Word: marketization
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Dates: during 1990-1999
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Well, not quite. California wouldn't be California without someone like state senator Tom Hayden, the aging radical, pointing out that Silicon Valley zillionaires make in 15 minutes on the stock market what they pay their housekeepers in a year. The problem with Democrats moving to the center, says Hayden, is that the equity issue is off the radar screen...
...average has fallen 529 points, a drop of nearly 10% since its August peak, punctuating a dismal third quarter. Investors are hoping--praying might be a better word--that Fed Chairman Alan Greenspan will decide against the third interest-rate hike of 1999 when the central bank's Open Market Committee meets this week...
That has the market spooked too. Foreigners have been taking the dollars they get as payment for goods and services and investing them in U.S. stocks and bonds. If the dollar continues to droop, they may be tempted to move their cash to currencies on the upswing, like the euro and, especially, the yen. That would drive the U.S. market lower. The more apocalyptic bears fear something worse. Because foreigners hold almost 40% of U.S. Treasury securities, any pullout would risk a spike in interest rates that would ultimately slaughter the bull market...
...strength amounts to a vote of confidence in the Japanese economy, which, after a decade-long slump, is at last beginning to show signs of life. The renewed activity has sucked in U.S. and other foreign money for 33 of the past 35 weeks, driving up the Nikkei stock market average some 25% so far this year. The problem is that Japanese corporate profits are also heavily dependent on exports, which can rapidly become too expensive for foreign consumers as the yen appreciates. Indeed, big exporters like Mitsubishi and Bridgestone have begun to complain publicly that Japan's currency...
According to Murphy, competition from the on-line market for textbooks has not yet had a major impact on Coop sales...