Klarinet Archive - Posting 000251.txt from 2003/01

From: "Mark Charette" <charette@-----.org>
Subj: RE: [kl] New Obituary
Date: Sun, 19 Jan 2003 10:52:49 -0500

> From: mlmarmer [mailto:mlmarmer@-----.com]
> I was one of those who rented from him a clarinet and was able to bring in
> money to his store, weekly, on account, to save up for that $295 R-13
> clarinet in 1970, as those were the days of no credit cards and
> the average
> incomes was $8,000!

For the sake of accuracy:

Per capita income in 1970 in the US was 3,177, an equivalent of 12,543 in
2001 US dollars (http://www.census.gov/hhes/income/histinc/p01.html)

Mean income/family was 11,106, an equivalent of 43,846 in 2001 US dollars
(http://www.census.gov/hhes/income/histinc/f06.html)

If indeed an R13 in 1970 was $295 then it would be $1164 in 2001 US dollars.
1950 saw the introduction of the 1st Diner's Club card.
1958 saw the introduction of American Express.
in 1967 BankAmericard (now Visa) had 2.7 million members.
1969 saw the introduction of Mastercard.
1970 was the "big year" for credit cards - it was the year of the
standardization of the magnetic stripe.

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