Word: crack-up
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Some sort of currency crack-up had seemed likely for months -- especially to the speculators. Germany's high interest rates, designed to hold down inflation while attracting investors to pay for rebuilding the former East Germany, angered Bonn's European partners, most of whom are fighting recession and prefer low rates to foster growth...
...final crack-up came last spring when the New Jersey Supreme Court upheld a law that required insurers to give coverage to high-risk drivers. Allstate must now find companies to provide auto insurance and other types of policies for its nearly 500,000 New Jersey customers; that could take as long as five years...
...Columbus Day crack-up -- and the week of budget blustering that followed -- can serve as a lasting metaphor for national decline. Picture a government so broke and divided that patriotic tourists in Washington were caught between frustration (closed monuments) and farce (Congress in session). The public reaction was rage, an indiscriminate mad-as-hell roar. The politicians responded at first in typical fashion: posturing and finger pointing in an effort to apportion partisan blame...
Drexel's outcast employees have company in their misery. The firm's crack-up comes amid a flurry of reversals for the highflyers who symbolized the boom time. Last month Peter Cohen stepped down as chairman of Shearson Lehman Hutton, the firm he had built into a Wall Street giant that ranked second only to Merrill Lynch. Like so much that flourished during the hothouse decade, Shearson simply grew too fast. Beset by falling revenues, failing deals and internal disputes, Cohen was forced out by James Robinson III, the chairman of American Express, Shearson's parent company...
...wider perspective, the disaster points up the unresolved conflict between American desires for an unspoiled environment and demands for more energy that has long bedeviled national policy. Immediately the crack-up of the Exxon Valdez gives powerful new ammunition to environmentalists fighting against a proposal to allow oil exploration in Alaska's Arctic National Wildlife Refuge, one of the last large tracts of U.S. wilderness virtually untouched by man. The proposal, which has the support of President Bush, has passed the Senate Energy and Natural Resources Committee, but it may be delayed by the Prince William Sound disaster. Says Senator...