Word: crash
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Dates: during 1980-1989
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Four years after the market crash of 1929, Congress passed the Glass-Steagall Act, barring banks from dealing in stocks and other securities. At the time economists believed losses from stock trading helped cause the widespread bank failures of the early 1930s. So it is surprising that Wisconsin Democrat William Proxmire, chairman of the Senate Banking Committee, is pushing to let banks deal in securities again despite the Oct. 19 market collapse and its stirring of memories...
...graphics. Sega has made a motor-cycle racing game in which you must lean your life-sized bike to steer through the turns. There's also an automobile game in which the steering becomes difficult if you drive into the grass--and the wheel shakes violently if you crash...
...announcement that the U.S. trade deficit shrank during September to $14.1 billion, down from $15.7 billion in August. The decline was sharper than expected, especially by comparison with the disappointingly small improvement in the previous month's results. The disclosure of those results on Oct. 14 helped trigger the crash five days later. Despite September's narrowing, the trade gap remains huge by any standard. At the current rate, the 1987 deficit is likely to exceed last year's record of $156 billion by some $10 billion...
...most asked economic question since Black Monday is whether the crash * will bring a general slump, and yet few economists feel certain one way or another. Says Jerry Jasinowski, chief economist for the National Association of Manufacturers: "We're in the eye of a hurricane right now. All the usual indicators aren't very useful in telling what's going to happen next." While the consensus is that growth will slow to a laggard 1% or 2% early in 1988, there are no concrete signs so far of a drastic consumer-spending slowdown. Last week the Commerce Department reported that...
...starters, he slipped out of the market before the crash, protecting his fortune. But what really makes Goldsmith different is his love of luxury, coupled with a penchant for lecturing the world on everything from Communism to AIDS. "He' s sometimes downright reactionary," says a former associate. "But he is also ferociously anti- Establishment, right, left and center...