Word: stockings
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...question is whether something could happen in 2007 to drain away this liquidity. For most investors and policymakers, the nightmare scenario remains that of the post-1929 Depression, when a stock-market crash was followed by a spectacular wave of bank failures and a massive monetary meltdown. However, by blaming the Hungry Thirties on blunders by the Federal Reserve, we reassure ourselves that history couldn't repeat itself. Today's central bankers are smarter. But history provides an example of another liquidity crisis that went far beyond what central banks could cope with. Until the last week of July...
...worse the crisis became. Securities that had been the collateral for immense pyramids of debt were suddenly unsellable. The central banks had to admit they lacked the means to stem the outflow. The only way to avoid a complete financial implosion was literally to close the world's stock exchanges. London's exchange remained shut down until January...
...explosions-so far no one has claimed responsibility-capped off a remarkably turbulent year for Thailand. In September, its democratically elected Prime Minister Thaksin Shinawatra was ousted by a military junta. Then, on Dec. 19, Thailand's stock exchange suffered its worst-ever one-day drop after the nation's monetary czars instituted ill-considered capital controls to ward off currency speculators. Meanwhile, an insurgent movement in the largely Muslim south has ratcheted up its violent campaign, with near daily attacks in Thailand's three southernmost provinces. "[2006] was the year of the greatest social and political divisions...
...meddling in the drafting of Thailand's new constitution. And even though the junta put technocrats in charge of the country's economy, the financial team slipped badly when it miscalculated how significantly the prospect of capital controls would rattle foreign investors. Nor has the aftermath of the stock market's plunge on Dec. 19 been fully digested-especially now that eight blasts have been thrown into the volatile mix. "The true effects of the crash were minimized by the holidays, which dried up [trading] volume," says Andrew Stotz, head of Thailand research at Citicorp Securities Thailand. "Now the question...
RESIGNED. Bob Nardelli, 58, as chairman and CEO of Home Depot, the world's largest home-improvement chain; in the wake of investor anger over his $200 million--plus pay package during the past six years while Home Depot's stock price sank; in Atlanta. Nardelli had refused to discuss his salary, even at the company's contentious annual meeting last year, at which he was the only board member in attendance. Although Home Depot's market capitalization fell $5.6 billion in 2006, Nardelli received a $210 million severance deal...