Word: greats
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Dates: during 1970-1979
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Falwell and others like him are rendering a great service by spearheading efforts to restore morality to this nation, individually and collectively, and save it from total abandonment to crime, expediency and degradation...
...Tuesday alone, the Dow dropped a breathtaking 26.45 points, its worst single-session loss since January 1974, when the last recession was pushing the nation into its steepest economic slide since the Great Depression. The very next day, as worried investors around the country hurried to unload their falling stocks, a record 81.6 million shares were sold off on the Big Board in such a headlong rush that the ticker tape reporting transactions and prices fell as much as 63 minutes behind the pace of trading. "This thing is feeding on itself," fretted William LeFevre, vice president at one Wall...
...happen again." That was the cocky mood along the eight blocks of Wall Street last week. A new generation of stockbrokers, analysts and specialists who have only read about the Great Crash confidently continued business as usual. A block from the New York Stock Exchange, Trinity Church, which was packed with prayerful people in October 1929, did normal business...
...points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith, author of The Great Crash, a study of the 1929 debacle: "It would be hard to find any buildup of speculative hubris that would make us as vulnerable as we were...
...floor under the downward movement of the economy." This guarantee against disaster, in Heilbroner's view, has changed economic expectations so much that corporations raise prices and unions demand higher wages more recklessly than they otherwise would. The result is faster inflation. Thus the cure for the Great Crash, seen from this perspective, has created side effects that must be treated if the nation is to avoid the Great Inflation...