Word: lasts
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Dates: during 1970-1979
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...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...
...White House's much touted "dollar rescue package" of last November; it was slapped together as a sort of desperation move to prop up the dollar after foreign bankers last autumn looked at the guidelines scheme, judged it weak and began frantically dumping greenbacks and buying West German marks, Swiss francs and gold. Initially, the November rescue package did stabilize money markets, largely because the Federal Reserve began massively intervening in currency markets to buy dollars and support their value. But inflation kept rampaging domestically, and eventually the dollar began to crumble all over again...
Bonds took an especially bad beating, since they usually pay fixed rates of return to investors and have values that fluctuate in accordance with overall interest rates in the economy. When interest rates rise, bond prices go down, and last week they fell through the floor. IBM had an offering of some $1 billion worth of notes and debentures, but many remained unsold when bond prices collapsed last week, leaving the underwriters with a loss of as much as $25 million...
...fact, a surprise surge in money growth was precisely what happened last spring. This is a big reason why inflation shows no signs of abating. Ironically, even as then Fed Chairman and now Treasury Secretary G. William Miller was proclaiming a clampdown on monetary growth and pointing proudly to double-digit nationwide interest rates as evidence that the Fed was making it costly to borrow funds, the money supply itself was about to explode...
...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 from Volcker's abrupt shift in Fed tactics, the central bank itself glumly announced that money growth for the previous week had been a too robust $2 billion. That was anywhere from two to four times what had been expected...