Word: stockings
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Dates: during 1980-1989
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...later magazine pieces about Southern stock-car racing, California auto customizers, Manhattan's Pop art world, funky fashions and the navel engagements of the self-awareness movement confirmed Wolfe's originality. Unlike the reigning intellectuals of the day, he took American mass culture at face value, though not with a straight face. His New Journalism combined the skills and stamina of an ace reporter with the techniques of fiction, and it reached its peak in The Right Stuff, the 1979 recounting of the lives and times of the Mercury astronauts...
...event has ever dramatized the interdependence of world financial markets quite like the October crash. Last week stock exchanges around the globe continued alternately to plummet and jump upward in violent imitation of the spasms on the New York Big Board. In some cases, the volatility was much worse. In Tokyo, for example, the Nikkei share index dived 4% on Monday, but in a week of wild slides and surges finally closed with a gain of .1%. In London the Financial Times index tumbled 6% on the opening day of trading but struggled back and ended the week with...
None of the misfortunes, however, touched off a political crisis like that in Washington. For one thing, government leaders quickly pointed to the U.S. stock crash as the main cause of their own market woes. For another, the foreign debacles had nowhere near the potential of Wall Street to cause a major impact on local economies. With the monumental exception of Tokyo, now the world's largest stock market (with a value of almost $2.5 trillion, vs. the New York Stock Exchange's $2 trillion), most foreign markets are small * compared with those in the U.S. Before the October slump...
...political effects of the foreign roller coasters were also limited, in part by the relatively small number of shareholders involved in most countries. In the U.S. some 29 million households, or 1 in 4 adults, own stock. In Britain some 9 million adults, or 1 in 5, own shares, but that is still a relatively new phenomenon. In wealthy West Germany, by contrast, only 1 in 20 citizens is a private stockholder, while in Mexico the total number of shareholders is only...
Tokyo traders called it the week of haran, or turbulence. On Monday the value of the 225-stock Nikkei share index exchange fell 1,096 points, the third biggest loss ever. But after the slide, the Nikkei climbed by 731.15 points on Friday, its third biggest rise ever, and an additional 563.87 points on Saturday. Controlling the effects of the second-week crash posed a substantial challenge for the lame-duck government of Prime Minister Yasuhiro Nakasone, who hands over power on Nov. 6 to his successor, Noboru Takeshita. Following Monday's precipitous slump, the Japanese Finance Ministry quietly pressured...