Word: foreigner
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Dates: during 1980-1989
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Take the existing federal gasoline tax. Anyone can understand it. At a flat 9.1 cents per gal., it's easy to collect and reasonably fair, since the more you use the roads, the more you pay for them. It also discourages things we want to discourage: dependence on foreign oil, the trade deficit, pollution and traffic. As taxes go, this one's a winner...
After months of coolness and caution, the U.S. and the Soviet Union suddenly seem consumed by arms-control fever. First, Secretary of State James Baker and Soviet Foreign Minister Eduard Shevardnadze ended their tete-a-tete in the Tetons by announcing plans for a spring summit. A few days later, George Bush and Shevardnadze were at the United Nations competing to see who could get rid of chemical weapons faster...
...Kremlin would abrogate a future START treaty if the U.S. goes too far with SDI testing. And the Senate would certainly want to review any deal on Star Wars as part of a START ratification process. "The Soviets made a constructive step which may facilitate negotiations," concludes House Foreign Affairs Committee chairman Dante Fascell. "But it only puts off the day of reckoning...
Upscale department-store chains have been among the most fashionable U.S. targets for foreign investors. Like well-heeled Christmas shoppers, they scooped up some of the most famous names in American retailing, from Bloomingdale's to Bonwit Teller. Now several store chains are suddenly up for sale again, creating a sense of turmoil in retailing just as it heads into its busiest season...
...other foreign investors are in trouble largely because they overreached. Burdened with debt, Canadian mogul Robert Campeau was forced last month to relinquish control of his retailing empire and put the 17-store Bloomingdale's chain up for sale. In August Australian raider George Herscu put his U.S. retailing subsidiary into bankruptcy after becoming overwhelmed by its $1.2 billion takeover debt. Herscu may well have to sell Bonwit Teller (stores: 16) and B. Altman (7), which he acquired...