Word: stocke
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Dates: during 1990-1999
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More stunning was the amount of public outrage that followed: there was none. The notion of giving individuals the power to invest at least part of their payroll taxes--in stocks, bonds or another savings plan they might choose--raised hardly a complaint in a week when the Dow closed above 9000 for the first time. The stock-market boom has, it seems, turned Americans into a nation of risk takers. In a TIME/CNN poll last week, 60% of those surveyed said they would like to play the market with some of their Social Security taxes; and if they could...
...conservative think tanks. Critics have warned that investors expecting big returns may be sobered by enormous administrative costs and turnover fees. And, of course, there is the question of risk: What happens if the market goes into the tank? "For the public to put retirement funds into the stock market is like taking a trip to Las Vegas," warns the Brookings Institution's Henry Aaron...
Even Americans woozy from the stock market's climb will not be deaf to these arguments. They still cling to their traditional concept of Social Security as a safety net, not an alternative to Merrill Lynch. More than two-thirds of those surveyed in the TIME/CNN poll said they regard Social Security primarily as a benefit program designed to assure the elderly a minimum income during retirement. And that does not take into account that a third of Social Security beneficiaries are not retirees but widows and widowers, children who have lost a parent, and the disabled...
...before we hang all the dealmakers, consider the flip side. Last week financial-services giants Travelers Group and Citicorp agreed to the largest merger in history, a stock swap worth some $76 billion. It's a titanic marriage that will dwarf everything else in banking, brokerages, insurance, ATMs, cold calls, lollipops, hamburgers and chutzpah. It makes the size of the next biggest merger, the pending $42 billion deal between MCI and WorldCom announced last October, look cheesy...
...couldn't move fast enough-there were simply too many parties! Last weekend, new venues like 2 seven 7, Moomba, Lot 61 , Bondst, Veruka and Odeca Li's tried to make a name for themselves by hosting the fashionistas. But while Dr. K enjoyed checking out the virile new stock, the old stand-by's couldn't be ignored. Weary from her shopping trip to Europe, Dr. K could hardly rest her Manolo Blahnik sling-back clad feet. After all, Indochine, 147, The Four Seasons, Life and the Soho Grand were calling. Oy stress! While Dr. K certainly made...