Word: crashing
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Dates: during 1980-1989
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...inevitable end of a protracted financial adventure." That was how State Controller Yitzhak Tunik, the government ombudsman, described Israel's bank- stock crash in a harsh report released last week. Tunik's 107-page document concerned the financial turmoil of October 1983, when investors sold off shares of Israel's major banks, forcing the government to shut down the Tel Aviv stock exchange for two weeks. By the time trading resumed, bank stocks had lost a third of their dollar value, and the government had pledged to buy the shares at precrash prices to keep investors from taking a beating...
After a year of investigation, Tunik blamed the banks for bringing on "a catastrophe for the economy" and faulted the government of former Prime Minister Menachem Begin for doing nothing to prevent the crash. The roots of the trouble go back more than a decade. In the early 1970s Israeli banks started buying and selling their own shares on the Tel Aviv exchange to help regulate the stock prices. In 1979 Israel's inflation passed 100%, and the public bought bank stocks as a hedge against rising consumer prices. The banks encouraged this speculation and helped keep the bank-stock...
Tunik estimated that by 1988 the government's pledge to support the bank- stock prices will cost it at least $2.5 billion, a figure that is almost as much as the $2.6 billion in aid the U.S. plans to give Israel this year. The cost of the crash is a heavy burden for Prime Minister Shimon Peres, who is trying to cut the Israeli budget as a way of fighting inflation and reviving the country's economy...
Both aircraft were total losses. The pilot walked away from the first, cracked a vertebra in the second. What is more, the Federal Aviation Administration cited him 13 times for the second crash. Among his wrongdoings, said the FAA, was flying too low. That was a hard charge to dodge, since it is difficult to keep your nose up when you are unconscious and going down. In the end he enriched...
Ralph: Let us lapse briefly into logic, dearest. The average flight contains 40 or 50 people who are convinced that the plane is going to crash, maybe 50 who are enraged by the mandatory 30-minute delay in getting off the ground, and another 100 or so who are busy getting giddy or truculent through the magic of booze. Under the circumstances, which is better: a calming smile or a conventional dose of feminist grimness? Wanda: Pilots don't have to chuckle when they give one of those reassuring Chuck Yeager speeches saying that there's nothing to worry about...