Word: short-term
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Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
...White House might empower one body -- most logically the President's Council on Environmental Quality -- to coordinate environmental policy and to apply tough standards throughout the Government. Partly because it has no such mechanism, the Bush Administration's record has often seemed to reflect the short-term interests of the business community rather than presidential promises to provide international leadership. For example, some African | nations were outraged last spring when the U.S. seemed to be dragging its feet on a convention limiting the dumping of toxic wastes on the shores of developing countries...
...dozen years has the annual budget deficit been less than 10% of GDP. By contrast, the worst U.S. ratio was 3.8% in 1983; last year it was only 1.8%. Moreover, most of Italy's debt is short to medium term, subject to volatile interest rates. A 1% rise in short-term rates costs the government 7 trillion lire ($5.1 billion) annually in extra interest...
...patients. Bellevue Hospital Center, which has one of the biggest emergency rooms in New York City, is overwhelmed to the point that care for other patients is threatened. Says Bellevue's Dr. Lewis Goldfrank: "There is going to be hospital gridlock by 1990, because there's not enough long-term, short-term or emergency-care space for AIDS patients. I think they're eventually going to fill every hospital bed in the big cities...
...even when adoptive parents come forward, the foster-care and adoptive system can keep the children tantalizingly out of reach. Designed to be a short-term arrangement ending in either adoption or the child's return to a competent parent, foster care has become a kind of indeterminate sentence. Only about half of all foster children return home; many of the rest are suspended in a legal limbo by parents who make little effort to regain their children but refuse to relinquish them fully. Although federal law mandates that a child whose mother shows no inclination to plan...