Word: mutually
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Dates: during 1990-1999
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...course things are much different. The economy is on a firmer footing. And since that horrendous crash, much has been done to forestall a repeat debacle. For example, brokerage firms and mutual-fund companies have invested billions of dollars in technology so that they can answer all the calls and execute all the trades on the busiest days. The New York Stock Exchange, which has never traded even 1 billion shares in a day, currently has the capacity to trade 3 billion shares. On the computerized Nasdaq stock market, capacity was a mere 250 million shares...
...worth noting that even with all the adjustments since the '87 crash, another meltdown is quite possible. And that hasn't been lost on a number of institutions quietly preparing for the worst. Some of the nation's largest mutual-fund companies, like Vanguard and Fidelity, have detailed battle plans should the market fall apart. Brokerage firms seem less frenetic but no less prepared, as is the government. Maybe these parties aren't as sanguine about the markets as they would have us believe...
What is known, though, is that the group is especially concerned about the potential for outflows from mutual funds, which have become swollen with individual's deposits this decade. One of the group's first courses of action during a crash would be to call fund companies to monitor activity. Another virtual given is that the Fed would cut interest rates, as it did in 1987, putting enough money into the economy to ease bottlenecks. That single act--cutting rates--is widely viewed as having greatly limited the carnage...
...that everyone will enjoy peace and prosperity. On Wall Street the bottom falls out. The Pentium chip might as well be a buggy whip; Windows 98 a manual typewriter. As sky-high tech stocks become worthless, everything follows, and from the elite on Wall Street to the masses in mutual funds, they begin to think maybe, just maybe, they ought not take the deal...
...true Mormon difference, however, lies in what the LDS church does with that money. Most denominations spend on staff, charity and the building and maintenance of churches; leaders will invest a certain amount--in the case of the Evangelical Lutherans, $152 million--as a pension fund, usually through mutual funds or a conservative stock portfolio. The philosophy is minimalist, as Lutheran pastor Mark Moller-Gunderson explains: "Our stewardship is not such that we grow the church through business ventures...