Word: nationalized
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Dates: during 1970-1979
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...Tuesday alone, the Dow dropped a breathtaking 26.45 points, its worst single-session loss since January 1974, when the last recession was pushing the nation into its steepest economic slide since the Great Depression. The very next day, as worried investors around the country hurried to unload their falling stocks, a record 81.6 million shares were sold off on the Big Board in such a headlong rush that the ticker tape reporting transactions and prices fell as much as 63 minutes behind the pace of trading. "This thing is feeding on itself," fretted William LeFevre, vice president at one Wall...
...International Monetary Fund conference in Belgrade, he immediately instructed his staff to draw up a list of options open to the Fed. The short-term goal would be to prevent a further dollar slide abroad, but long term the objective would be to puncture the inflation psychology of the nation as a whole. As many as 20 staffers were ultimately involved in the brain-storming sessions, and economists from the Fed's New York operations were shuttling in and out daily for consultations and advice...
...market break came on Tuesday. That was when the naition's banks reopened after the Columbus Day holiday, and made their response to the Fed's discount-rate rise. Led by Chase Manhattan, the nation's third largest bank, several institutions immediately raised the prime rate (the interest charged the most credit-worthy corporate customers) from 13.5%, already a record, to a new peak of 14.5%. Since quarter-point raises are the norm, the effect of the full-point boost in the prime was electric. Not only did it push the interest charged to margin investors up close...
...expert on interest rates and credit: "What we need now is a new monetary growth target that I call the 'debt proxy.' It would include not just currency and deposits but all private domestic debt as well, a figure that is already at $2.2 trillion, or almost exactly the nation's entire G.N.P...
...ultimate challenge to the Fed's bold new initiative is, of course, the sheer virulence of the nation's inflationary malaise. In the short run, skyrocketing interest rates will just make the plague worse, since rising interest simply pushes up the cost of money. In fact, the new boost in rates makes it even more certain that the actual amount of inflation this year will far exceed the Administration's official forecast; it still maintains that the rise in prices for all of 1979 will be no more than...