Word: crash
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Dates: during 1980-1989
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What ever happened to the insider-trading scandal? Black Monday, that's what. Since Oct. 19, crash has replaced crime as the top story on Wall Street. Some traders have even hoped that the markets' continued fragility might persuade the Government to delay further insider-trading probes lest new revelations drive stock prices even lower. No such luck. U.S. District Attorney Rudolph Giuliani maintains that even though the spotlight has shifted elsewhere, the investigations are proceeding at full speed. Says the Manhattan-based prosecutor, who has led the crackdown on Wall Street crooks: "Whatever the state of the market...
Uncertainty. Volatility. Confusion. Those have become the watchwords of the postcrash economy. For weeks some prognosticators have warned that the stock collapse of Black Monday presaged a recession. Others have argued just as vehemently that the crash was primarily a Wall Street event that will have little impact on the economy. No wonder consumers have been cautious and bewildered and the financial markets have swung wildly between hope and despair...
Last week's upheavals only made the economic outlook fuzzier. One of the strongest stock rallies since the crash suddenly fizzled when the Government announced that the U.S. trade deficit had hit a record $17.6 billion in October, up 25% from September. The news threw the world's currency traders into a frenzy, and the dollar plummeted to its lowest levels against the Japanese yen and the West German mark since the 1940s. The turmoil could not help pushing urgent questions into the minds of every reader of the financial pages: What is going on with the U.S. economy...
Their views on the U.S. economy for 1988 were far from uniform, but the majority opinion was firm and a bit surprising. Despite the stock crash, the plunging dollar and the scary new trade figures, most of the economists insist that America will muddle along next year with no recession, no significant rise in unemployment or inflation and only a modest increase in interest rates. Their median forecast is for growth in the gross national product, after adjustment for inflation, to slow only slightly, from 3.4% this year to 2.7% in 1988. Asserts Sam Nakagama of the Manhattan-based consulting...
...economists acknowledged that consumers have become more subdued since the crash; the Commerce Department reported last week that retail sales in November were up a meager .2% from the previous month. But the forecasters felt confident that other sources of growth besides consumer spending would power the economy in 1988. In particular, the experts were convinced that the falling dollar, by making American products cheaper, will fuel a continuing surge in U.S. exports...