Word: 90s
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Salomon and other big brokerages profited nicely from this approach during the '90s boom, when a rising tide lifted all kinds of leaky stocks. Investment-banking divisions became huge profit centers for brokerage firms, which in addition to garnering lucrative advisory fees made 20 times as much in commissions on IPOs as they did on simple stock trades. Companies choosing which brokerage firm would handle their new stock issues increasingly went with those that had a star analyst willing to recommend their stock...
...important to remember what made the miracle happen. At the root of the Asian economic success were two decades of robust export performance, much helped by undervalued currencies. (It was when the U.S. dollar, to which many local currencies were pegged, started to rise in the mid-'90s that systemic weaknesses in the Asian economies became apparent.) But "outward orientation," as the academics called it, wasn't the whole story. Domestic demand grew rapidly too. Two components of Asian domestic economies were particularly important. First, there was construction, which remade the skylines of every city from Kuala Lumpur to Shanghai...
...financial crash came a sharp decline in bank lending to property speculators, coupled with a steep increase in unemployment. Consumers kept their hands in their pockets, the designer fashion stores left town, and magazines ran pictures of empty shopping malls. Such recovery as Asia saw in the late '90s was almost exclusively explained by an increase in net exports, helped along by newly devalued currencies. So when the growth in world trade screeched to a halt at the end of 2000, so did the Asian recovery...
...Title TK" is an adroit recreation of the Breeders' early '90s sound, although more atmospheric than the other Breeders albums, as well as slower and more and contemplative. At bottom, the chord progressions, simple guitar lines, and laid-back angularity of the arrangements are still there. But something else is missing, and it's the energy a band tends to give off when it's functioning like a band as opposed to recording artists with back-up musicians. Call it bandness...
...Inside the Finlay, director Concepci?n Campa, a Politburo member, oversees an assembly line of vaccines for diseases such as hepatitis, tetanus and meningitis. When a meningitis epidemic hit the U.S. in the late '90s, the pharmaceutical giant Smith-Kline came calling - working around the softened U.S. economic embargo against Cuba - to buy a special vaccine that Campa herself had developed. Asked if Cuba had any bio-weapons research going on in its labs that Time couldn't see, Campa strongly denied it. "You see all this equipment we've imported, even for things as simple as conserving the low temperatures...