Word: tradings
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Dates: during 1980-1989
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...warnings did not match the violence and volume of last week's stock- market statement, but they have been sounding for years. Innumerable economists, business leaders and politicians from both the Democratic and Republican parties have issued alarms about the growth of America's budget and trade deficits. And yet the problems grew and grew. Now dubbed the twin towers, a reference to Manhattan's World Trade Center and the long shadows it casts across Wall Street, the hulking deficits are threatening to sink the U.S. economy. In just a twinkling, between 1981 and 1986, the U.S. has metamorphosed from...
...fought bitterly against tax increases and cuts in the defense budget when both seemed called for. The Democrats, for their part, were slow to compromise on social spending and, like the Republicans, cherished their pork-barrel projects. Corporate America, which had grown content with its domestic marketplace, aggravated the trade deficit by its lack of motivation to sell products abroad. Consumers added to the trouble by developing a ravenous taste for imported goods and credit-card spending. All told, the roaring '80s have been a time of refusal to confront limitations. Declares Investment Banker Felix Rohatyn...
...flabbiness of corporate America has been another major contributor to the trade deficit. Domestic manufacturers were ill-equipped to deal with the onslaught of eager foreign competitors. But now many U.S. companies have boosted their competitiveness by slimming down their costs and speeding up their reaction times. Among Detroit automakers, for instance, the "arrogance is diminishing. There is a sense of vulnerability," observes Maryann Keller, an auto-industry analyst...
...American companies cannot hope to conquer the trade deficit as long as its twin, the budget deficit, remains so huge. The stimulus of Washington's deficit spending, especially on a steadily expanding economy, makes the U.S. far too hungry for imported merchandise. This connection between the twin deficits has been almost universally recognized for years, and yet the Administration and Congress are still spending well beyond the country's means. That is the perilous formula that came to grief last week...
What if the negotiations break down and the market gets the opposite signal: that the U.S. is unable or unwilling even to start working out some long-range solution to its gargantuan budget and trade deficits? As last week's wild price whipsawing demonstrated, no one can predict stock prices and volume for even a few hours. But if the U.S. continues to float on a sea of red ink and foreign debt -- well then, many financial experts suggest, sooner or later the markets can expect the real crash. How it could be much worse than Black Monday...