Word: pension
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Dates: during 1960-1969
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...market is practically everybody's business: not only do more than 15 million people hold shares, but some 120 million have stakes in stocks invested by such financial institutions as banks, insurance companies and pension funds. Understandably, then, the U.S. watched the gyrations of the market with interest and alarm. Yet there was also a remarkable degree of confidence in the basic strength of the nation's economy...
...stock market is neither the clubby preserve of the rich nor a Monte Carlo for bet-a-million adventurers: it is a national institution into which one U.S. adult in eight has placed part of his savings. So much has been invested in the market by private pension funds ($17 billion on the New York Stock Exchange alone) and insurance companies ($12 billion) that what happens on Wall Street affects every pocketbook in the land...
...their common stock holdings. For the past six months to a year, some insurance companies have been quietly switching money from stocks into bonds, mortgages and other hard investments. The Bank of New York has ordered a 10% cutback in the common stock holdings of each of the pension funds it manages. The pension funds managed by U.S. Trust...
...Holding back on the part of major institutions. Pension funds, mutual funds, and trusts, usually counted on to stabilize the market, have taken cash positions instead. They have held back from buying any stocks, and in some cases have been selling...
...Asturias, where miners, alarmed at skyrocketing prices, struck for a $1.50 wage boost, to bring their pay to $2.50 a day. Though strikes are illegal, the miners stubbornly stuck to their walkout; they had no strike funds, no organization, ran the risk of losing all their social security and pension benefits from the government's puppet labor union. But their tenacity won them sympathizers; from the northern industrial provinces, the walkout fanned out into mines, factories and shipyards all over Spain until 100,000 workers were...