Word: firmed
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Dates: during 1980-1989
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Cheers rang out over the Beverly Hills junk-bond trading floor of Drexel Burnham Lambert at the news coming over the brokerage firm's wire. Jubilation also reigned among most New York Republicans, and quite probably in Mafia hangouts as well. Rudolph Giuliani, famed prosecutor of Wall Street manipulators (Drexel, Ivan Boesky), mobsters (the Colombo family) and corrupt politicians (former Bronx Democratic leader Stanley Friedman), announced that after 5 1/2 years as U.S. Attorney for the Southern District of New York, he would resign at month's end. Gotham Republicans, a tiny band of inveterate losers, delightedly anticipated being able...
...funny, but people like the feeling of being lost. They say it helps them cope with stress," says architect Henry Yanaga. He should know. Yanaga has designed Wooz, an amusement park featuring a giant labyrinth. A Japanese firm, Sun Creative Systems U.S.A., has launched a $2 million marketing campaign to sell 60 Wooz franchises in the U.S. Its main attraction: a tortuous 5,000-ft.-long maze formed of 7-ft.-high redwood walls...
...hire a new chairman for its holding company. Drexel's choice to succeed Robert Linton: John Shad, the U.S. Ambassador to the Netherlands and former head of the Securities and Exchange Commission. Drexel is also recruiting trade consultant Roderick Hills, another former SEC chief, to serve on the firm's board. Neither had formally accepted by week...
...bitter medicine. Americans hold this view even though they pay an average of only 92.6 cents per gal., including all taxes, which is one of the lowest levels in the world -- and below 1950 prices after inflation is deducted. In a TIME survey conducted last week by the opinion firm Yankelovich Clancy Shulman, nearly three-quarters of those polled said they opposed any tax boost to reduce the budget deficit. A nearly equal number acknowledged, however, that an increase seemed likely during the Bush Administration. When asked which tax they would rather see raised if an increase was necessary...
Some economists point out that costlier fuel would slow down the economy and boost inflation somewhat. According to a study by the WEFA Group, a Pennsylvania-based forecasting firm, a 10 cents-per-gal. increase would accelerate inflation by about one-third of 1% and cut GNP by $10 billion, or one-fifth of 1%. The firm estimated that the slowdown in growth would lead to 80,000 layoffs in the first year of the tax increase...