Word: stockely
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Dates: during 1970-1979
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Corporate executives are by no means alone in that uncertainty. Stock traders are so unsure about the direction of the economy that their selling selling has driven down the Dow Jones industrial average about 19% so far this year, from 1,000 at the end of 1976 to under 810 now. Louis Harris surveys show a startling pessimism among the general public about Carter's economic policies. In September only 26% of those polled by Harris gave the President a positive rating on his overall handling of the economy...
Carter does intend to propose taxing all capital gains at full ordinary-income rates (at present, only half the profit on sales of assets such as stock and real estate is usually taxed). Businessmen complain that that would inhibit the very investment the President says he is so anxious to promote. Says James L. Moody Jr., president of Hannaford Bros. Co., a Maine food distributor: "The chief incentive to invest in business is to make money. Such proposals will slow down businessmen's investments in the U.S. at a time when countries like the Soviet Union and Japan...
...wage and price controls, jawboning-no, no, no, they don't want that." The President himself notes that the Federal Reserve's sporadic efforts to check inflation by restricting the growth of money supply push up interest rates -and rising interest rates have helped to depress the stock market. Last week the White House issued a highly unusual "notice to the press" warning the Federal Reserve not to push interest rates higher...
Some other matters are disturbing to the business community. I think one of the major reasons for perhaps a lowering in the stock market values has been the increase of fluidity of the money supply and the increase in interest rates put on by the Federal Reserve Board. But I think that once we get through this session with an energy package that is adequate and once the tax-reform proposals are revealed, there will be restoration of some business confidence in myself...
...Paley met with his top aides. At "Black Rock," CBS'S somber, granite headquarters on Manhattan's Sixth Avenue, the troops were told to expect an announcement of executive changes at 3:30 p.m. At 3:30 they were told to wait until 4 -coincidentally when the stock market closed and it would be too late for investors to be react...