Word: placidness
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...important property owners, whose companies dominate the stock market and owe billions to the banks. It raises the fear that, as in Japan, real estate deflation could undermine the whole fragile structure. If that happened, the tremors that shook the world's financial markets last week would seem as placid as a sail on a junk in Hong Kong harbor...
That, in a nutshell, is the new era you have heard so much about, and it's real, at least for now. Such perfect economic conditions have persisted through most of the '90s and led to a uniquely placid period in the market. As a society in love with stocks, we've never quite been here, so no one can be sure what to expect. When pushed, market veterans liken today's fervor to 1929 or 1968, both bull-market peaks. Because of key differences between now and those periods, however, few predict imminent disaster. But it's worth noting...
...things about each of them: that Warren's never gotten over his breakup with Daphne; that Jake's still struggling to say "I love you" to Margaret; and that Leigh hasn't outgrown being the baby of the family, though she's found time for an unaccountable but placid crush on Elliot...
...thing the gurus do know is that the recent market swings, while unnerving, aren't as historic as they first appear. It's just that the past five years have been an unusually placid period, making the recent action striking by contrast. Daily Dow moves of 1% or 2%, such as we've seen lately, had been sparse since 1991. But before that they were routine. The Chicago-based research firm Logical Information Machines calculates that since 1945 the Dow has risen or fallen at least 1% in a day 2,268 times, or an average of 44 times...
This is the way the world ends--not with a bang but a high school diploma. If you went to South Tahoe High School, in South Lake Tahoe, Calif., you grew up in a place so beautiful, placid and secure that you can make the extraordinary statement of Cinnamon Roach, Class of '97: "I've never known conflict." It can't be easy to put a place like that behind you, but something tells you, "Go, girl...