Word: unite
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Dates: during 1980-1989
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...problem with Proposition 1-2-3 is that this theory doesn't mesh with reality. Some tenants gain, but only those who can afford to purchase a $100,000 unit. Those who can't will have a harder time finding an apartment, as owners who want to sell their rent-controlled units at a high price will have increased incentives to rent to the rich. The situation would largely revert to the ominous pre-1979 trends...
Proponents of 1-2-3 counter that owners will offer discounts to tenants, who are the only ones able to buy from them. A landlord would sell a $100,000, unit at $75,000, because under rent control it is only worth $30,000, the theory goes...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...
...West: the prospect of the unpredictable Kim Il Sung with an A-bomb. Fears that North Korea might build one have escalated recently since U.S. spy satellites detected construction of what may be a nuclear reprocessing plant in Yongbyon, 56 miles north of the capital, Pyongyang. Such a unit would enable North Korea to produce plutonium, the raw ingredient for nuclear weapons...
...some curious looks, but it's all very friendly," said batallion executive officer Richard G. McGrath, a MIT senior who serves as the unit'ssecond-in-command...