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Nine years afterward, the same sort of naifs were asking themselves a question: If you could purchase a $1,000 car for $100 down, why couldn't you acquire stock the same way? In 1929 that kind of instant gratification was called buying on margin. As the market crashed, the president of the New York Stock Exchange remained confident. Federal regulations were unnecessary, said Richard Whitney. "The exchange is a perfect institution." After he left office, Whitney was indicted for selling stock on insufficient capital. He was $6 million short, even after he dipped into funds of the New York...

Author: /time Magazine | Title: Wall Street: Pigs Always Get Slaughtered | 2/26/1990 | See Source »

...standing ovation, rhythmic clapping, showers of carnations. For his fourth encore, Rostropovich burst out with a rousing salute to his new homeland, John Philip Sousa's red, white and blue chestnut, Stars and Stripes Forever. The audience -- including Raisa Gorbachev -- gave one last standing ovation. At a reception afterward at the U.S. Ambassador's residence, Rostropovich greeted friends with kisses and bear hugs and vodka toasts. Asked how he had chosen Stars and Stripes Forever, he grinned and said, "From the heart...

Author: /time Magazine | Title: Music: Tears And Triumph in Moscow | 2/26/1990 | See Source »

...sort of event that India and Pakistan fear could provoke a fourth war. There had been a huge rally in Sialkot, Pakistan, to mark a nationwide strike protesting India's crackdown on Muslims in the state of Jammu and Kashmir who are agitating for independence or merger with Pakistan. Afterward, about 4,000 people marched to the village of Suchetgarh and threatened to cross into India. Pakistani rangers tried to stop them, but 150 protesters pushed through, chanting anti-India slogans and setting fire to bushes and grass. Indian border troops warned the encroachers, then fired, killing three and wounding...

Author: /time Magazine | Title: India: Fighting for Kashmir | 2/19/1990 | See Source »

...Long Island catastrophe, Flight 52, bound from Bogota via Medellin to New York City, smashed into a wooded hillside in the wealthy community of Cove Neck. The absence of fire or explosion on impact and the lack of fumes afterward led to speculation that the 23-year-old Boeing 707 had run out of fuel only moments before it was supposed to land at New York's Kennedy Airport...

Author: /time Magazine | Title: New York: Home, Toward Disaster | 2/5/1990 | See Source »

...minor mystery. According to Blandon, Bush phoned Noriega three hours before the U.S. invasion of Grenada in 1983. He asked Noriega to warn Fidel Castro that if Cuba tried to stop the invasion or to retaliate, it would get the same -- or worse. Noriega made the call, and shortly afterward Bush visited him. Blandon says Bush lectured Noriega on the need for democracy in Panama, but also thanked him for helping contain communism...

Author: /time Magazine | Title: The Devil They Knew | 1/15/1990 | See Source »

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