Word: go-go
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...makes it sound like a painless, orderly affair. But last week's bloodbath on Wall Street was more aptly dubbed an "October massacre." Turmoil and outright fear shook the financial markets as stampeding hordes of investors got caught up in a mood that had been almost absent during the go-go 1980s: bearishness. Over the course of less than two months, in the worst setback since the bull market began five years ago, the value of U.S. stocks has plunged by nearly half a trillion dollars...
Will those sad scenes of 1929, the stuff of flickering newsreels, replay themselves in 1989? Could it possibly happen again in this day and age? Almost no one seemed to think so only a few years ago, when the initial comparisons between the go-go decades of the 1920s and 1980s tended to downplay the possibility that the "Roaring Eighties" might lead to disaster. But now the confidence is not quite so strong. Some economists see a frightening number of current parallels with the 1920s. Moreover, those similarities are compounded by unprecedented new debt burdens and serious questions...
...captain of a Navy salvage vessel in the Pacific is overheard offering to "sell" women crew members to Koreans.At the huge U.S. naval base at Subic Bay in the Philippines, local go-go girls strip in the sailors' clubs while prostitutes circulate among the tables, much to the dismay of U.S. servicewomen seeking relaxed meals outside the mess halls. In the adjacent bar-studded town of Olongapo, women on liberty from the Navy and Marines are "grabbed on the streets by the military men, treating them as though they were free game...
Gerald Tsai, 59, is a legendary Wall Street figure who made millions as a mutual-fund manager during the go-go '60s. Now the Shanghai-born whiz is chief executive of Primerica, formerly American Can, once a pillar of Smokestack America and currently a $2.9 billion financial-services conglomerate. Last week Tsai burst back onto Wall Street when Primerica announced that it had agreed to buy Smith Barney, one of the country's best-known brokerage firms, for $750 million...
...most influential banker (see box). By making such a turnabout on the loans, Reed is moving out of the shadow of his predecessor and mentor, Walter Wriston, who was largely responsible for Citicorp's eightfold expansion between 1967 and his retirement. Wriston was also the premier spokesmen for the go-go lending policies of U.S. banks in the 1970s. Even though to some extent Reed's current action repudiates his former boss's strategy, most bankers think Wriston would have done the same thing. So does Wriston. Said the retired chairman in Manhattan last week: "The world...