Word: panic
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Dates: during 1970-1979
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...signal that the worst bear market since 1937-38 has at last ended? No one will really know for weeks or even months. At first, brokers tended to distrust the rally, which began for no fundamental reason they could identify. Analysts talked of technical factors like a buying panic among short sellers, who had sold borrowed stock in the hope that the price would drop and then scrambled to cover their positions when prices began to rise. There were rumors, too, that for some mysterious reason important foreign investors had decided to pump $700 million into the U.S. market...
...would be foolhardy not to be concerned about the turmoil and strife and violence we witness, much of it mindless and devoid of constructive ends. But concern must not give way to panic. I am optimistic. I believe our institutions are durable enough to surmount any attack. This is so partly because no week passes in this country without meetings of men and women dedicated to revise, improve and reshape our institutions to serve people...
...funniest bit in the book, was Mailer and Breslin's appearance on their own TV show. It cost them $3,400 and untold votes. For starters, Mailer insisted on a live production with no rehearsal and no notes. To add to the studio men's panic at such conditions, he slipped out for a few drinks ten minutes before air time. During the broadcast, Breslin forgot the punch line to an otherwise effective speech. Then Mailer, contrary to instructions, leaped out of his seat and began to roam the set while he delivered his spiel. As cameramen frantically...
...Wall Street, some things are more frightening than panic. One is the sort of Chinese water torture that the stock market has been enduring - the drip, drip, drip of week-by-week price erosion marked not by tumultuous selling but by an absence of buying. Panics tend to burn themselves out swiftly and to be followed by sharp price rebounds, in which intrepid and farsighted men make fortunes. The gradual withering away of prices is a demoralizing process that can go on indefinitely. The losses to investors in the long run can add up to an even more impressive...
Institutions, in contrast, have never indulged in panic selling. They have proved perfectly willing to sit on the sidelines for prolonged periods and do little buying. Mutual funds as a group currently hold 8.5% of their assets in cash, and some other institutions hold far more. Some of the go-go mutual funds have been selling off in dribs and drabs, over the past several months, the glamour stocks in which they have taken a beating. In the absence of much sustained buying pressure, their selling has been enough to depress prices persistently. For every stock sale there must...