Word: term
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Dates: during 1980-1989
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...Peru since 1985. Much like his neighbor Mitterrand, Gonzalez has become an apostle of "market socialism," and he is virtually assured of re-election when Spaniards go to the polls later this month. Garcia, by contrast, stuck with policies similar to those Perez had followed in his own first term. Peru now faces economic disaster, and Garcia is almost certain to be defeated next year. After a visit to Lima last year, Perez looked down from his plane at the horrible slums below, shook his head and said, sadly and simply, "This doesn't work...
...said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United. Several banks had apparently balked at the deal, which was to be partly financed through junk bonds. The takeover group said it would submit a revised bid "in the near term," but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge. Said John Downey, a trader at the Chicago Board Options Exchange: "The airline stocks have looked like attractive takeover targets. But with the United deal in trouble...
Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
Although the White House argues that lowering the capital-gains rate would spur economic growth, many economists predict that it would add billions to the deficit over the long term. That was the least of considerations, however, in the White House and Congress. Says Speaker of the House Tom Foley: "I see little or no evidence that the Administration is pursuing serious deficit reduction...
...Amendment, Bush and his advisers organized a media event before the Iwo Jima memorial in Washington so the President could call for a constitutional amendment to ban flag desecration. Congress shied away from an amendment, but last week it passed a simple criminal law that would impose a jail term of up to one year on anyone who burned the flag. The White House indicated that Bush would let the law go on the books without his signature, because he thought it was probably unconstitutional...