Word: crash
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Dates: during 1980-1989
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...liberal John Kenneth Galbraith wrangled about the size and composition of deficit cuts but not at all about their necessity. In this view, the U.S. has about come to the end of its ability to cover giant budget and trade deficits by borrowing from foreign investors. The stock-market crash served as a warning of what would happen if the foreign capital is ever withdrawn; thus the nation must reduce its dependence on overseas borrowing for the long-term health of the economy, at whatever cost in immediate pain. Says Barry Bosworth of the Brookings Institution: "Risk of a recession...
...crash, however, has inspired considerable skepticism about the virtues of free-market forces. Last week opinion polls showed that a majority of the French people favored a slowdown in the sell-off. Depressed market conditions forced the Premier to postpone the sale of the government's majority share of the defense and electronics group Matra, a $23.5 million enterprise. Meanwhile, the West German government appeared poised to put off the sale of its remaining 16% stake in auto giant Volkswagen (1986 revenues: $29.3 billion), despite earlier pledges of a sale this year...
COVER: The aftermath of the crash reveals an unsettling lack of leadership...
...Neither Congress nor the 1988 candidates appear ready to take charge. -- Raise taxes? Cut spending? Or what? After years of festering, economic problems are far harder to cure. -- Wildly fluctuating, the market rallies slightly despite a collapse of the dollar. -- Some firms cut back, fearing a recession. See THE CRASH...
...event has ever dramatized the interdependence of world financial markets quite like the October crash. Last week stock exchanges around the globe continued alternately to plummet and jump upward in violent imitation of the spasms on the New York Big Board. In some cases, the volatility was much worse. In Tokyo, for example, the Nikkei share index dived 4% on Monday, but in a week of wild slides and surges finally closed with a gain of .1%. In London the Financial Times index tumbled 6% on the opening day of trading but struggled back and ended the week with...