Word: mutuals
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Dates: during 1980-1989
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...Congress and the President. The weakening of party allegiance among voters has meant that only three postwar Presidents have enjoyed four years in which their own party has controlled both houses of Congress. When the White House and Capitol Hill thwart each other on Central America or engage in mutual finger pointing on the national debt, the separation of powers that was the chief innovation of the framers can seem a mixed blessing...
Gerald Tsai, 59, is a legendary Wall Street figure who made millions as a mutual-fund manager during the go-go '60s. Now the Shanghai-born whiz is chief executive of Primerica, formerly American Can, once a pillar of Smokestack America and currently a $2.9 billion financial-services conglomerate. Last week Tsai burst back onto Wall Street when Primerica announced that it had agreed to buy Smith Barney, one of the country's best-known brokerage firms, for $750 million...
Before the East Berlin talks even got under way, however, Soviet officials moved to dampen expectations. Troop reductions, said a Soviet spokesman, would have to be on the basis of "mutual agreement." Still, the final communique reflected an awareness of Western concerns by stating that the pact stood prepared to redress the "imbalance that has arisen in certain elements." Mainly, however, the conference served the purposes Gorbachev had intended: to encourage policy discussion, in the spirit of reform, and to exert discipline over the Warsaw Pact, in the spirit of tradition...
Many bond investors have been taking a bath, since the price of fixed- income securities falls when interest rates rise. In April alone, bondholders lost more than $100 billion. The pain was shared by small investors who have poured money into bond mutual funds. At the end of March, those funds had assets of nearly $310 billion, up from $142 billion at the end of 1985. The mortgage market was also hard hit by the rise in interest rates. Says Lyle Gramley, chief economist of the Mortgage Bankers Association: "Some people called it orderly panic in the bond market...
...that you can safely leave for others to perform. On the contrary, it needs the continuing participation of many people exactly like yourselves. We will certainly need able public servants and politicians and diplomats to help guide our relations with other countries and build the trust and mutual respect required to make cooperation possible. But we must have much more than this...