Word: borrower
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Dates: during 1990-1999
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...sold short 100 shares of eBay just a month ago, you would have a paper loss today of $12,000. Professionals have lost hundreds of millions betting against Net mania. Compounding the problem, Net stocks have relatively few shares in circulation, and that makes them difficult to borrow and sell. The ones you would want to short--those without earnings or a compelling business plan--are precisely the ones whose shares are hardest to borrow. You can easily short AOL, but it has a real business and is least likely to plunge. Available shorts include portal companies, among them Yahoo...
Back in the Just-a-Start office, a student approaches Fass and asks her to borrow two dollars. "You are nickel-and-diming me to death!" Fass declares in good-natured annoyance as she hands the student the last dollar bill from her wallet...
While the committee reached consensus on spending caps, there was dissent on other issues, especially on unemployment insurance. Some members supported bolstering the unemployment fund, while others thought it would be more fiscally effective to let the fund run out and then borrow from the federal government...
...next FOMC board meeting in January. For now, Greenspan rates a gushy Christmas card for helping the rest of the world get through an economic crisis that, so far, Americans have only read about. Around the world, U.S. rate cuts provided the world with cheaper dollars to borrow, keeping domestic currencies afloat all over Asia. As we head into the holidays, the blaze is out, at least for now. And Greenspan the fireman is back on thermostat duty...
...events of the Roaring Twenties and the Great Depression change Merrill's views? Quite the contrary. The Crash proved that people should have listened to him instead of to those charlatans who encouraged investors to borrow so heavily and to speculate so wildly. And if Americans had soured on the market by the end of the 1930s--and how could they not as the Dow Jones average lost 60% of its value and people came to see how rotten the game had been--Merrill eventually came to the conclusion that someone would have to rekindle the country's faith...