Word: federales
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Dates: during 1980-1989
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Sequestration is the last resort of national politicians unwilling to cut government spending in much the same way that patriotism is called the last refuge of scoundrels. The obscure word, which looks like a refugee from a crossword puzzle, means seizure, and that is what happened last week. President Bush...
At least one original sponsor still defends his offspring. Says Texas Republican Senator Phil Gramm: "It's bashing time for Gramm-Rudman, but our biggest critics are those who weren't for it to begin with. Without the law, our federal deficit would have been larger than it is."
During the unrestful weekend after the stock market plunged 190.5 points on Friday the 13th, top U.S. financial officials knew it was up to them to help avert a panic the following Monday. At a pivotal two-hour meeting, Treasury Secretary Nicholas Brady, a former Wall Streeter, huddled with Alan...
In part, the comebacks reflected a rare degree of cooperation between government leaders and securities markets around the world. Speaking to bankers last Monday, Greenspan declared that Federal Reserve officials "have kept in productive contact with our counterparts abroad" and that "coordination exists at a detailed level" between the Fed...
Greenspan provided far more than just verbal encouragement. To ensure that Wall Street had sufficient cash to buy stocks after the Friday the 13th sell- off, the Fed pumped $2 billion into the banking system Monday. Earlier, E. Gerald Corrigan, president of the New York Federal Reserve Bank, urged officials...