Word: debts
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Dates: during 1990-1999
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...they can be confusing--just what does Cisco do?--and volatile and pricey. But even strict-value managers, who focus on low stock prices relative to earnings, buy them. "Get your head out of the sand," Scott Black at Delphi Management advises tech sissies. Look for normal stuff--little debt, market dominance, sustainable advantage, strong brand, good managers, a commitment to research and development. You can find tech companies priced right. Black's favorites include electronics suppliers Arrow and Nu Horizons...
...questions for mankind will not be what to do about garbage, cholesterol and aging. These are "American" and "First World" concerns. The great part of mankind living in underdeveloped areas will still be facing the old problems of hunger, malnutrition, illiteracy and the growing burden of foreign debt. In the last analysis, modern man cannot escape the perennial moral questions of his own existence. Man is tending toward nihilism. In the next millennium, the search for transcendence will be more crucial for man's life than is the search for the key to longevity or a wrinkle-free skin...
Tart-tongued South Carolina Democrat Fritz Hollings, one of Domenici's predecessors as chairman of the Senate Budget Committee, decried all talk of surpluses as "a circus act if I've ever seen one." Said he: "Instead of the deficit and debt going down, they're going up." His point: while the government is no longer borrowing from Social Security, it is still borrowing heavily from trust funds for Medicare, pensions for military and civilian government employees, highway building and other things. Without those nonpublic borrowings, he contended, the government ran a deficit of $127.8 billion last fiscal year...
Which introduced one of the revolutionary implications of the surpluses that the board majority agreed really are in prospect. At TIME's meeting, Summers indicated that the $3.5 trillion public debt would be wiped out completely if all the Social Security surpluses and part of the non-Social Security surpluses projected to emerge over the next 15 years were used to pay it off. That would create a host of new challenges for economists and currency traders. What kind of security, for example, could replace the 30-year Treasury bond as the bellwether of bond trading and as a particular...
...buck," in Sinai's phrase, in spurring investment and entrepreneurial incentive. The Democrats propose a tax cut that is really a savings incentive--in Sinai's opinion, a good idea. They would increase government spending on the military and through transfers for education and other social purposes and reduce debt much more than would the Republicans--although the Republican reduction of $257 billion over 10 years from non-Social Security surpluses is scarcely a pittance. The Democratic spending proposals, in Sinai's view, "are targeted for things that will be productive and not the old welfare-state, liberal...