Word: marketeers
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Dates: during 1970-1979
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While the market for houses is slumping, sales of condominiums and cooperative apartments are holding up better. They account for only 2.3% of all U.S. housing, but in recent years they have become the hottest properties in residential real estate, and supertight money seems unlikely to put more than a temporary brake on demand...
...dozen states limit interest rates to below 13%. Thus many banks and savings institutions have stopped making loans because it is impossible for them to earn any profit. Traditional lenders are also running short of cash because people are transferring funds from savings accounts to booming money market funds, which invest money in high-yielding securities and pay twice as much as passbook accounts. Perhaps three-quarters of the savings and loan associations in Chicago have stopped making mortgage deals...
...interest rate policy continues to win support from bankers, businessmen and politicians. The U.S. League of Savings Associations unanimously approved the Fed's actions, and the group's chief economist, Ken Thygerson, admits that it "was necessary to deal a lethal blow to speculation in the housing market." Ben Heineman, president of Northwest Industries, calls the program a "sensible way of checking inflation." Even Senate Banking Chairman William Proxmire, normally the central bank's most vociferous critic, endorses the program, saying it has had an important "psychological effect." The battle against inflation finally seems serious...
Wall Street's bond market traditionally has been the haven for little old ladies with poodles. Unlike the frantic gold or stock exchanges, the "fixed income market" was as relaxed as a Norman Rockwell painting. On a normal day, prices might change one-sixteenth of a point...
...devastating losses on bonds that no one would buy. After three weeks of harried days on Wall Street and sleepless nights in his Riverside Drive apartment, Gorsetman closed his ofiice's front door. Although he is now looking for another job on Wall Street, he says bitterly, "The market stinks...