Word: investers
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Dates: during 1980-1989
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American steel manufacturers invest less per ton of steel produced than do any of their major foreign competitors. The American Iron and Steel Institute (A.I.S.I.) estimates that if the industry is to preserve its domestic market from further erosion, steelmakers must raise annual capital expenditures from an average $2.9 billion now to $7 billion over the next decade. The industry is hoping for some tax breaks so that it can recover its capital faster than the 15-year depreciation schedule allows. Pushed by inflation, plant and equipment costs almost doubled in the past ten years or so. Thus $100 spent...
Steelmen would also like to use for more productive investment some of the $600 million a year they will have to spend through 1985 to comply with air-and water-quality standards. In just one year, the spending to meet the last 5% to 10% increments in environmental standards is so high that the money could build four energy-saving continuous casters for rolling steel. Says U.S. Steel Vice President Earl Mallick: "If we could invest that money in those facilities, we would have a totally different steel industry...
...true danger of any inflation, especially hyperinflation, is that it will ultimately destroy the sinews of society: when money loses its value, the wise spend and speculate, while only fools save and invest. The public turns cynical about government, and everything, especially work, appears meaningless. Describing the impact of runaway inflation in 1791 during the French Revolution, Chronicler Louis Blanc later wrote: "Commerce was dead; betting took its place." History's great inflations have almost always been followed by a dictator who promised among other things to restore the currency's value. Napoleon, Hitler...
...Harvard coaches dream of the elusive "most qualified person for the position." Some coaches invest their faith in the admissions office, and recruit little; others recruit aggressively. Some sell the University; others, their individual program. But all the coaches feel occasional disappointment at losing topnotch athletes, whether to other schools or to academic shortcomings...
...months in prison. The FBI sought his advice in conducting the Abscam bribery sting that eventually implicated seven Congressmen and Democratic Senator Harrison Williams of New Jersey. While helping the FBI, Meltzer learned that, to lure politicians into the Abscam net, the FBI had set up a phony investment firm called Abdul Enterprises in New York City and invented a fictitious sheik, Kambir Abdul Rahman, who was eager to invest part of his vast fortune...