Word: stockings
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Dates: during 1980-1989
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While traders panicked and economists wrung their hands over the stock-market meltdown, the public at large seemed relatively unfazed: 70% of 810 Americans polled for TIME last Thursday by Yankelovich Clancy Shulman* said the market fall had no effect on their family's finances. Behind the general nonchalance, however, the survey found an undercurrent of anxiety: 46% said they were more worried now than before Monday's rout about America's economic future. Among the poll's findings...
Sixty-one percent of the respondents believed the stock-market crash will hurt all Americans, not just the wealthy. Though most people said they will not change their purchasing habits as a result of the stock-market decline, the number who plan to curtail spending could significantly affect the economy...
When asked, "Who or what is most to blame for the fall in the stock market," just 13% named Ronald Reagan, and 8% cited Congress; 36% blamed "basic problems in the American economy," while 28% said the crash is the fault of "Wall Street speculators." When asked about the federal deficit, 33% blamed Reagan, 47% blamed Congress, and 13% blamed both equally...
...limped along with an inner-directed malaise until Jan. 20, 1981, when the U.S. hostages lifted off from Tehran just as Ronald Reagan was taking office. The '80s, as befits their high-flying adrenaline, may have dissipated a few years early, sputtering to an end during the stock market's terrifying final hour of free fall on Monday. Although Wall Street may eventually stabilize, the tenor of the times will never be the same...
...morning after, and the dream of painless prosperity has been punctured. But what a wild binge it was! Speculative fortunes built on junk bonds and stock manipulations helped paper over the cracks in an economy beset by sluggish investment and productivity. Some of the best minds of a generation marched off to make millions as market mavens, embracing the greed- and-glory smugness that suffused both Wall Street and Washington. An economy that was once based on manufacturing might and inventive genius began pursuing wealth through mergers and takeovers and the creation of new "financial instruments." Fortunes were conjured...