Word: stocked
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Dates: during 1970-1979
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...cover was little known a month ago, but, says Washington Economic Correspondent William Blaylock, "last week he seemed to eclipse every other newsmaker in the capital." Indeed, by announcing a tough new set of monetary measures, Federal Reserve Board Chairman Paul A. Volcker grabbed international attention and sent stock and money markets reeling around the globe. This week's cover story, written by Associate Editor Christopher Byron, examines both the hectic financial events of last week and the bold "Volckernomic" policies that triggered them...
...floor of the New York Stock Exchange, where prices had generally been climbing through the year, brokers were swept up in a selling wave that caused pandemonium on Wall Street and twinges of fear throughout the country. In just five days, the market dive left investors with some $55 billion in paper losses and sent the Dow Jones industrial average plunging a total of 58.62 points to a week's close of 838.99. In terms of points, that was the Dow's second steepest one-week decline ever; during the week of Oct. 16, 1978, when prices were hammered...
...Wall Street, however, about all that nervous traders could make of the Fed's complex announcement was that interest rates would be rising. That is especially bad news for investors who hold shares of stock bought on margin with money borrowed from brokers at floating rates of interest. Wary of just how high those rates might climb, margin holders along with smaller investors began selling in earnest on Monday, pushing the Dow down 13.57 points...
...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 to 16%, making stock ownership on borrowed money extremely expensive, but it had a sharp psychological effect on the market. That was quickly compounded when Chase Manhattan President Willard Butcher, told a New Orleans press conference that the money markets were in such turmoil that banks might soon wind up having to recalculate their...
...trouble is that the kinds of "cash" being developed in the world's leading consumer economy are proliferating faster than the money managers can find ways to measure them. Among other elements in this unmeasured or "invisible" money stock are the credit lines consumers get with their Visa or Master Charge cards, the borrowing they do with a second or even third mortgage on a home, and the ability of companies to borrow on a line of bank credit, in the commercial paper market or even through an overseas financing subsidiary...