Word: indexes
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Dates: during 1980-1989
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...with the most laudable of intentions. They were then expanded by successive Administrations and Congresses to reward many more people far more generously than their founders ever dreamed. The most spectacular growth took place in the 1970s, when many of the entitlement programs were keyed to the consumer price index; benefits increased along with inflation...
...most fateful expansion occurred in 1972, when Congress raised retirement benefits 20% and decreed that beginning in 1975 benefits should be automatic and linked to increases in the Consumer Price Index. The C.P.I, proceeded to soar far higher than anyone expected. Furthermore, it badly overstates the living costs of the elderly; it is heavily influenced by housing prices, though few retired people buy houses. The maximum Social Security tax has risen from 1% of the first $3,000 of earnings, or $30, in 1935 to 6.65% of the first $29,700, or $1,975 currently. Even that increase has been...
Panic began rippling through world money. In Hong Kong, the widely watched Hang Seng index plunged a staggering 7.8%. By the time brokers arrived for work in London, they were facing mountains of sell orders. No sooner did trading begin at 9:30 a.m. than the exchange's ticker, traditionally a paradigm of understatement, burst forth with news of "widespread and indiscriminate price-slashing." Said a broker as the sell orders piled up and the share prices plunged: "It's like a free fall without a parachute." By the end of the morning, the Financial Times...
...York, the biggest stock exchange of them all, was the last to open. As soon as the 10 a.m. trading bell rang on the floor of the New York Stock Exchange, the selling pandemonium continued. The Dow Jones industrial index slumped 14 points in the first 30 minutes, and the morning edition of the New York Post proclaimed, WORLD STOCK MARKET PANIC. Said Gary Ross, research director for the Wood Gundy brokerage firm: "Our retail customers were phoning in panic-stricken...
...year and early next year. Joseph Granville, the widely followed stock market guru, predicted that the Dow Jones industrial average would drop another 200 points to 650 or 550 during the next twelve months. Stocks then plunged anew. At the end of the week, the Dow Jones index stood at 824, a decline of 200 since its high this year of 1024 on April 27. Granville did equal damage while visiting Britain. His prediction of a London stock exchange slump sent the market into a 20.5-point free fall...