Word: boom
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Unfortunately, another effect of the boom has been to raise consumer debt and the U.S. balance-of-payments deficit to alarming levels. These have added to the inflation concerns of Federal Reserve Chairman Alan Greenspan, who on Feb. 2 jacked up interest rates another quarter of a percentage point. Further tightening could spook an increasingly jittery stock market, and the pressure for a bigger boost remains strong. Much of America's current wealth could evaporate with stunning speed. Despite big average increases in disposable income, Tyson pointed out, "savings rates are still declining, and no one knows what...
...world economy. A slide of 35% in the value of the New York Stock Exchange would surely wipe out the U.S. "wealth effect" and decimate public confidence. But, Courtis argued, the fundamental transformations brought about by globalization and the Internet would provide a foundation for another boom. Besides, as Hormats put it, "investors have a greater sense of confidence that when the markets go down, governments know how to deal with it." On the other hand, no one wants to see that confidence put to the test...
Unfortunately, INXS's fame coincided with a Northern Hemisphere boom where anything tagged with a "Made in Australia" leapt off the shelves. While a talented band, the group faded from American consciousness as quickly as Crocodile Dundee. They were again--if only briefly--thrust to the forefront two years when lead singer Michael Hutchence was found dead in a Sydney hotel room, apparently having hung himself, which sparked off a flourish of tabloid-induced controversy...
...Grogan cheers the economic boom and supports the building of upscale housing, as he says the creation of any housing will ease overall demand...
Gottsche says he disagrees with Grogan's arguments. He says the current housing boom, with its focus on the upper end of the housing market, will not create enough units to fully satisfy demand...