Word: crashingly
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Dates: during 1970-1979
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...happen again." That was the cocky mood along the eight blocks of Wall Street last week. A new generation of stockbrokers, analysts and specialists who have only read about the Great Crash confidently continued business as usual. A block from the New York Stock Exchange, Trinity Church, which was packed with prayerful people in October 1929, did normal business...
...points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith, author of The Great Crash, a study of the 1929 debacle: "It would be hard to find any buildup of speculative hubris that would make us as vulnerable as we were...
Wall Street is also safer today because, in the aftermath of the Crash, the Government moved to outlaw some of the abuses that permitted the 1929 bubble. Fifty years ago, a buyer had to put down only 10% of his own money to get a stock; he could use credit for the rest. Today, under a Federal Reserve rule, customers have to put up at least 50% of their own funds. The Fed can also slow bank credit to stop speculation from feeding a boom, a step it took last week. In addition, there was no watchdog Securities and Exchange...
Some economists now wonder if the nation has so successfully insulated itself from a 1929-type depression that it is condemned to 13% or worse inflation. Robert Heilbroner argues that the postwar measures to avoid another Crash and Depression have "put a floor under the downward movement of the economy." This guarantee against disaster, in Heilbroner's view, has changed economic expectations so much that corporations raise prices and unions demand higher wages more recklessly than they otherwise would. The result is faster inflation. Thus the cure for the Great Crash, seen from this perspective, has created side effects...
...authorial analogues of incest, cannibalism and flagellation. But what Barth does in the privacy of his own imagination is his own business; the worst atrocity he reserves for the hapless reader. The siren call of Barth's in-souciance, his cleverness, his recklessness, beckons you towards a grinding crash on the rocks surrounding these 750 pages, and a lonely death...