Word: felted
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Dates: during 1980-1989
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Bernice Garelick, 60, had felt sure that her husband Elias, a dentist, could retire in a few years and spend more time with her. But the crash shook her confidence. The Lindenhurst, N.Y., couple watched helplessly last week as their $300,000 portfolio of stocks sank in value by 20%. Said Bernice: "We have been investing in the market for 22 years. Now this happens, and it threatens what you have worked for over a lifetime...
...spoke for many Americans who felt their life's work and life's savings threatened last week. Since August, the plunging stock market has erased nearly $1 trillion of wealth that people had been counting on to buy new homes, pay tuition or secure retirement. For investors who had scored spectacular gains, on paper at least, the loss was calculated in the thousands, even millions, of dollars that vanished in a few hours...
...owned any stocks or not. Families were willing to take on mortgages to buy new homes, in part because they believed the economy would continue to grow and the value of the home would appreciate. Those who did own stocks enjoyed a dramatic increase in their paper wealth and felt free to spend more on new clothes, vacations, cars and theater tickets. That fueled the economic growth that fostered the widespread sense of well-being...
Owners of new businesses felt the pressure last week as well. Renee Ickson Young, 27, opened her own public relations firm in Manhattan last year. When she heard the news of last Monday's mayhem, she realized that she would have to adjust her business plan. "In a crunch," she says, "the extras are the first things to go at a company, and public relations is considered an extra." Until last week, Jo Ann Coogan, 30, of Dearborn, Mich., was planning to open a small brokerage. But her start-up money was heavily invested in the stock market...
...Saturday radio speech, Reagan once again called on Democrats to "remember that lower taxes mean higher growth," even while acknowledging that "all sides must contribute" to a budget-cutting package. The net impression was that in countenancing discussion of a tax increase he was doing something he felt he must, without any conviction...