesn't think the idea's half-bad. Schumer's spokesman, Blake Zeff, said it was an option worth looking into, although if the war is brief, it may be unnecessary. Andriack said it might be the only way. It would allow people like her to contribute to a war she firmly stands behind. "If they'd give me a uniform, I'd go over there and fight myself," Andriack said. "But for some of us old ladies, this is the only way we can help." 40 Mulberry Street * PO Box 2046 * Middletown, NY 10940 Telephone 845-341-1100 or 800-295-2181 outside the Middletown, N.Y., area. Powered by THRNewMedia.com
For optimal viewing experience, click here. Copyright Orange County Publications. All rights reserved.
|
|
|
|
|
|||||||||||||||||||||
