Word: calme
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Dates: during 1980-1989
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While Wall Street whipsawed wildly last week, America's companies tried to maintain their composure. Though many corporate executives were rattled by what has happened to their firms' stock, and their own personal wealth, since August, most were determined to stay calm and not make any rash moves. Almost no one rushed to slash production or shelve capital-spending plans. But many companies began taking a hard look at their operations, realizing that further market declines could bring on a recession. For companies that had been planning to issue new stock or for young firms hoping to go public...
Just before the opening bell, Phelan reads aloud a message from President Reagan praising traders for their "calm, professional" work during the frantic week. Citibank lowers its prime rate by a quarter-point, to 9%; other New York banks follow within 20 minutes. Inexplicably, the market plummets 138 points in the first 45 minutes...
...After a calm morning, a rumor wafts through the exchange: Iran is about to accept a cease-fire in its gulf war with Iraq. High-tech stocks like Matsushita and Fujitsu take off. But the Japanese government cannot confirm the report, and stocks retreat. In the final hour, a wave of panic selling drives the index down by 1203.23 points, to 23,201.22. It is Tokyo's second worst one-day beating ever...
...hours, and then reversing again. And always the questions: Would the stock crisis cause a recession? Or even a global depression like the one ushered in by the 1929 Crash? What would happen to the dollar, to interest rates, to world trade? What might Ronald Reagan do to calm the markets? Could a President who was so weakened by the Iran-contra affair and the impending defeat on the Bork nomination, and who was distracted by war in the Persian Gulf and his wife's cancer operation, possibly quell the financial turmoil? Did he even understand that he faced...
Ironically, Baker in a sense won his campaign. Flying to Europe for a scheduled visit Monday, he persuaded the West Germans to roll back the interest-rate increase he had assailed, and they together specifically reaffirmed the Louvre agreement. But it was much too late to calm the unrest Baker's previous statements had intensified. Well before he patched things up with the Germans, selling on the world's stock exchanges had accelerated into an all-out crash...