Word: broker
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...avowed intention of the Government to permit only a gradual growth of money supply and the likelihood that many individual investors, burned badly for the first time in their lives in the current bear market, will think long and hard about buying stocks again. Jim Fitzgerald, a Los Angeles broker, says that his customers have expressed "sheer disbelief" that the stock market could drop as much as it has, and adds: "Many of the people who are selling now will never want back in again...
After the market closed for the day on May 5 the Federal Reserve reduced margin requirement for buying stock from 80 per cent to 65 per cent. Since investors now need less cash (they borrow the 35 per cent from the broker) more stock can be bought with less money, and the market should have gone...
Decreasing the margin on 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...
...them. Among Hollywood's beautiful people, several big names are rumored to be bankrupt. Merrill Lynch reports that margin calls are running twice as high as during the 1966 market decline. When a customer gets wiped out by a margin call, he usually becomes angry at the broker who sold him stock on margin, and with good reason in cases in which the issues were overspeculative...
...reaction is immediate: "T-t-u-r-n-n i-t-t o-f-f-f!" BACK WALKING. All is calm in yoga class. "Sink deeply into the floor," whispers our guru, demonstrating the corpse position. "Float away." Class ends, but next to you, Herb Zimmerman, a Wall Street broker, is still floating. "I see a little creek," he mutters. "Trickling water. I'm actually there." Later, you and Herb are actually in a karate class taught by a black belt instructor. Wisely, as you hear your calcium deposits breaking down again, Herb suggests dropping out before you both...