Word: market
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Dates: during 1970-1979
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From a cynical perspective Saturday Night Fever looks not so much like a movie as a merchandising assault on the youth market. The first film to exploit the latest disco craze, it stars a hot TV personality, John Travolta, and features a sound track overcrowded with highly pluggable Bee Gees songs. The sets are plastered with posters of Al Pacino and Farrah Fawcett-Majors; the script shamelessly ransacks American Graffiti and Rocky. The people behind Saturday Night Fever -or perhaps one should say the accountants-have not left much to chance...
...will be created rapidly; this year the number of people working has risen by 3.7 million-950,000 in November alone. In all, 92.2 million Americans now have jobs. But the increase has been offset by a flood of would-be workers, especially women and youths, into the job market. That pattern will continue...
Because of massive oil imports and deep inroads into the American market for steel, color TV, microwave ovens and other products made by aggressive foreign competitors, the U.S. trade deficit is ballooning toward $30 billion, about five times the 1976 figure. That has sent the dollar to new lows against such currencies as the Japanese yen, German mark and Swiss franc, and set off a protectionist clamor for restrictions on imports to save American jobs...
...hate comes from a sense of injury as brokers contrast the current blah market with stocks in the Soaring Sixties. Then issues selling at 50, 60 and even 100 times earnings were not uncommon. Now many are going for ultralow prices of six, seven or eight times earnings. Bernstein, writing in November's Institutional Investor, a trade magazine, goes on to say that the experience of investors during the past decade "has probably been the worst in this century -and perhaps the worst in stock market history." Worse than the 1930s? Yes, says Bernstein, when inflation is cranked...
Listless and almost lifeless at times, the stock market in 1977 suffered through one of its worst years. Last New Year's Eve, the Dow Jones average of 30 industrial stocks closed at 1004, its year-end record. By the final bell last week, the widely watched indicator had dropped 19%, to 815. The mood on Wall Street, among the brokers and traders whose heartbeat is the daily ticker, has turned from despair to anger. Says Peter L. Bernstein, an economist-consultant to large institutional investors: "We hate stocks, we hate ourselves and our customers hate...