Word: stockings
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Dates: during 1980-1989
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...long-term impact on the economy is difficult to gauge. On Wall Street, the prospect of Gramm-Rudman's passage helped spark a stock-market rally that sent the Dow Jones industrial average surging past the 1500 mark on the hope that lower deficits will bring down interest rates and spur growth. But some leading economists castigated the budget-balancing bill in the most scathing terms imaginable. "It is," said Walter Heller, who served as President John Kennedy's chief economic adviser, "economically capricious, socially unfair, militarily risky, constitutionally questionable, politically irresponsible, procedurally perverse and administratively outlandish...
...that Franklin Roosevelt, then Assistant Secretary of the Navy, encouraged General Electric to help create the Radio Corp. of America to make sure that the U.S. was not left behind in the field of wireless communications. For many years GE owned the majority of RCA's stock, and the two companies worked together on the development of radios. But in 1932 Government trustbusters forced GE to spin off its RCA holdings, and the firms became fierce rivals...
...week, the trend reached another milestone when General Electric bought RCA for more than $6 billion in what is the biggest acquisition ever of a nonoil firm. Just blocks away, W.R. Grace, the chemical producer and retail-store giant, said it would buy back almost $600 million of its stock in a move to fend off a possible takeover. In Houston, Texaco found itself fighting for its life after a judge affirmed that the third-largest U.S. oil producer would have to pay more than $11 billion in damages for derailing a 1984 merger between Pennzoil and Getty...
...most troubling effect of the consolidations has been the creation of a huge and worrisome mountain of debt. In the past two years nearly $200 billion in stock has vanished from corporate treasuries and been replaced with IOUs that must be paid. By the end of the third quarter, American firms had built up $1.4 trillion in debt. In the same period corporate debt has increased more than 10% annually. These big borrowings, moreover, are part of a trend that has seen almost every sector of the U.S. economy become a rapidly growing debtor. From the $200 billion federal budget...
...acquisition binge, however, overjoys Wall Street, where it has helped drive stock prices to record highs. In recent weeks the Dow Jones industrial average has scaled one peak after another. Last week was the busiest in the history of the New York Stock Exchange, as the Dow jumped 58.03 points, to close at 1535.21. "The windfall profits from merger offers have sent a fever through the market," said Byron Wien, a Morgan Stanley analyst. In a recent study, the Goldman Sachs investment banking firm estimated that corporate takeovers have been responsible for nearly three-quarters of all stock gains since...