Word: tradings
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Dates: during 1980-1989
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What worries many seasoned professionals is a dangerous contradiction: a bullish investment fever at a time when real-life economic problems like the trade deficit are getting worse. Says Investment Banker Felix Rohatyn: "If the reality doesn't get better but the myth becomes more and more insane, then the correction is going to be more and more violent." While no direct tie exists between stock-market crashes and depressions, a shattering of Wall Street's confidence would deliver a sharp psychological blow to the rest of the population. Adds Rohatyn: "People will only wake up when one morning they...
...rampant federal borrowing and consumer buying of imports have contributed to the biggest cliff-hanger of all, the U.S. foreign-trade deficit. That imbalance between exports and imports, which reached a record $170 billion last year, prompts jitters among foreign moneymen, many of whom feel that too much of their trade surpluses are tied up in dollars and U.S. Treasury securities. Says Economist John Kenneth Galbraith: "The danger is that we have accumulated under the Reagan Administration such enormous overseas obligations that these could, if liquidated, create a very, very nasty run on the dollar and also a nasty collapse...
...wounded Korean War vet, he collects $333 a month veteran's compensation, and that, along with $1,200 he and Nora make each year selling their crafts, is enough to buy the various items -- gas, Postum, margarine -- that they can't grow in their garden, hunt, sew, fish for, trade for or find in the Taos County dump...
...process, legislators in effect wrote two lists. One enumerated U.S. policy goals for South Africa, including the freeing of political prisoners, repeal of key laws enforcing racial apartheid, and entering into negotiation with legitimate representatives of the country's black majority. The other spelled out areas of trade and finance that would no longer be permitted until those goals were attained, including new U.S. investments in South Africa and the importation of that country's agricultural products, coal, iron, uranium, textiles and military equipment. The clear intent was to give Pretoria a choice: either make major changes in a repugnant...
...free spirit of his predecessor, Martin Feldstein, who frequently stirred controversy by publicly appearing to differ with the President. But while Feldstein earned praise for his independence, Sprinkel, a former bank economist, had more influence in the Administration. He is credited with reinforcing the President's stand against trade protectionism. Sprinkel plans to go on the lecture circuit after he steps down in November...