Word: baddings
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Dates: during 1970-1979
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...Wall Street, however, about all that nervous traders could make of the Fed's complex announcement was that interest rates would be rising. That is especially bad news for investors who hold shares of stock bought on margin with money borrowed from brokers at floating rates of interest. Wary of just how high those rates might climb, margin holders along with smaller investors began selling in earnest on Monday, pushing the Dow down 13.57 points...
Bonds took an especially bad beating, since they usually pay fixed rates of return to investors and have values that fluctuate in accordance with overall interest rates in the economy. When interest rates rise, bond prices go down, and last week they fell through the floor. IBM had an offering of some $1 billion worth of notes and debentures, but many remained unsold when bond prices collapsed last week, leaving the underwriters with a loss of as much as $25 million...
Miller's mistake had been to assume that the Fed's orchestration of the highest interest rates in five years would alone be sufficient to discourage borrowing and spending. Through the first half of 1979, business was actually slowing somewhat as a result of bad winter weather and the gasoline squeeze, which together put a crimp in consumer purchasing. The Fed even began to fear that its seemingly draconian interest rates were pushing the economy headlong into recession...
...panic was spawned by the Federal Reserve's attempt to nip speculation by raising the discount rate a full percentage point from 5% to 6%. The nation's banks in 1929 had built up a pyramid of foreign debt. National City Bank judged that Peru had a "bad debt record, adverse moral and political risk, bad internal debt situation"-and then lent the country $90 million that was soon defaulted. Wall Street banks today have $48.7 billion in loans outstanding to Peru and other oil-poor developing countries. Consumers in the '20s had just discovered the installment...
...with the U.S. were stalled; that he is eager to begin pulling his troops out of Africa as soon as the situation in Namibia and Zimbabwe-Rhodesia is settled; and that Zbigniew Brzezinski is personally to blame for "the mess-up" in U.S.-Cuban relations by giving President Carter bad, inflammatory advice...