Word: stockings
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Dates: during 1980-1989
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...October 19, the stock market dropped more than 500 points, the largest one-day drop in Wall Street's history. The chief actors in that demise were small computers, automatically selling and buying, buying and selling, huge blocks of shares. Without any human making any particular decision, machines followed a logic of their...
Democracy ceases to matter when world events cease to matter, and that's the danger in the year that passed. Does something called the stock market matter to the economy when it can swing wildly with hardly any effect in the end? Does something called politics matter, if people can be elected for surviving rather than inspiring...
...fact is that the crash of the stock market did not change people's desire to be rich or their belief that money brings happiness. What the expanded indulgence in luxury goods indicates is that the financial shock only reduced confidence in the paper money of Wall Street and increased society's faith in tangible items, especially as an indication of social status. The value of a Rolls Royce doesn't fluctuate when stock values flash on a computer screen--and you can always drive...
Many stockholders lost a great deal of money in October's financial disaster, but not everyone went bankrupt and few intend to advertise their losses by changing their lifestyles. They learned that there are better ways to protect earnings than a stock portfolio--precious metals don't disintegrate or disappear like paper profits. Real estate from Manhattan to Malibu will become the most popular goods on the market...
Wolfe speaks to a graduating class whose career choices have been chastened by the stock market crash. But if the plummeting paper value of American industry has stripped off the veneer of vanity from the real world, the issues that motivate Wolfe's characters are still the same...