Word: dowing
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Dates: during 1990-1999
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...Like them, he trusts his gut, takes risks and casts a wide net for advice. He'll need all he can get, because when he finally breaks his policy silence, he'll have to make the case for evicting a party that might as well change its name to Dow 10,000. "This has been the cotton-candy decade," says Bush's chief economic adviser, Larry Lindsey, taste-testing a theme last week. "It's mostly spin, all sweet and no sweat. Yes, people are happy, but...we've let Social Security stagnate, Medicare fester and our national defenses deteriorate...
...Dow 10,000 is so widely anticipated that the media have been writing about it for weeks--even though it's yet to happen. We've had our excuses. There was the dubious, theoretical 10,000, reached March 12 by adding individual peak prices for each component to come up with Dow 10,043. Never mind that at no point during the day was the average near that level. Then came the modestly credible intraday benchmark last Tuesday, when the Dow briefly traded at 10,002 based on actual prices before ending the day much lower. On Friday the Dow...
...During a 1996 speech at the American Enterprise Institute, a Washington-based think tank, Greenspan asked his audience whether stock market gains might have been due to "irrational exuberance." The next morning, markets tumbled worldwide, with the Dow Jones industrial average falling 140 points before recovering...
During a 1996 speech at the American EnterpriseInstitute, a Washington-based think tank,Greenspan asked his audience whether stock marketgains might have been due to "irrationalexuberance." The next morning, markets tumbledworld-wide, with the Dow Jones industrial averagefalling 140 points before recovering...
...comes up heads; you cannot conclude that the next flip will yield a head. And even if a fifth head is coming, it doesn't mean there is no risk of a tail--or a tailspin--eventually. I'd be more comfortable if we got to a 10,000 Dow over a longer period of time, during which earnings could catch up to prices. Probabilities have a nasty habit of reasserting themselves when you are most inured to their risk...