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...decision was made. "The foundations of religious broadcasting are being tested," declared the evangelist. "Our greatest need is moral integrity!" But the broadcasters required little prodding. "All of them recognize they cannot permit another bombshell to explode at their feet," observed Jeffrey Hadden, a University of Virginia sociologist. One index of public discontent: a poll by the Williamsburg Charter Foundation last week showed that 40% of Americans think it should be illegal for preachers to raise money...
These increases have stunned benefits managers, who believed health costs were finally starting to moderate. After all, medical care inflation, which was running at double-digit levels in the early 1980s, was just 5.8% last year. That was not much more than the 4.4% rise in the Consumer Price Index...
...billed as the high-tech investment strategy of the decade. Using computerized trading in esoteric investment vehicles like stock-index futures, the technique promised managers of pension funds or any other kind of investment pool the Wall Street equivalent of the Holy Grail: "insurance" for their portfolios against future downturns in the stock market. As the Dow Jones industrial average kept climbing to new highs through much of 1987, the value of the funds covered by so-called portfolio insurance swelled to an estimated $80 billion...
Enter stock-index futures. These are speculative instruments, traded mostly in the pits of the Chicago commodity exchanges, that allow investors to bet on the direction the stock market is headed without having to buy the stocks themselves. Cheaper and easier to trade than traditional securities, stock- index futures seemed to the budding portfolio insurers like a hedge made in heaven. Rather than sell stocks when prices start to fall, clients could hold the stocks and sell stock-index futures instead. If the market kept falling, income from the sale of the futures would offset much of the losses...
...York Stock Exchange announced an experimental ban on certain computer trades when the Dow rises or falls 75 points or more in a single day. Moreover, both the Chicago Board of Trade and the Chicago Mercantile Exchange have imposed daily limits on how much the prices of stock-index futures can fluctuate. But even the Brady task force says it would prefer to let the marketplace make its own decision about portfolio insurance, rather than try to ban it outright. As Robert Gordon, president of Twenty-First Securities, puts it, "You can't outlaw a strategy...