Word: stockmarketeer
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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...
...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...
That year he began borrowing heavily on his newspapers and real estate, carelessly scrawling his signature as further security for the debts. By 1930 banks had floated $60,000,000 worth of bonds and mortgages personally guaranteed by Hearst. Meanwhile the stockmarket had crashed and Hearst was strapped again...
...sidewise movement of other indexes, for the TIME index reports not production but the relative soundness of business conditions. Since business activity has lagged several months behind the TIMEline, business activity in the immediate future may well reflect last December's rally in the TIMEline -as the stockmarket last week gave some indication of doing...