Word: stock-market
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USAGE Though it is dismissed by both the economic and the fashion worlds, the hemline theory has proved correct at times. Hemlines were short in the Roaring Twenties but fell before the 1929 stock-market crash. In the '60s miniskirts were en vogue, and stocks rose. In the summer of 2006, designers showed short hems for spring, and in May the Standard & Poor's 500 index hit a seven-year high...
THAT A REAL ESTATE BUST MIGHT LAND US IN a recession is in a way fitting because it was a real estate boom that kept the last recession, in 2001, so brief and shallow. Trying to stave off deflation in the wake of the stock-market crash, Alan Greenspan's Federal Reserve cut the short-term interest rates that determine what homeowners pay on adjustable-rate mortgages. Meanwhile, investors desperate for someplace other than the stock market to put their money piled into mortgage securities, driving down the cost of fixed-rate loans. Housing markets, already doing well amid...
Bruner has been thinking about this a lot lately because he has co-written, with his Darden colleague Sean D. Carr, a fortuitously timed new book titled The Panic of 1907: Lessons Learned from the Market's Perfect Storm. That year saw a string of bank failures and a stock-market collapse that was halted only when J.P. Morgan browbeat his fellow moguls into ponying up cash to stop the panic. The 1907 crisis in turn led to the creation of the Federal Reserve, which was supposed to do what Morgan did, only more reliably...
...first big global liquidity crisis came a few years later, on the morning after the 1987 stock-market crash. Fearful banks stopped lending until new Fed Chairman Alan Greenspan restored confidence with reassuring words and piles of cash. Greenspan did the same when credit markets froze after the Russian government defaulted on its debts in 1998. But he was criticized afterward for being perhaps too generous and reassuring and for launching an era of overly easy money...
...property ownership. Pushed through despite objections from old-line conservatives, the law for the first time gave equal weight to both state- and private-ownership rights. But a look at the fine print shows that the law only protects things dear to the rising middle class: real estate, cars, stock-market assets. Farmers, on the other hand, will still be unable to purchase their land and instead will be forced to lease plots from the government...