Word: impactful
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Dates: during 1980-1989
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...long-term impact on the economy is difficult to gauge. On Wall Street, the prospect of Gramm-Rudman's passage helped spark a stock-market rally that sent the Dow Jones industrial average surging past the 1500 mark on the hope that lower deficits will bring down interest rates and spur growth. But some leading economists castigated the budget-balancing bill in the most scathing terms imaginable. "It is," said Walter Heller, who served as President John Kennedy's chief economic adviser, "economically capricious, socially unfair, militarily risky, constitutionally questionable, politically irresponsible, procedurally perverse and administratively outlandish...
...political impact could be profound. To the Democrats who controlled Congress for a half-century, GrammRudman marks the end of an era, assuming its provisions are actually followed. No longer will legislators be able to view their primary role as dispensers of Government largesse. From now on, the overriding business of Congress becomes the politically unrewarding task of slashing, and in some cases abolishing, the legislative handiwork of the past three decades...
...When the dollar value of those deals is finally totted up, it is certain to surpass the record $125 billion reached in 1984. Says Democratic Representative Timothy Wirth, who chairs a House subcommittee that has been studying acquisitions: "These mergers and takeovers are having as profound an impact on the American economy as the advent of the great railroads, the airplane and the telephone...
Nonetheless, some officials are taking measures to slow down or control the corporate wheeling and dealing. The Federal Reserve Board has been concerned about the financial impact of consolidations and is seeking to make it tougher to float junk bonds. Under a ruling likely to take effect in January, the Fed would limit the size of many junk-bond issues to 50% of the amount offered for a company. The move could cause a slowdown in takeovers and buyouts, at least until ingenious Wall Street moneymen devise new methods of raising funds...
...strange mixture of participants underscored the unusual cross-cultural impact of Maimonides, who is also known as Rabbi Moses ben Maimon, "the Rambam" (an acronym) and the "second Moses." Religious sage, philosopher, community leader and physician, the Rambam was also culturally complex--a Jew steeped in ancient Greek philosophy who spent his life among Muslims and influenced Christian Europe. As Soviet Scholar Vitali Naumkin told the Paris meeting, "Maimonides is perhaps the only philosopher in the Middle Ages, perhaps even now, who symbolizes a confluence of four cultures: Greco-Roman, Arab, Jewish and Western...