Word: stockely
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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...
...thought modern Britain showed the best of itself in the week after Diana died: a feeling and a compassion and an openness to emotional expression that it had for too long kept bottled up. But perhaps--as stock markets stumble and wars drag on--these are sterner times than the mid-1990s, ones when the virtues of reason, reserve and order become apparent. You can't fuel a society on flowers alone...
...played by junk bonds. They represent easy money--too easy, in retrospect. Borrowed money, if it gets out of hand, puts economic history on speed: everything rises faster, then collapses harder. Foolish lenders become the enablers of foolish borrowers. In the 1990s, people came to believe that stock prices would rise forever. They learned differently. And now we are learning differently about real estate as well. Whenever the price people will pay today depends on the belief that other people will pay even more tomorrow, you've got a bubble. It takes only a slight letdown in those expectations...
...possible Bhutto-Musharraf union, support for Bhutto and her party has dropped, while Sharif's has risen. "Benazir was leading the polls until she met Musharraf," says Ahsan Iqbal, Secretary of Information for Sharif's Pakistan Muslim League?Nawaz party. "We have been beneficiaries of the situation; PML-N stock has been bullish...