Word: saddamism
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Dates: during 1990-1999
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Like presidential approval ratings, stock prices tend to inflate when the U.S. engages in armed conflict. Look no further than the tireless bull market that we enjoy today. It began in 1991 when the U.S. drove Saddam Hussein and his Iraqi army out of Kuwait. The first allied air raids came on Jan. 17 of that year and sent the Dow Jones industrial average soaring 4.6% in a day. By mid-March the Dow had jumped...
...There's nothing like the smell of smart bombs in the morning--as long as they're ours--to arouse feelings of invincibility. And what better frame of mind for dialing one's broker and cheerfully picking up another 100 shares of Boeing or Lockheed Martin? With Saddam the Sequel possibly only days away, I guess it's no shocker that the market has hit new highs for the first time in six months...
...warned, though, that a Saddam II, if it does happen, would be nothing like the original--at least not in the stock market. When the Gulf War began, the U.S. was in the throes of a banking crisis and slipping into recession. Saddam was bent on hanging on to his oil-rich conquest. Stocks were down, and oil prices had briefly doubled to $40 per bbl. There was a lot to fight for. This time around, stocks are high and oil is low. The economy is on a historic roll. And Saddam isn't strong enough to upset...
Once a U.S.-led attack starts--if the situation should get that far--Wall Street is counting on a swift allied victory that would destroy Saddam's "germ factories" and perhaps even take out the tyrant himself. The generals on Wall Street are so certain of the outcome that in their minds they've already won the war and held the ticker-tape parade. And that's just the point. "There is a lot of room for disappointment," notes Tom McManus, a market strategist in Katonah, N.Y. "People have forgotten how easily things can go wrong." What...
...moon had exploded, the stock market had crashed and Saddam Hussein had assassinated Castro and kidnapped the Pope, nobody would be aware of it. The domination of the news by the Clinton scandal was total. Maybe special prosecutor Kenneth Starr and Lewinsky's pal Linda Tripp will finally satisfy Americans' insatiable thirst for titillation and dirt. The name Tripp will surely live in infamy and replace Brutus as the archetypal betrayer. NORMAN GRONWOLD Norcross, Minn...