Word: bearishness
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Dates: during 1970-1979
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Since the stock-market crash of early 1970, the biggest noise in the brokerage community has been the sound of the falling ax. On Wall Street, some 35% of the work force has been let go since the market turned bearish. Simply through attrition, Shearson, Hammill & Co. reduced its rolls from 3,300 last spring to 2,800 today. A few firms sliced away a little muscle along with much fat. Some firms fired so many clerks that when trading volume picked up in November, the staff could not process orders on time...
...that the Nixon Administration is providing no reasoned leadership to get it back on course. The investment community's loss of confidence in Nixon, whose election initially set off a spurt in stock prices, is remarkable. Says David Basevitz, a Midwest Stock Exchange executive: "The public is bearish on the country...
...stock purchases was unsound economic policy. If stock purchased on margin goes down and the investor can't repay his broker, the broker sells the stock at the lower price to get what is owed him, plus interest. This selling off of margined stock can further depress an already bearish market and has done so for a matter of hours several times during...
...quite possible that stocks may soar after some favorable turn of events in the near future, but last week the bearish mood went far beyond economics alone. As Howard Stein, president of the Dreyfus Fund, put it: "What is happening on Wall Street is what is happening in the world. We are overextended morally, economically and politically, and we are about to get our first margin call as a national power." In front of the Corinthian columns of the New York Stock Exchange, hard-hatted construction workers bearing American flags attacked a group of youthful antiwar demonstrators...
Goldstein's bearish presence (6 ft., 210 lbs.) and avuncular manner shield a sternness that repels some students. He admits that he is not one "who wants to give everything the students ask for whenever they ask for it." Still, he has the overwhelming support of the faculty, including Pollak, who says that Goldstein is "one of the great men of American law." Another faculty member views him as "a big, strong, tough fellow who wants to do things, wants to move things." As dean, Goldstein will have ample opportunity to do just that...