12 MONTH CERTIFICATE

continue Jan. 31 with a presen-
tation on estate planning.
Other upcoming topics for the
Tuesday series include mutual
funds (Feb. 7), wills, trusts and
probate avoidance (Feb. 14), the
basics of investing (Feb. 21), how
to plan and maintain a secure re-
tirement (Feb. 28) and long-term
health care (March 7).
All the sessions are scheduled
for 7:30 p.m. in the auditorium of
the Farmington Hills branch of
the library. There is no charge.
For further information and
reservations, call the Farming-
ton Hills branch, (810) 553-0300.

EDGAR HAGOPIAN, presi-
dent and owner of Hagopian
World of Rugs in Birmingham,
will discuss "How to Buy a Rug"
at a Breakfast With Hagopian
seminar at 9 a.m. Saturday,
Feb. 4.
Besides Mr. Hagopian, mem-
bers of the World of Rugs staff
will be on hand to answer ques-
tions. The breakfast will be held
in the World of Rugs showroom.
To make reservations for the
breakfast and for further infor-
mation, call Pam Coultis at World
of Rugs, (810) 646-7847.

MANAGING your time is the
subject of a seminar which will
be held Thursday, Feb. 16 at the
MSU Management Education
Center in Troy.
Author and instructor John
Sterner, director of management
education for the sponsoring Ef-
fective Management Institute of
Troy, will be the trainer.
The seminar will be held from
8:30 a.m. to 4:30 p.m. To register
and for further information, call
(810) 649-3400.

INCREASING your company's
market share in the automotive
industry — with a focus on Gen-
eral Motors — will be the topic of
discussion at a Tuesday, Jan. 31
seminar at the Radisson Plaza in
Southfield hosted by the Michi-
gan Technology Council (MTC).
Johnnie Morris of the Saginaw
Division of GM will be the guest
speaker at the seminar, which
will be held from 7:15-10 a.m. To
register, call the MTC, (313) 763-
9757.

6.00%
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RATE

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24 MONTH CERTIFICATE

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Call 338-7700
352-7700

48 MONTH CERTIFICATE

FIRST SECURITy

• SAVINqS BANk

Editor says Israeli government's fiscal
policy lacks credibility.

6. 1. 3%

APY/*V

NEIL COHEN SPECIAL TO THE JEWISH NEWS

he Israeli government's fis-
cal policy resembles noth-
ing more than an
overambitious recipe going
wrong. In an effort to salvage
something palatable, the cooks
are adding more and more in-
gredients, but all they are doing
is making the mess worse.
The government's starting
point — that the health system
was underfunded and required
restructuring — was correct. The
Histadrut labor federation was
skimming close to 30 percent of
national health insurance (Ku-
pat Holim Clalit) dues off the top
and many interest groups had
struck political deals with the
Histadrut which further cut the
fund's revenue base.
Severing the link between
Clalit and the Histadrut was a
sound move.
But then the recipe started to
go wrong. The government de-
cided to impose a tax on stock
market gains after the prime
minister said that it would nev-
er do such a thing. Credibility
blow No. 1.
Although the idea of the tax
was sound and fair, the Trea-
sury's hastily announced plan
was ill-conceived and riddled with
serious flaws. Credibility blow
No. 2.
As the potential electoral dam-
age began to mount, the govern-
ment began to sweat. There was

These are fixed rate
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Insurance Corporation
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opening deposit and
balance of $500.00
is required to obtain
the stated A.P.Y

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RAREs
TET(

Bad Taste

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Potential electoral
damage began to
mount.

BAD TASTE page 44

Main Office
2600 Telegraph Rd.
Bloomfield Hills. MI 48302

* Annual percentage yield when compounded quarterly. Rate is accurate as of 1/27/95.

talk of scrapping the stock mar-
ket tax, which, after an unseem-
ly delay, the prime minister
quashed. Credibility blow No. 3.
In December, the government
adopted a supplementary budget,
the first in some years, amount-
ing to some MS 5 billion, to sub-
sidize the military industries
(good money after bad, and gen-
erous redundancy packages) and
the kibbutzim (which would be
allowed to sell back to the tax
payer land that had always be-
longed to the tax payer — and
had been leased to the farmer).

Shortly afterward, the outgo-
ing director-general of the Fi-
nance Ministry, Aharon Fogel,
announced that NIS 500 million
should be cut from the state bud-
get to finance a reduction in the
employers' tax. Somewhat in-
congruous, this, to add NIS 5 bil-
lion and cut NIS 500 million.
Credibility blow No. 4.
Soon people started to wake up
to the fact that the health tax, to-
gether with higher National In-
surance payments, was going to
take a mean bite out of their Jan-

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43

