Word: unleashing
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What particularly alarms the Wall Streeters is the likelihood that the Fed will unleash the banks even more. Says Edward O'Brien, president of the Securities Industry Association: "It represents piecemeal dismantling of the appropriate separation that exists in the financial-services industry -- a system that has worked exceedingly well for more than 50 years." Within a year, the Fed plans to consider whether to allow banks to venture deeper into Wall Street's business by selling stocks as well as bonds. The securities industry may try to block the Fed in court, although previous challenges have failed...
...proving ground is California, where insurance firms are fighting back. Declaring that Proposition 103 would unleash a "wrecking ball" against them, the insurers rushed into court and obtained an order blocking the measure until the state supreme court can decide whether it is constitutional. At least eight auto insurers have already pulled out of California, even though the state's 13.5 million insured drivers account for more than 14% of all U.S. car-insurance business. State Farm Mutual, California's largest auto underwriter, stopped issuing new policies last week and referred new California customers to a subsidiary that charges...
...make it available to the American people and allow them to draw their own conclusions, based on fact not fallacy." But Tim Penland, a born-again marketing expert once hired by Universal to placate conservative critics and now a critic himself, believes the six-week jump will unleash more Fundamentalist anger. "It's the most serious mistake a studio has made in decades," he says...
...just one of many Senators offering access for money in one of the many variations that hover this side of illegality. But the baldness of the approach and the fact that he had no real re-election challenge that required raising the money caused the Eggs McBentsen affair to unleash a storm of criticism. Bentsen quickly disbanded the club, called the mistake a "doozy," and returned the money. The episode did not cramp his fund-raising ability: he has raised over $5 million for his 1988 Senate campaign. It did, however, give Bentsen a bit more caution, which...
...illegal drugs pour across America's borders, frustrated lawmakers ask an understandable question: Why not unleash the world's mightiest military machine to tackle the task of protecting the nation from this invasion? Thus the House earlier this month passed a wondrously simple antidrug amendment that directs the President and Secretary of Defense to "substantially halt" drug smuggling by air and sea within 45 days. The Air Force and Navy would "locate, pursue and seize" all vessels carrying drugs and "arrest their crews." The military would also provide blanket radar coverage of the entire southern border to detect nighttime flights...