Word: marketeers
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Dates: during 1960-1969
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Though he has sought to serve as a peacemaker, Rey strongly opposes De Gaulle's intransigence in rejecting Britain's entry into the Common Market. In a thoughtful 108-page document, he and his 13-man commission last fall proposed negotiations aimed at allowing Britain to join, although slowly and on terms more acceptable to the Six than to the British. Though the French vetoed the idea, Rey remains determined. Rather than confront De Gaulle directly, as Hallstein used to do, he intends to look for a way around him. "The community must be enlarged," he said last...
FROM its inception, the stock market was meant to be a place where businessmen could raise capital by selling shares in their enterprises, and where investors could turn a profit when those enterprises prospered. The market still serves both purposes, but today it is judged less by what it does for businessmen seeking capital than by what it accomplishes for investors seeking gain...
...wage or salary earner can hope to become rich-at least on paper. As a result, the number of Americans who own shares has risen to 24 million. An estimated 76 million others own stock indirectly through their holdings in pension funds and the like. Now that the market has become the prime source of a second income for many Americans, they are increasingly asking a puzzling question: What makes the market go up-and down...
With so many people and so much money involved in investments, the market is inevitably fluttered by politics at home and alarms abroad, by racy tips and wild rumors that whisper along Wall Street. No matter that the rumors usually have the reliability quotient of the market-rallying report two weeks ago that the Pueblo was about to be released by North Korea. That word apparently came from Red China by way of Paris. Last week the market fell and then rebounded in a swirl of contradictory reports that President Johnson was (or was not) planning to call for wartime...
...cases, such "inside" information reflects a broker's rationalization, a story confected for customers to account for a swing in paper profits. Or it follows a line laid down by overnight experts-financial writers required to fill columns of type with solemn economic logic to explain short-term market moves that may reflect neither economics nor logic. Too often, day-to-day stock gyrations obscure a basic fact: markets are made and moved over the long haul, not by vague forces but by the conscious decisions of men. The important question is not what makes stocks move...