Word: moneymen
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Bankers and moneymen are deeply worried by the prospect of a steady flood of gargantuan federal credit demands. Says David Jones, an economist with the New York-based Government securities firm of Aubrey G. Lanston & Co.: "The Administration is doing too much, too fast, by imposing this superdeficit on top of the monetary restrictions needed to wind down a decade and a half of inflation." Adds Philip Hummer, a partner in the Chicago securities firm of Wayne Hummer & Co.: "The financial community gets very emotional about these high deficits. It is absolutely wrong to say that they do not matter...
Western bankers maintain that both the East Europeans and the Soviets are dependent upon them for badly needed loans to finance projects like the new $15 billion Siberian natural gas pipeline. Thus, many European and American moneymen believe that the Soviets will eventually be forced to help pay off the Polish debt in order to keep their own lines of credit open in the West. Bankers have nicknamed this hypothesis of a Soviet financial bailout of Poland the "umbrella theory...
...several months the novelty and unabashed boldness of the Reagan plan worked like a miracle drug. Interest rates began to creep downward, and the Dow Jones industrial average hit an eight-year peak of 1,024 in April. But then moneymen began growing jittery as some of Wall Street's most influential economists, led by Henry Kaufman of Salomon Brothers and Albert Wojnilower of First Boston, warned that Reagan's goals of deep tax cuts, large increases in defense spending and a balanced budget were inconsistent and impossible to achieve. Nicknamed Dr. Doom and Dr. Gloom, Kaufman...
Interest rates continued their three-month-long slide last week, as many American banks dropped the bench mark prime inter est rate to 15½%. In September the rate stood at 20%. The moneymen were again following the pattern set by Southwest Bank of St. Louis, which ranks only 1,270th in size among the some 14,000 banks in the U.S. but is a leader in setting the prune. Two weeks ago, Southwest was the first bank to lower its rate to the new level...
Boomlet for moneymen...