Word: beene
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Dates: during 1970-1979
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The sheer scariness of it all was what set off the really huge midweek selling spree on the Big Board. The dumping spread, irrationally, not only to the commodities and futures markets but also to the international currency centers. Out of fear and uncertainty, traders who had been buying dollars...
On the Big Board, sanity began to return late Wednesday, when large institutions like insurance companies and pension funds moved into the market heavily to buy up stocks that other less cool-headed investors had been selling off at unrealistically low prices.
Strictly speaking, the Federal Reserve's action is less a shift in policy than a change in procedure. Successive Fed chairmen, beginning with William McChesney Martin in 1951, have remained committed to holding down inflation by preventing the rapid growth of money and credit. But the economy of the 1970s...
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...
The truth was that when Miller left the Fed in August to become Carter's Treasury chief after the summary axing of Blumenthal, the Fed's monetary policy was in disarray. So strong has been the resulting expansionary momentum that even as investors and financial markets were reeling last week...