Word: dollarization
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Dates: during 1980-1989
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...will be cut back by two-thirds. The slowdown is the result of Porsche's overreliance on the American market, which absorbed about 60% of the company's production in 1986. But 1987 sales slowed to a crawl because of the stock-market crash and the decline of the dollar against the West German mark...
...time cost-of-living freeze on Social Security. But with the hiring of tough-talking Lobbyist Jack Carlson as executive director, the group began to harden its stance, partly to prevent other organizations of the elderly from stealing the thunder. Next on AARP's agenda: a multibillion-dollar proposal for federal insurance to cover long- term at-home or nursing-home care. While other lobbies are often content with dumping a blizzard of preprinted postcards on Capitol Hill, AARP members tend to write their own letters. "AARP is the equivalent of an 800-lb. gorilla," says Congressman Hal Daub...
...this lurking fear that there were no longer any values in the stock market, and, lo and behold, what was starting to unfold was that earnings were coming back." Behind the rise were a determined cost-reduction campaign by American business and the long decline of the dollar, which encouraged U.S. exports and made imports less competitive. Says Lynch: "The popular opinion is that America is no longer competitive. But I was getting the feeling that from a combination of cost cutting and the weaker dollar America was creating a world-class competitive environment...
...retrospect, Lynch kicks himself for not paying more attention to some ominous signs that were flashing in September. Despite the weak dollar, the trade deficit did not improve as hoped. The July figure, released in September, set a new record. Meanwhile, the prime rate that banks charge on commercial loans kept creeping up, from 7.5% in March to 9.25% in early October...
Sobered by the crash, Lynch is wary about what will happen to the market. He does not foresee a recession yet, but is fearful of the plunging dollar. "If the dollar declines from here," he says, "it will probably accelerate our inflation and persuade the Europeans and Japanese to stay out of the U.S. stock market." Lynch also frets that the market is at the mercy of sophisticated, new computerized trading techniques that sometimes run out of control. Says he: "Program trading, portfolio insurance, stock options and index trading accelerated the crash. Without them, instead of an 508-point decline...