Word: crash
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Dates: during 1980-1989
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Greenspan also began moving behind the scenes to bolster the Reagan Administration's political response to the crash. Within an hour of Treasury Secretary James Baker's return from West Germany to Washington on Tuesday, Greenspan was huddling with him to plan the Administration's response to the market crash. Later that day the Fed chairman helped persuade Reagan to offer Congress a summit meeting to negotiate a federal-deficit reduction program...
...Economic Science, is a liberal academic who has never hidden his disdain for Reaganomics. And when the Brooklyn-born professor at the Massachusetts Institute of Technology stepped before the cameras to acknowledge his award, he needed little prompting to lay into the policies that led to last week's crash. "The best thing you can say about Reaganomics," he asserted, "is that it probably happened in a fit of inattention...
...with a new Genoa jib. "I've been just a poor academic up to now," he says, noting that the value of his only other major asset, his share of the M.I.T. pension fund, was reduced in last week's debacle. But some good may yet come of the Crash of '87, he says, if it lessens the flow of bright graduate students to investment banks. "It may make engineers out of some yuppies," he smiles. "Sweet are the uses of adversity...
...usual, there were dark portents. On Sept. 5, 1929, just two days after the New York stock market reached its highest level in history, an eccentric statistician named Roger Babson warned the National Business Conference that "sooner or later a crash is coming, and it may be terrific." The market responded nervously, with the New York Times's 25 leading industrial stocks taking a 10-point dip, then recovering. The Times fretted about the "idea of an utterly disastrous and paralyzing crash...
Contrary to popular belief, the Crash of 1929 did not take place in one or two days. It stretched out for weeks, gathering momentum through the autumn. On the day after Black Thursday, President Hoover bestirred himself and declared that the "fundamental business of the country, that is, production and distribution of commodities, is on a sound and prosperous basis." Share prices remained stable that Friday and Saturday. (Yes, markets were open on Saturdays, from 10 a.m. to 12 noon, until...