[RV] Maine's Dream 1977

Ep. 1.1 | Conglomerate

January 3rd, 1977
9:30
New York Stock Exchange, Wall Street, New York City

"Sell! Sell! Sell!"

The crowd shouted in dismay.

John Freeman, A young broker who just graduated from Harvard Business School now stands idly frozen in total dumbfold state. Looking down at his deal with the investors, just a few days ago they almost decided to place $20,000 into his care and had already planned a schedule for today. However, the New Year Incident marked the end of his career unexpectedly abruptly.

"God damn it!"

He shouted in frustration, throwing the bill to the ground. His necktie flew in reaction, his future became uncertain.

President Ford's announcement stampeded the Public. The Wall St. is in a big monsoon. Brokers are flooded and stormed with endless calls from the shareholders, they are trying to pull out from the market as fast as possible amid the sharp downturn. Saving the money as much as they can.

NYSE is crowded with brokers. Inside the building, Many shouting selling volumes all along the hall staunched to hop out of the market fast. Making their way to the booth and confronting to get their way.  All the brokers stumble in front of the counter. Swarming with their hand holding tickets up. The spacious wooden floor is now all covered in bills scattered consistently. The hall is in chaos fueled by selling desires. Brokers looking left and right, became nervous as they had never seen the market shock this bad in their lifetime. All they can see is just red color painted on the board telling shares prices plumbing down every minute.

The hourly announcement then came notifying the DJIA index fell by 20% within just 3 hours. Pent-up pressure to sell is too much to vent out in time resulting in investor panic. On average, Major American industrial stocks were in freefall, experiencing a sharp turn of at least 19% with the Export Sector hit the hardest. The airline industry witnessed a rapid devaluation of its market capitalization.

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January 4th, 1977
14:00
Sesquicentennial Conference Hall, New York City, United States

"I hope you realize what you are about to do" his analysis calmly leans to whisper into his ear.

Folks from the Federal Treasury adjust themselves, as they wait by the entrance. Many bigs are here. The Secretary, Fed President, Fed Chairman, Consultant, and etc. All present for the upcoming major conference.

The tall white wooden door creeks. Revealing the representative, there stands the convoy headed by the Secretary of Treasury, William. In his hand is a notice report regarding the merger and acquisition of lesser corporations, mainly finance to the bigger companies. He knows well that this act will surely empower the big corporations, allowing them to gain more leverage in the long run. Without a choice, he enters the hall surrounded by murmuring noise.

The Chandeliers hanging above emit soft glowing down onto the shiny desks, where the conference is filled with big business figures. Suited men are sitting in dismay, tensed at the decaying situation. Upon recognition, they turned their eyes to him. Not a single word was spoken currently, the atmosphere is hard as always.

Then the convoy made themselves to another side of the table, indicating a different presence. Placing their belonging by the chairs, bringing up multiple papers.

William clears his throat and speaks with a depressing tone.

"This... is my proposal for you to participate in the Emergency Economic Stabilization Act, 700 Billion dollars which 1⁄3 of it will be distributed to all of you as a loan through preferred shares. Those stocks will yield 5% as interest for the first 3 years... and 8% after that. The rest will be spent on the National Retribution Program as a domestic investment for industrial conversion and your subsidization."