Word: riche
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Dates: during 1980-1989
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...children. In addition, many households have borrowed against their stock holdings. The more important effect probably is psychological: people who see the value of their investments rise feel richer and freer to spend. Though the stock market is often thought of as a kind of casino for the rich, an estimated 50 million Americans, or more than a fifth of the entire population, participate in the market either through direct ownership of shares or through interests in mutual funds, pension funds and the like. Many investors who were not especially wealthy in 1982 have now joined the ranks...
...compared with as little as 21% in 1949. Because the lower and middle classes now have a smaller proportion of the assets, they rely heavily on borrowing and thus become overextended. That puts at heavy risk the banks and other institutions that have loaned them money. Meanwhile, as the rich grow richer, Batra says, they become enamored of speculative investments. As a result, goes Batra's theory, the financial house of cards will topple. The stock market will crash, the banking system will collapse, and the American economy will be forced to its knees...
...towns, ranches and mines. Indeed, merchants from Ely (pop. 7,000) convinced Nevada's congressional delegation last summer that the park was desperately needed. For decades, Kennecott Copper Corp., which provided thousands of jobs at an open-pit mine near Ruth, had argued that the mountains might be mineral rich. By 1980 the mine was closed, undercut by cheap foreign copper. Unemployment skyrocketed. The new park, they hoped, would bring paying guests for hotels, restaurants and other services. Conservation suddenly began to look like good business...
...every level -- upon the conditions that breed despair and violence," proclaimed President Lyndon Johnson. No one seriously thought the inner city could be transformed overnight. But few were cynical enough to envision what actually happened: an entire generation would pass as life in the black ghettos of a rich nation went from bad to almost unimaginably worse...
...still bankrolling Iraq, they openly supported Kuwait's assistance to Baghdad. Many observers expect Iran to avenge the Mecca deaths by launching terrorist acts on Saudi Arabian soil or by fomenting trouble among the country's 350,000 or so Shi'ites, most of whom live in the oil-rich eastern provinces...