Word: feds
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Dates: during 1980-1989
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...Lefty, that's not the same boat," a wary Pistone insisted. Lefty was adamant: "Tell me about this boat. How did we get on this boat?" Thinking fast, Agent Pistone recalled the story about the rich brother and then pointed out that if they had partied on a fed boat, they had been a lot smarter than the Congressmen: they had not been caught. "We're sitting here, Left. We beat those FBI guys...
...Federal Reserve and other central bankers intervened by unleashing a flood of orders to trade Japanese yen, West German marks and other denominations for the dollar. The strategy worked stunningly, sending traders scrambling to move in the same direction. Said Holland: "You don't make money by challenging the Fed. You could get squished trying to do that...
...through the currency markets each day. But the central banks can move the market because of their resolute purpose; they hold on to their purchases, even at a loss, while speculators constantly churn their holdings. Moreover, last week's intervention was far more aggressive and flamboyant than usual. The Fed, which generally makes orders in $10 million batches, was trading marks for dollars in king-size packages of $25 million. Normally the Fed would carry out such transactions stealthily. But last week a Fed official reportedly went so far as to encourage a trader at a major bank to talk...
...only way to stabilize the drooping dollar over the long term is through fundamental economic changes, notably by reducing the federal budget deficit. Without such measures, the Fed may eventually be forced to support the dollar by putting upward pressure on U.S. interest rates. But that step presents a painful election-year dilemma for Fed Chairman Alan Greenspan, particularly in the wake of October's stock crash, since any rise in interest rates might send the U.S. and world economies into a recession...
Perhaps this proves that the media are better at sensing how curious people are about someone than at knowing what they actually think of him. Journalists quickly intuit when people are fed up with, rather than amused by, a rock star's tantrums, or when a politician has worn out his welcome. (A magazine that misjudges and too often features on its cover someone readers are tired of, quickly learns the lesson from lower newsstand sales.) In the case of Hart, the public plainly deplored his conduct but still remained fascinated by him. In his comeback, he skillfully assured himself...