Word: cut
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Dates: during 1990-1999
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...suffered. Last week opponents began raising 11th-hour questions about Williams' background--before Yale, he experimented with marijuana and hippiedom. And even after he traded his tie-dyes for bow ties, he has been flighty, leaving most of his jobs within a couple of years. Others complain that he cut procedural corners when he took over city finances...
Federal Reserve Chairman Alan Greenspan, speaking after the markets closed last Friday, revealed that Fed policymakers are worried that the threat to the U.S. economy from global financial turmoil rivals the danger of wage and price inflation. The Fed is now as likely to cut interest rates, he hinted, as to raise them. "It is just not credible that the U.S. can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress," Greenspan said in a speech at the University of California, Berkeley. Then he headed off to join Treasury Secretary Robert Rubin...
...giant U.S. bank after another came forward, like sheepish A.A. members fallen off the wagon, to confess they had succumbed to the lure of big returns from Russian investments on which--surprise!--the Yeltsin government has defaulted. Citicorp announced that its earnings for the third quarter will be cut by about $200 million in Russian losses. The price tag at Bankers Trust, about $260 million; at brokerage firm Salomon Smith Barney, $360 million in the past two months...
...persistent stock market decline can also hurt the economy by making companies more cautious about expansion and hiring. "If the stock price isn't doing well," says John Lonski, chief economist for Moody's Investors Service, "shareholders will put pressure on management to cut costs to improve returns." That usually means layoffs and plant closings, which "ripple through the economy" as laid-off people cut spending...
...country's currency and stock market came crashing down of its own weight, Mahathir blamed outsiders--a cabal of speculators, Jews and enemies of the developing world. To replenish the treasury, he asked the rich to pawn their jewelry overseas and bring the money back to Malaysia. To cut a huge foreign bill for food, he asked people to plant vegetables in their front yards. Last week Mahathir took the bold step backward of withdrawing Malaysia from the global economy, sealing off its currency from outside trade and sacking the pro-market Finance Minister. Absurdly, he also found time...