Word: moneymen
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That was like screaming "fire!" in a burning building. Investors have been nervous for months, as they watched Wall Street's Dow Jones industrial average fall about 200 points from its peak of 1024.05 on April 27 this year. Moneymen have grown more and more skeptical of the Reagan Administration's supply-side economic policies and have begun fearing that they might lead to a synchronized global slump. Meanwhile, high interest rates in the U.S. have forced up the cost of money in other countries and raised even more concerns about future economic growth. Stocks in London...
...bankers and moneymen who gathered in Washington were indeed concerned with the U.S.'s uncertain economic prospects. While officials of industrial nations were privately worried that the American high-interest policy would push their countries into a severe slump, delegates of the less developed, nations fretted over the impact in their own countries of a U.S. drive to tighten up on World Bank lending and perhaps even further reduce the American share of world economic development assistance. Said one Mexican delegate: "Washington is arguing that more private financing is needed, but interest rates are already too high...
More than anything else, it is the staggering level of interest rates that has intensified the gold debate. Last week many major banks lowered their prime lending rate to 19%%, sending stock prices temporarily higher. Soon thereafter, though, moneymen predicted that interest rates were likely to remain high, or even increase, later in the year and early next year. Joseph Granville, the widely followed stock market guru, predicted that the Dow Jones industrial average would drop another 200 points to 650 or 550 during the next twelve months. Stocks then plunged anew. At the end of the week...
...figures concerning the size of OPEC investments. David Mizrahi, publisher of the New York-based economic and political journal Mideast Report, maintained, without documenting his claim, that the Treasury Department has detected less than one-third of the holdings of the OPEC nations in the U.S. Many moneymen believe that large OPEC funds are funneled into the U.S. through third parties and foreign syndicates. Mizrahi's tally for just three OPEC investors: $100 billion from Saudi Arabia, $55 billion from Kuwait and $45 billion from the United Arab Emirates...
Producer-Director Hal Prince attributes Broadway's boffo box office to "a very few very big hit musicals. The moneymen tend to become cautious when they see how huge the profit is with those shows ?and how big a gamble trying anything else is." Producer Alexander H. Cohen puts it another way: "Broadway is too successful. Hit shows are running longer, and there are fewer theaters available than in the past. That makes for a major booking squeeze. With space at a premium, the theater owners may soon be closing shows that are making a profit in order...