Word: moneyed
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Dates: during 1980-1989
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...ignores inflation. If a stock has doubled during a time when the general price level has also doubled, the real profit is zero, but you'll pay a capital- gains tax anyway when you sell. Of course, the same is true of interest -- an 8% return on a money-market fund at a time of 5% inflation is really only 3% -- but no one is proposing to do anything about that. Furthermore, no one is proposing to limit the deduction for interest paid. In a world with no taxes, it would not make sense to borrow...
...rapidly into hardship. This year Mexico's annual inflation rate is running at 17% (down from 52% last year), Argentina's, 3,500% (up from 388%) and Brazil's, 1,600% (up from 934%). Perversely, the rich have helped perpetuate the economic malaise by such tactics as sending their money to safe havens abroad and dodging taxes that could help ease domestic deficits...
...young white male driving a 1989 Thunderbird slowly circles one of the worst blocks in the city. He nods toward a group of blacks hanging out at a corner. As his smartly dressed date whirs up her electric window, a clamoring pack of drug dealers surrounds the car. Money is hastily exchanged for a tiny cellophane bag of off-white crystals. The car peels away, fleeing the inner city, headed toward suburban safety. But the driver of the Thunderbird, his supply exhausted, will be back in only three hours, slowly circling the block...
...poor have a built-in defense against runaway crack abuse: they run out of money. The rich have the same limit; it just takes longer to get there. Stories abound of well-heeled users smoking their way through trust funds, savings accounts and charge-card credit lines. Some take out second mortgages and go on to sell jewelry and household items like TVs, VCRs and answering machines...
...earlier this year by Calvin Whitesell Sr., an attorney for the city during the Freedom Rides of 1961. "George Wallace once said to me," Whitesell recalls, "that the thing that always kept the South down was that the minute the South recovered from the Civil War, they started sending money to the North for bronze statues. We've got a bunch of them here, and I think you'll find that most people don't give a damn about memorials." He sees the real reason for the memorial this way: "A wonderful fund raiser for Morris. He came to Montgomery...