GREAT DEPRESSION

Decade-long financial-depression in the US from 1930 through 1940. Its devastating worldwide impact resides as the worst in living memory. Its precise causes are disputed. However, its beginning occurred on Black Monday, October 28, 1929, when the Dow Jones Industrial Average (DJIA) fell 13 percent. The Federal Reserve System (The Fed) raised interest rates, discouraging stock speculation in the stock market, booming through the 1920s. Stock prices declined 40 percent between October 29 and November 13. Over $30 billion flushed from the US economy. 9,000 banks went bankrupt. This destroyed 9 million savings accounts. 86,000 businesses withered. Wages fell 60 percent on average. 15 million jobless Americans was 25 percent unemployment. Adolf Hitler’s rise to power in Germany and World War Two rose from the financial devastation in Europe.

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GREAT DILIGENCE

Such a measure of care, prudence, and assiduity as persons of unusual prudence and discretion exercise in regard to anyand all of their own affairs, or such as persons of ordinary prudence exercise in regardto very important affairs of their own. Railway Co. v. Rollins. 5 Kan. 180; Litchfield v.White, 7 N. y. 438. 57 Am. Dec. 534: Rev. Codes N. Dak. 1S99,

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GREAT LAW, THE

or “The Body of Laws of the Province of Pennsylvania andTerritories thereunto belonging, Past at an Assembly held at Chester, alias Upland, the7th day of the tenth month, called ‘December,’ 10S2.” This was the first code of lawsestablished in Pennsylvania, and is justly celebrated for the provision in its first chapterfor liberty of conscience. Bouvier.

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GREATER FOOL THEORY

Puts forth the view that any price, as unrealistic as it might be, is warranted if one buyer believes that another buyer will pay an even higher price for the same item. This line of thinking drives stock market and commodity market booms and manias. Busts and paranoias jump in when the bubble pops.

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GREE

Satisfaction for an offense committed or injury done. Cowell.

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GREEK KALENDS

A colloquial expression to signify a time indefinitely remote, therebeing no such division of time known to the Greeks.

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GREEKS

RISK measures for DERIVATIVES that are used to determine the price sensitivity of contracts to changes in the UNDERLYING ASSET (DELTA, GAMMA), VOLATILITY (VEGA), passage of time (THETA), and INTEREST RATES (RHO). The greeks of individual contracts can be added to determine the sensitivities of an entire PORTFOLIO, allowing for efficient pricing and RISK MANAGEMENT. The general impact on the value of an option for a unit increase in the relevant variable is given as: Also known as OPTION SENSITIVITIES.

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GREEN

Having attributes or objectives environmentally positive.

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GREEN ADVERTISING

Specific advertising focused on promoting environment healthy persons, places, and things. Very environmentally friendly operations and product packaging is key to such promotions.

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