Word: shakeouts
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...another boom year, and thought it "premature to speak of 'recession' and absurd to speak of 'depression' when all the basic industries are continuing to produce at capacity." Not all businessmen were as optimistic. In the economic crosscurrents, no one was certain how great the shakeout in prices and jobs might be. But the next two months, usually marked by a spring pickup, would tell the tale. Businessmen would then know how much of the slide had been seasonal-and how much a permanent drop of the boom...
...familiar Administration devil: the speculator. He ordered the Chicago Board of Trade to dig up the names and employment of all buyers & sellers on the fateful Tuesday. Speculators must have been to blame, said Brannan, because he could not see any other reason for such a drastic shakeout...
...Chicago grain pits, traders had a nervous eye on the calendar. Exactly a year ago, grain prices had tumbled in the worst shakeout in seven years. Last week traders had more than the calendar to make them nervous. The Department of Agriculture announced that it would not put any acreage restrictions on this year's corn crop. With the market already glutted, that seemed to mean another big crop and still lower prices ahead...
...floor"). Economists, with the same instinct that causes flying pigeons to wheel in unison, largely and solemnly agreed on the exact date for the interment of inflation. The recession, they said, would come in the spring. As Barron's financial weekly put it: "The 1947 depression, recession, or shakeout, whichever one calls it, has advanced from a fear to a fad. Not to believe in its imminence stamps one an ignoramus...