Word: moneymen
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...participants describe it, the vote-buying operation followed standard procedure. The night before the election, top moneymen met in a private home in Leesville, the parish seat, to map out their strategy. Some $40,000 was divided among men called haulers who would round up voters and pay $5 to $15 per ballot. Each hauler received $50 to $75 for his services along with a free tank of gas and the promise of a bonus if the right...
...months in a back-room battle between "the economists," who fought for a tough anti-inflation program, and "the politicians," led by Vice President Walter Mondale and Domestic Affairs Coordinator Stuart Eizenstat, who feared that such a program would alienate Democratic voters. Nor did the Administration's moneymen fully appreciate the vicious circle in which inflation weakens the dollar and a drop in the dollar spurs more inflation. Treasury Under Secretary Anthony Solomon, with Blumenthal's support, argued against doing anything to prop the dollar until its rout had degenerated into a panic-by which time the greenback...
...dollar's decline was accelerated by hard-headed investors, primarily corporations and banks, that have been hedging their positions in money markets. "The line between hedging and speculation is pretty thin," says Whitman. Yet she believes that corporate moneymen will rush to buy dollars as soon as they become convinced that the U.S will stick to a clear-cut economic policy. In Whitman's view, the Administration's dollar-revival plan consists of one Band-Aid and one magic bullet. The move to big intervention-selling gold, buying dollars-will barely patch a scratch. But the shift...
...case, the steps Carter finally took last week could no longer be put off. Many economists and foreign moneymen had been urging them for months. But Carter was obviously worried about the dangers of recession and unemployment, and so he kept convincing himself that the dollar might be miraculously rescued by an improvement in the U.S. trade deficit (down from almost $3 billion in July to $1.7 billion in September), by passage of the long awaited and much battered energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After...
...stock prices. The Dow Jones industrial average last week tumbled more than 59 points, to 838, its worst one-week loss in history. Indeed, currency and stock markets seem to be getting locked into a vicious circle. When a plunge in the dollar causes stock prices to drop, foreign moneymen read the stock slide as an indication that Americans are losing faith in their own economy, and they unload still more dollars...