Word: stockings
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Dates: during 1980-1989
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What led to the turmoil? The trouble began in earnest with the Oct. 19 crash on Wall Street, which knocked the wind out of the Mexican stock market. Since Black Monday, the total value of shares on the exchange has plunged by more than 70%, from $38 billion to $11 billion. Says Salvador Kalifa, an economic consultant from the northern city of Monterrey: "Gossip and rumors take precedence over all else. All people want is to get rid of their portfolios." The market collapse made Mexicans nervous about the peso...
Then on Oct. 19 came the worst blow of all. The stock market collapsed, threatening to turn the city's golden economy to dross. Koch's miracle recovery had been built on the financial and business-service industries. Samuel Ehrenhalt, regional commissioner of labor statistics, puts the number of new jobs in the Koch era at 400,000. Openings on Wall Street more than doubled, while New York's traditional manufacturing base was allowed to fade. Now if Wall Street has caught cold, the city may come down with pneumonia. Economist Matthew Drennan of New York University's Graduate School...
...dark days after last month's stock-market crash, there was one glimmer of hope: the calamity would shock Washington out of its derelict disregard of the deficit and force some courageous budget decisions on Congress and the White House. With great fanfare and high expectations, a "domestic summit" was convened. President Reagan agreed to drop his reflexive opposition to any taxes. Congressional leaders made so many declarations about the need for cooperation that they began to sound almost sincere. Partisan quarrels would be set aside. Now was the time for bold action...
Throughout the week, the stock market bobbed skittishly as Wall Street tried to gauge the progress of the budget negotiations. When it looked as if the talks were going to break down on Thursday, the Dow Jones industrial average plummeted nearly 44 points. The following morning, the market opened down an additional 33 points. But after the summiteers agreed on a plan, the Dow closed up 18 points. Said Reagan at the press conference announcing the compromise: "Today we're sending the right message at the right time...
Perhaps. While the market may have been buoyed by the settlement, losers still outnumbered gainers on the New York Stock Exchange last Friday, and the Dow was only 10% above its Oct. 19 abyss. Many Wall Streeters regarded the budget plan as too little too late. "We would have been better off if the talks hadn't even happened," declared John Paulus, a managing director and chief economist at Morgan Stanley. "The difficulty in reaching an agreement shows a lack of determination, a lack of discipline and a lack of leadership in Washington." Steven Einhorn, portfolio strategist at Goldman Sachs...