Word: crashing
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Dates: during 1980-1989
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...starts plunged by 8.2% in October, to an annual rate of 1.5 million, the lowest level in more than four years. Economists blamed steep mortgage rates, which rose from a national average of about 9% in January to nearly 12% by Black Monday, Oct. 19. Since the stock-market crash, mortgage rates have dipped to just below 11%, but that does not guarantee a quick recovery in the housing market. One reason, aside from the fact that many potential customers suffered big paper losses in the market meltdown: skittish home buyers may wait to see if a recession starts...
Anyone who is tired of hearing about Real Estate Mogul Donald Trump's latest megadeal or his timely escape, unscathed, from the stock-market crash may have felt a certain satisfaction last week. According to FTC: Watch, a biweekly newsletter that reports on the Federal Trade Commission, the agency has asked the Justice Department to prosecute the New York developer for illegal use of a "parking agreement." Under such an arrangement, a corporate raider employs one or more third parties, like an investment bank, to help him secretly amass shares in a takeover target in violation of federal law. Trump...
...wave of economic anxiety that swept the country after the stock-market crash should have offered Gephardt a receptive audience for his message: he had staked his claim as the candidate most concerned about economic complacency and most alarmed about the nation's slow loss of its competitive edge. But though he remains among the top tier of Democrats, he has had trouble capitalizing on the crisis or convincing undecided voters that he has the heft to handle troubled times. Despite his lengthy legislative scorecard and his earnest doggedness both in Congress and on the campaign trail, he remains...
What led to the turmoil? The trouble began in earnest with the Oct. 19 crash on Wall Street, which knocked the wind out of the Mexican stock market. Since Black Monday, the total value of shares on the exchange has plunged by more than 70%, from $38 billion to $11 billion. Says Salvador Kalifa, an economic consultant from the northern city of Monterrey: "Gossip and rumors take precedence over all else. All people want is to get rid of their portfolios." The market collapse made Mexicans nervous about the peso...
Koch reacted instantly to the crash by freezing the planned hiring of 5,200 new workers and postponing raises for 4,000 management jobs. As a result of his reassuring actions, the city's bond rating was upgraded last week to its highest level since the 1975 financial crisis. Investment Banker Felix Rohatyn, head of the Municipal Assistance Corporation, which oversees the city's finances, praised the belt tightening as a "good first step," but warned that "New York faces the potential of a very difficult period...