Word: marketeers
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Dates: during 1960-1969
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Credit was plentiful because the Federal Reserve Board, even while raising interest rates, allowed the supply of money in circulation to grow at a rate that proved to be inflationary. The board had to feed funds into the money market so that the Treasury could borrow to finance the federal deficit of $25.4 billion in fiscal 1968. Such great deficit financing, most economists agree, is the fundamental cause of U.S. inflation...
Inflation in 1968 helped to foster a contagious speculative mood in the stock market. Led by the "gogo" mutual funds, many once staid institutional investors plunged into small new issues that offered a chance for quick profit. Fried-chicken franchisers, wig makers and small computer-service firms had no trouble bringing out new-and often highly speculative-stock issues. Frequently, the prices of their stocks soared unrealistically, to 50 or even 100 times their per-share earnings...
...cause a speculative flurry. Last week David M. Kennedy, Nixon's Secretary of the Treasury, refused to make the ritual pledge that the U.S. will maintain the official price of gold at $35 per ounce. "I want to keep every option open," he said. Next day, the free market price of gold jumped in London to a six-month high of $41.82, and Nixon Press Aide Ron Ziegler tried to quiet the uncertainty by declaring: "We do not anticipate any change in the price of gold...
That job goes with the U.S. Steel chairmanship, but Blough never seemed fully comfortable in the statesman's role. American steelmakers have been beset by many problems, notably the rising level of steel imports, which this year will capture about 16% of the U.S. market. Privately, steelmen have often faulted Blough for issuing terse press releases instead of fully articulating the industry's position on trade and other matters of public policy. Blough's effectiveness in Government relations was further impaired by his 1962 steel-price showdown with President Kennedy-after which J.F.K. complained: "My father always...
...these efforts have helped raise U.S. Steel's share of the market a bit-from a low of 23.5% last year to the current 25%. Meanwhile the company has diversified fairly rapidly by expanding its petrochemical operations and by venturing into such varied fields as aircraft leasing and lumber products...