Word: stockings
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...first started to crank up in 1982, when oil prices began to fall. Cheaper energy helped pop the inflation bubble, which in turn enabled Federal Reserve Chairman Paul Volcker and his counterparts in other countries to let interest rates decline. That development sparked a long-running bull market on stock exchanges from Wall Street to Tokyo. And when oil prices went into a steep decline over the past three months, the boom machine shifted into high gear. Says James Sweeney, director of the Center for Economic Policy Research at Stanford University: "We see a significant number of happy events...
Taken together, the positive forces have created what Economist Dimitri Balatsos of the Kidder Peabody investment firm has called a "virtuous cycle." This cycle is a mirror image of the vicious spiral of the 1970s, when soaring oil prices and roaring inflation created rising unemployment, slumping stock prices and economic stagnation. Now things are going the other way. Exults Barton Biggs, chief portfolio strategist for the Morgan Stanley investment firm: "It's like watching the movie of the 1970s run backwards...
...based toys. They hope to merge Wozniak's current venture, CL9, which makes remote-control devices for home electronics, with Bushnell's Axlon, the manufacturer of talking bears and other high-tech pets. The deal, which they are still negotiating, could involve a cashless swap of each other's stock...
...commission led by Moshe Bejski, a Justice of Israel's Supreme Court, last week censured 16 people who were top banking and government finance officials at the time of the country's infamous 1983 bank-stock crash. Most of them had left their jobs after the debacle. Now the Bejski panel has recommended that six senior banking officials be fired if they refuse to resign. The six are the heads of five major private banks and Moshe Mandelbaum, governor of the government-run Bank of Israel, which is the country's counterpart to the U.S. Federal Reserve. The commission urged...
Bejski's 560-page report called for sweeping reforms in the Israeli banking system. The commission suggested that banks be prohibited from managing mutual-stock funds and acting as investment advisers and brokers. In addition, said the report, the Bank of Israel should tighten its regulation of private banks by appointing some of their directors as well as their auditors...