Word: stockings
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Dates: during 1980-1989
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...signal that banks would have no difficulty obtaining additional credit as needed to provide for the huge losses sustained by shell-shocked brokerages. Greenspan's announcement produced an immediate decline in interest rates, as the banking system moved in effect to replace some of the $500 billion in stock values that vanished on Black Monday...
...warnings did not match the violence and volume of last week's stock- market statement, but they have been sounding for years. Innumerable economists, business leaders and politicians from both the Democratic and Republican parties have issued alarms about the growth of America's budget and trade deficits. And yet the problems grew and grew. Now dubbed the twin towers, a reference to Manhattan's World Trade Center and the long shadows it casts across Wall Street, the hulking deficits are threatening to sink the U.S. economy. In just a twinkling, between 1981 and 1986, the U.S. has metamorphosed from...
...usual, there were dark portents. On Sept. 5, 1929, just two days after the New York stock market reached its highest level in history, an eccentric statistician named Roger Babson warned the National Business Conference that "sooner or later a crash is coming, and it may be terrific." The market responded nervously, with the New York Times's 25 leading industrial stocks taking a 10-point dip, then recovering. The Times fretted about the "idea of an utterly disastrous and paralyzing crash...
...they noticed, they didn't believe. Though stocks zigzagged but generally declined through September, Banker Mitchell announced on Oct. 15 that the "markets generally are now in a healthy condition." Irving Fisher, a Yale professor of political economy, declared that stock prices had reached "what looks like a permanently high plateau...
...speculators, Wall Street manipulators, gold merchants and a carnival of other scapegoats. Those experts who contend that the crash did bring on the Depression blame the Federal Reserve for reacting to the collapse by allowing the money supply to diminish, thereby stifling consumption and investment. Others argue that the stock tumble was essentially a market correction and simply signaled the start of a recession...