Word: revolt
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Dates: during 1980-1989
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...stock market gyrated in recent weeks, the swings have been fueled by the widespread use of program trading. In this computerized practice, speculators trade stocks and stock-index futures simultaneously to profit from minute differences in prices. But program trading incited a Wall Street revolt last week as the Dow Jones industrial average plunged 92.42 points to 2596.72. Faced with pressure from investors, the firms Bear, Stearns and Morgan Stanley said they will halt the use of index arbitrage, the most popular form of the | strategy. A third firm, PaineWebber, scrapped all forms of program trading...
...California, where America's tax revolt began in 1978 with Proposition 13 rolling back property levies, will have to consider a tax boost. The state has begun payments out of a $1 billion emergency fund, but Governor George Deukmejian does not intend to drain that fund, and even if he did, more would be required. The Governor is expected to call the state legislature into special session in another week or so to decide how much more relief is needed and how to pay for it. It is hard to see how any significant amount could be made available without...
...consequences of such government paralysis are most apparent in California, where the 1978 Proposition 13 ballot initiative sparked the antitax revolt that swept the country. Now, with the state government hobbled by tax restrictions and unable to respond to public pressure, citizen initiatives have mushroomed. California had 29 propositions on its ballot last year on matters ranging from limits on auto insurance to new tobacco taxes. William Zimmerman, who helps organize such voter initiatives, admits that they are not the best way to handle complex issues. But, he says, "if the alternative is no action, I'll take the flawed...
...first intimations of a plot came on Sunday, when Major Moises Giroldi Vera, leader of the failed attempt, told U.S. officials in Panama that an uprising was imminent. The news was surprising, since Giroldi was a Noriega loyalist who played a key role in quelling the previous military revolt in March 1988. "Giroldi's a bastard, a sort of mini-Noriega," says a Pentagon official. "Warning signs went up. We feared a Noriega trap." Fueling that suspicion was the fact that two principal U.S. players -- General Colin Powell, Chairman of the Joint Chiefs of Staff, and General Maxwell Thurman, chief...
Over the years, California has given the rest of the country everything from health food to a taxpayers' revolt. Now it has bequeathed another far-reaching legacy to its sister states: a clampdown on auto-emission standards that could help transform the American car and the fuel that makes it run. To the discomfort of U.S. automakers, a House Energy and Commerce subcommittee voted unanimously last week to adopt California's strict limits for the 1990s as the law of the land. The measure, which seemed certain to win House approval, would cut existing levels of tail-pipe pollutants...