Word: slide
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These are very good points, and the babble inside the Beltway delivers no answers. Instead, there is much loose talk about America-as-new-Rome. But Rome never held hearings on the Punic Wars, nor did it slide in and out of indecisive contests. Beholden to 535 Secretaries of State, as Henry Kissinger liked to mock the Congress, the U.S., the oldest democracy in the world, has neither an imperial class nor an imperial ethos. It is Gulliver without the patience to rule...
Stung by a jobless recovery on the heels of the first recession in a decade and by a 2 1/2-year slide in stock prices that on Friday left the market at a five-year low, Americans are more worried about their financial future than at any other time since the turbulent '70s. They flocked to stocks in the roaring 1990s, only to see $7.7 trillion of paper wealth incinerated. If the scandal and collapse at Enron had been isolated, the nation's deflated sense of opportunity might have been repaired by now. Instead, the lid has been lifted on bogus...
...President George W. Bush was telling reporters, there is absolutely no doubt that Vice President Dick Cheney will beat the allegation that Halliburton Corp. cooked the books while he was CEO. And as for that slide in the stock market, chalk it up to a "hangover" from the Roaring Nineties (when Someone Else was in charge). According to a Bush adviser, the President is focused on the big picture and is "relatively uninterested in the daily economic ups and downs." Would that include the 390-point implosion in the Dow last Friday, which sent stocks hurtling through post...
...bottom, sellers kept digging deeper last week, driving the S&P 500 to a level last seen in May 1997. A lot of folks long ago lost the casino's money; whatever they still have in stocks is money they earned on the job. Should you ride out the slide? Or bail...
...hardly new. Indeed, part of the shock flows from investors' knowledge that though the company has been in decline for several years, it still managed to paper over its books. When the Internet bubble burst early in 2000, it took down many of WorldCom's biggest customers. The slide accelerated after regulators blocked the firm's $129 billion acquisition of Sprint in July 2000. In March the SEC launched a probe into how and why WorldCom had loaned Ebbers $366 million, most of which he ostensibly used to purchase WorldCom shares. The SEC also looked at the company's books...