Word: marketization
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Dates: during 1990-1999
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...Numbers" item [NOTEBOOK, Jan. 11] had incorrect figures for Wal-Mart's current market capitalization. It is $178 billion, not $15.4 billion...
...Clinton plan would consecrate most of the budget surplus over the next 15 years to Social Security, delaying its collapse from 2032 to 2055. For the first time the plan would also allow 15% of the fund to be invested in the stock market, so that some of our Social Security dollars could earn as much as those in our mutual funds. (Now invested in Treasury bonds, the money earns from 4% to 5% a year--only a bit better than shoving it under a mattress...
...most battered part of the plan was the stock-market idea. Corporations hated it. Members of Congress in both parties hated it. And, most important, Federal Reserve Chairman Alan Greenspan--the patron saint of our prosperity--hated it. "I do not believe that it is politically feasible to insulate such huge funds from government direction," he said. That's Greenspanese for a simple concern: by investing some $700 billion in Social Security funds, the government-cum-shareholder would inject politics into the free market and unduly influence corporate decision-making. Would the government, for example, bring an antitrust or discrimination...
...little precious for Republicans to cite these worries, since the notion of investing Social Security funds in the market has been kicked around the G.O.P. for years. And Treasury Secretary Robert Rubin had a nice retort to Greenspan: an independent body would oversee the investments, he said, so "there will be no--zero!--government involvement...I might add that the Federal Reserve Board itself is a very good example...
...wholesale prices, featuring a Compaq Presario with a 333-MHz Cyrix chip, for example, for just $560 (monitor sold separately). Earlier this month, Packard Bell NEC unveiled a $500 machine powered by a 300-MHz chip. Once a novelty used by upstart vendors trying to get the edge on market leaders, inexpensive PCs are becoming the norm, with average retail prices hovering around...