Word: digitals
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...share prices have fallen 8.5% in the past three weeks. London's market has been buffeted by high domestic interest costs as well, with short-term rates hitting 15%. The Bank of England has been boosting rates to combat an 8% inflation spiral, which has been aggravated by double-digit increases in recent labor contracts. Case in point: last week Ford's British subsidiary agreed to a 10% wage increase for its unionized workers...
...than any other authority, save perhaps his mother. I have followed his academic progress for over twenty years now, from his tens tables to last semester's electives. He has done well, but recently has developed a complex: he fancies himself a cog in a great machine, an 8-digit number in a vast academic apparatus...
Despite these violent disagreements about the future, there is at least some agreement about the past decade. It began in a distinctly gloomy atmosphere known as stagflation: double-digit inflation combined with growth rates of 2% or less. Cigar-chomping Paul Volcker, then the Chairman of the Federal Reserve Board, is generally credited with breaking the inflation by reining in the money supply in 1980-81. That also touched off the worst recession of the postwar era, bringing unemployment rates of more than 10% (25% in some areas and industries). President Reagan helped end the downturn by cutting taxes...
...breed of thrift operator. In came highflyers like Keating who shifted their depositors' money (now insured for $100,000 instead of $40,000) from unexciting residential mortgages to potentially more lucrative but indisputably riskier shopping malls, resort developments, energy-generating windmills. The new breed awarded themselves seven-digit salaries, private jets, hunting preserves and yachts on which to entertain members of Congress. Keating and his associates took $21 million from Lincoln even as it was heading into receivership. Named head of the Office of Thrift Supervision in August, Wall now directs the agency established to solve the problems Garn...
...Governor's political pain has been no less acute. After years of phenomenal double-digit growth, the Massachusetts economy had at last slowed down. In June, Dukakis was forced to raise temporarily state income taxes by 15% to meet $700 million in last year's unpaid bills. Last week, scarcely four months into the current budget, the deficit had already soared to $730 million, far more than anyone imagined possible. As revenues sagged with no matching reductions in the state's ambitious outlays, deficits rose and credit , ratings withered. The financial ranking of once proud Massachusetts dropped to 49th among...