Word: mania
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Greenspan has a theory about what holds them together: "In analytical people self-esteem relies on the analysis and not on the conclusions." That must be it. The three men have a mania for analysis that has bred a rigorous, unique intellectual honesty. In the Reagan Administration economic policymaking was guided not by analysis but by conclusions--specifically a belief in so-called supply-side economics. No matter what the data showed, the results among Reagan-era economists like Arthur Laffer were always the same: tax cuts and less regulation were the solution. Rubin, Greenspan and Summers have outgrown ideology...
...signal? That's what happened to E*Trade customers for three days last week when a software glitch prevented the site from executing trades for an hour or two. The incident, which came only a week after SEC chairman Arthur Levitt warned traders about the dangers of Net stock mania, spurred New York State's attorney general to launch an investigation into the booming industry. Some online brokers, hit with a flood of service complaints, are trying to temper customer enthusiasm: Waterhouse Securities prohibits Web trading of certain volatile Net stocks, and Schwab and Discover have made it harder...
...that your potential losses are unlimited. There is no telling how high a stock will go. If you had sold short 100 shares of eBay just a month ago, you would have a paper loss today of $12,000. Professionals have lost hundreds of millions betting against Net mania. Compounding the problem, Net stocks have relatively few shares in circulation, and that makes them difficult to borrow and sell. The ones you would want to short--those without earnings or a compelling business plan--are precisely the ones whose shares are hardest to borrow. You can easily short...
...prominent radio actor during the late '40s and early '50s whose career collapses when his estranged wife writes a book titled, quite accurately, I Married a Communist. Philip Roth filters the story of Rinn's downfall through the memories of two men who loved and admired him. The mania of the Red-baiting days is recorded with perfect pitch. Roth's look at the past is harrowing and mesmerizing...
Consider the first toy mania, the one surrounding teddy bears early this century. Their ascendance stemmed partly from adult interest, says Gary Cross, a historian and author of Kids' Stuff: Toys and the Changing World of American Childhood. Yes, the bears were cuddly, but parents liked the story that inspired them: Theodore Roosevelt's saving a baby bear on a 1902 hunting trip. Nevertheless, it was kids who ultimately made teddy bears more than a fad. It took at least four years for teddy bears to sell well, only after kids across the country started seeing them...