Word: stockely
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Dates: during 1970-1979
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...hearts do not win victories?and President Carter desperately needed an economic victory. Raging inflation was undermining the economy at home; overseas, the plunge in the value of the dollar posed a gigantic threat to the stability of the whole world financial system. Wild routs on the currency and stock exchanges were threatening to make his Stage II anti-inflation program a joke before it ever had a chance to get started...
...Wall Street, rising interest rates are usually viewed as the worst of all poisons for the stock market. Yet traders were initially so excited by the promise of a steadier dollar that they optimistically bid up share prices with record speed; the Dow Jones industrial average jumped 35 points Wednesday, its largest one-day rise in history. On the commodity markets, prices for future delivery of cattle, soybeans and cotton briefly fell, partly in the expectation that inflation really would slow down. Oddest of all, bond prices rose sharply, and long-term interest rates actually fell. Apparent reason: a dollar...
Some of the euphoria clearly passed the bounds of logic, and by week's end a reaction was setting in. Though the dollar continued gaining abroad, stock and bond prices fell back somewhat. The drop indicated that realism was replacing mere enthusiasm. Carter's new program is welcome because it is far better for Government to face up to its difficulties than to continue temporizing. But the fact that the Administration and the Federal Reserve felt such drastic steps to be necessary indicates how seriously the economic situation had been deteriorating...
...dollars' worth of machinery; after all, every gallon of fuel saved adds a few more cents to profit. His print-outs also help him ponder marketing strategy (when should he time the sale of his crops to get the best price?) and financial problems (how can he distribute the stock in his family corporation so that his wife and seven children pay the lowest estate taxes...
Garst believes that "it is in livestock that we will see the great revolution of the next 20 years. We will be producing more meat less expensively, and we will have the opportunity for much more export." He is crossing U.S. breeds with European stock to produce "exotic" cattle that grow fatter faster or produce more milk. This is done by artificial insemination. Says Garst: "We have one of the largest accumulations of exotic semen from Europe...