Word: bullish
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Dates: during 1970-1979
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...convinced many Wall Streeters that the Government will revive the economy and that inflation will continue at a relatively high rate. Manhattan's Argus Research, which had an excellent forecasting record last year, predicts that pretax profits this year will jump 15% to 18% above 1970. Another bullish factor is the dramatic decline of interest rates. The yield on high-quality corporate bonds has dropped from a 1970 peak of 9.4% to 6.9%, a return that many money managers believe can be bettered in stocks...
...will take more bullish news than that to revive the spirits of Wall Street's professionals, who are in a particularly severe recession. Unlike most other segments of the economy, the securities business is suffering simultaneously from a decline in sales volume and a drop in prices. The result is that brokers' revenues have shrunk dramatically. The New York Stock Exchange estimates that most of its member firms can break even only when average daily trading volume on the Big Board reaches 12 million shares; so far this year, volume has averaged only 10.7 million shares...
...thrives on war has never been more fallacious. While the Nixon Administration battles war-induced inflation, corporate profits are tumbling and unemployment runs high. Urgent civilian needs are being shunted aside to satisfy the demands of military budgets. Businessmen are virtually unanimous in their conviction that peace would be bullish, and they were generally cheered by last week's withdrawal from Cambodia. But they have begun to realize two disquieting facts. First, the real costs of war in Viet Nam and of the nation's total defense effort are far greater than anything reflected in the military budget...
...joined the Manhattan consulting firm of Lionel D. Edie as a $5,750-a-year junior economist, rose to chairman in 1964. He began to move into the public eye after President Johnson, searching for ways to defend his own policies in 1964, quoted one of Rinfret's bullish surveys of industry plans for expansion as evidence that the economy was then turning up. Johnson stumbled over the pronunciation of Rinfret's name (it is Ren-frey), but the economist shrewdly used the incident to promote himself as an expert quoted by the President...
...also making an impact. There was new confidence in the pound, particularly in the wake of France's devaluation and West Germany's revaluation. As a result, the country's chronic balance of payments deficit was turned into a projected $1.2 billion surplus for 1970. A bullish mood was in the air, and voters began to feel their pocketbooks swelling with widespread wage increases averaging 6% in the past six months alone. The change of British fortunes was soon reflected in local elections and opinion polls...