Word: bondses
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The principle of paying back your debts remains one of the foundations of our society. Enforcement of contracts is one of the primary functions of the modern liberal state. What would happen if banks refused to honor their checks or the government stopped paying interest on savings bonds? It is...
Now it's the morning after, and the dream of painless prosperity has been punctured. But what a wild binge it was! Speculative fortunes built on junk bonds and stock manipulations helped paper over the cracks in an economy beset by sluggish investment and productivity. Some of the best minds...
Greenspan justified the rate hike as a move against potential inflationary pressures, which indeed it was. But for investors, any increase in interest rates makes stocks less attractive, since higher returns become available for bonds, Treasury bills and other fixed-income securities. During the two trading days after the Fed...
Yet amid all the gloom, some firms found a few rays of hope glimmering for the future. Shearson reported opening a record 9,000 new customer accounts in one day last week. "We think this was a flight to quality," said Shearson Chairman Peter Cohen. "People are feeling that it...
Yet after last week's spectacle, a growing number of investors are likely to put their money elsewhere. Rising interest rates on bonds are starting to siphon some big-time investors' funds away from the stock market. Many individuals are taking their market profits and putting them in banks. Says...