Word: stockmarketeer
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
Like most of his countrymen, Franklin Delano Roosevelt is a stockmarket watcher rather than an economist. To him, as to most of the U. S., a rising market means that business is all right and a declining market is a sign of woe, fortelling that unemployment will again exceed its "normal" quota of 10,000,000. When the market is down the New Deal begins to look for new brands of unemployment reducers and market restorers. Last week, it was obviously twirling the dial in search of the right wavelength on which to broadcast a new offensive against renewed depression...
Thus he laid the groundwork for a new recovery program. A year ago, after the stockmarket cracked, the New Deal launched a $4,000,000,000 spending program calculated to raise consumers' buying power. It did, but a year later recession again rears its ugly head, and this time the Administration, in spite of what the President said May 22 about the milk and the coconut (see p. 15), is tempted to try something else, is toying with the idea of spending for capital goods...
...however, is the new policy an accomplished fact. Last June, a similar program was under consideration, but there came a sudden business flurry and Franklin Roosevelt sent the idea back to the dead file. Provided the stockmarket does not turn up sharply and reassure the Administration, investment spending may become the New Deal's 1939 economic program, a program in which the U. S. Government may become investment banker to the U. S. economy...
...avoid upsetting the stockmarket, announcement of the Fleet order was withheld until after noon Saturday (see p. 17). But at 10:30 a.m. correspondents covering the State Department were told to go over to the White House offices. Secretary Hull crossed the street ahead of the newshawks. Also seated in the President's office when the press was admitted were UnderSecretary Welles and Chairman Key Pittman of the Senate Foreign Relations Committee. When 25 correspondents had filed in (usually there are more than 100), President Roosevelt asked in surprise: "Where are they all?" The White House had outdone itself...
...Government has acquired, in the Federal Reserve and SEC, a degree of financial control far firmer than even the elder J. P. Morgan could mobilize. Thus last week, as official Washington unofficially talked of war within a few days (see p. 15), and as the emotionally exhausted stockmarket fluttered weakly in an attempt to keep up with hourly news from Europe, Government officials busied themselves with plans fof putting the Exchange on a war basis...