Word: stockings
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Dates: during 1980-1989
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Does Reagan now understand the necessity? Just before Black Monday, Treasury Secretary Baker in a TV interview restated the President's opposition to any sort of tax boost. But he and other insiders were already monitoring the stock market apprehensively. The previous Friday, White House Chief of Staff Howard Baker had pulled together an informal group consisting of himself, the Treasury Secretary, Council of Economic Advisers Chairman Beryl Sprinkel, Federal Reserve Chairman Greenspan and White House Aide Kenneth Duberstein. They met with the President after the market had closed with a then record loss of 108.36 points (shortly...
...Monday, Howard Baker was on the telephone almost all day long, keeping in touch with old colleagues on Capitol Hill, where he had once been Republican Senate leader, and phoning people on Wall Street, including New York Stock Exchange Chairman John Phelan, to get market reports. At 3:40 p.m., 20 minutes before the close of trading, the chief of staff and Duberstein called at the Oval Office to give Reagan a market status report. But prices were tumbling too rapidly for anyone to keep track of them. Reagan, as his later statements indicated, simply did not know what...
...could not resist crowing. The flamboyant Manhattan real estate developer confided to journalists last week that he had foreseen the end of the long bull market in August, when the Dow Jones industrial average neared its peak of 2722. Trump, 41, had accordingly cashed in the bulk of his stock holdings, some $500 million worth of shares in Allegis, Holiday Inns, Bally Recreation and other companies. As Black Monday loomed for less fortunate investors, the tycoon claimed he had made a net profit of some $200 million. Now, Trump declared, he intended to "stay in cash for a while...
Tony Cafazza, 46, owner of a St. Louis company that sells and services cash registers, rang up profits even as the crash began. Cafazza had sold his stock holdings during the previous three months, for a profit of $100,000. Then, in September, he bought so-called puts on General Motors -- options to sell the company's stock at a fixed price in the future. On the Friday before Black Monday, as GM stock nose-dived 4 7/8 points to close at 66, Cafazza cashed in his options, which soared in value because their set purchase price was higher than...
Trump and Cafazza were among the thousands of U.S. investors, big and small, who beat the odds and emerged as winners in the midst of the stock market's bloodletting. Some of those players, like Trump, had sensed the big drop coming and took their profits before that climactic moment. Others, like Cafazza, in effect bet on the market plunge by making investments that rise in value when stock prices crumble -- either through options trading or a practice known as short selling. Yet another group of investors swooped aggressively into bargain-basement stock buying on Tuesday, after the Dow took...