Word: manhattanization
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Dates: during 1980-1989
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...N.Y.S.E. closes two hours early with a minute change in the Dow (up .33 points, to 1950.76). Pondering the incredible week, Manhattan Investment Banker Felix Rohatyn, a staunch critic of Reagonomics, says he sees a new world in which governments are "held hostage" by the financial markets. He adds, "We really do not know what we've created. It's high tech and it's transnational and more powerful than anything we could ever have imagined...
Donaldson, Lufkin & Jenrette Trader John Sesko goes straight from his company's trading floor to an automated bank machine elsewhere in Manhattan. Sesko punches its buttons, withdraws $100 and puts the money in his pocket. The cash, he says, "gives me a sense of security." Then he climbs onto a commuter train and sleeps all the way home to suburban Connecticut...
...statement, but they have been sounding for years. Innumerable economists, business leaders and politicians from both the Democratic and Republican parties have issued alarms about the growth of America's budget and trade deficits. And yet the problems grew and grew. Now dubbed the twin towers, a reference to Manhattan's World Trade Center and the long shadows it casts across Wall Street, the hulking deficits are threatening to sink the U.S. economy. In just a twinkling, between 1981 and 1986, the U.S. has metamorphosed from the world's largest creditor to the biggest borrower, carrying a net debt...
...Yorker came up with another kind of answer, or perhaps just an epitaph. It was a bedraggled parrot that a policeman found in Manhattan in November of 1929. "More margin!" the bird squawked, in echo of some desperate stockbroker's greedy injunction to the bird's vanished master in that already vanished era. "More margin...
Donald Trump could not resist crowing. The flamboyant Manhattan real estate developer confided to journalists last week that he had foreseen the end of the long bull market in August, when the Dow Jones industrial average neared its peak of 2722. Trump, 41, had accordingly cashed in the bulk of his stock holdings, some $500 million worth of shares in Allegis, Holiday Inns, Bally Recreation and other companies. As Black Monday loomed for less fortunate investors, the tycoon claimed he had made a net profit of some $200 million. Now, Trump declared, he intended to "stay in cash...