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Usmry rate might create layoffs
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By Barb Richardson
If Nebraska's housing industry declines 40 percent dur
ing the next 12 months, Gene Graves, the executive vice
president of Nebraska State Home Buiders Association,
expects that 5,600 people in the home building industry
will be laid off.
Graves said the unemployment will be a result of the
Federal Reserve Board's action and Nebraska's usury rate,
which is set by the Legislature.
The usury rate, which is the maximum amount lending
institutions are allowed to charge for interest on loans, is
12.5 percent in Nebraska. And the Federal Reserve Board
increased the discount rate, the interest rate on Federal
Government loans, up to 12 percent. Also, most lending
institutes in Nebraska are paying 12.7 percent interest
rates to savers. Thus, if lending institutes give savers 12.7
percent, but receive 12.5 percent from the money they
lend, the institutes will lose money.
Graves said that he expects a 40 percent decline in
housing because people in the state will not be able to
spend money for housing. He said thai banks will either
quit giving loans or people will not be able to pay for
loans that they would be able to get. .
'The housing decline can be less severe if the usury
question were resolved quickly," he said.
Gov. Charles Thone told Sen. John Decamp of Neligh
about 10 days ago that he would not call a special session
to increase Nebraska's usury law, Graves said. He added
that Thone still had not changed his mind at 2:30 p.m.
Thursday when Graves talked to him about the problem.
Thone is not the only one to blame," Graves said. He
added that if enough state senators felt that the issue was
urgent they could overrule the governor's request.
"Appliances, cars and homes will be affected the most
by the economy problems because those are the industries
that people usually borrow money to buy goods." And if
people can't get money, they won't be able to buy the
larger items, he added.
The effect of the interest rate changes will be felt in
the next few weeks, Graves said. He explained that some
major construction firms have told him that they are
planning to announce major layoffs in the next couple of
weeks.
When the builders are put out of work it will affect
drywallers, roofers, landscapes, lumber dealers and others
that are involved in the building industry. He, said that
builders sub-contract about 60 to 90 percent of their
work to other firms, such as roofers.
If a special session of the Legislature is not called to
deal with the usury problem immediately , Graves said that
the problem will probably not be resolved until April or
May. He added that if the legislature takes action imme
diately when they convene in January and places an emer
gency clause on the bill, it may be a month or two after
convening that the Legislature will resolve the problem.
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Zionist policies are criticized;
Libyan recommends revisions
By Alice Hrnicek
The United States has a moral obliga
tion to revise its Zionist policies toward
Palestinians, according to the chairman of
the Libyan delegation to the United
Nations.
'There are . already signs of change,"
Mansour Alkhikkhya noted of U.S.
policies.
Alkhikkhya addressed about 50
students at a meeting of the Organization
of Arab Students in the Nebraska Union
Thursday.
The Zionist movement is a reaction of
the persecution of Jews which originated in
Europe.
A British mandate delivered to Egypt in
1918 first established the Zionist entity in
Palestine , Alkhikkhya said .
But he said that the provisions of the
mandate "could never amount to what has
occurred in Palestine."
Jews in Europe were forced to emigrate
to Palestine during World War I, Alkhikkya
said, which created a conflict with the
Palestinians.
When the territory was given to Israelis
in 1948 after World War II as part of their
new nation, the United States exercised
support for Zionist policies, he said.
The most recent threat to Mideast peace
has been the Camp David accords, he said.
"The Camp David accords are not a step
toward peace. They are a step away from
peace." ..
No Palestinian was present among the
leaders who made the agreement, he said.
Only representatives of the United States,
Egypt and Israel were present.
"The accords ignore the fact that the
Palestinian issue is the crux of the Mideast
problem," he said.
Palestinians are condemned to a life
without a homeland, "a life without mean-
ing,"hesaid.
"No one has the right of Sadat
(Egyptian president Anwar) to take away
the rights of Palestinians."
The accords limited the independence
of Egyptians by violating Arab agreements,
he said.
"I'm not surprised there was disagree
ment among the entire Arab world."
An independent Palestinian state will be
formed soon, he said.
"The agreement at Camp David can
only delay that day."
A more immediate route to independ
ence could result if the United States and
Israel admitted that Palestinians have the
right to their own state , he said .
The Arabs support the Palestinian
Liberation Organization which was formed
to protest Zionist ambitions, he said.
But Zionists have promoted a bad press
for the PLOin the United States,
condeming them as terrorists, he added.
Support for Palestinians represents
support for human rights, and anyone who
has been in favor of human rights for the
Jews should also welcome social well-being
for Palestinians, he said.
Alkhikkhya challenged Americans who
are concerned about human rights to
"practice what they preach."
Libya is working for cooperation and
mutual respect between Arabs and
Americans, he said.
"Libya is trying to establish direct
relations with the leaders of America," he
said. "I'm glad to say the American public
is more involved with supporting our area."
More than 40 percent of Libyan oil is
exported to the United States, he said,
adding that more than 100 U.S. companies
deal with Libya.
"The trade balance between the two
countries is greatly in our favor," he
pointed out.
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