Word: wachtel
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Dates: during 1980-1989
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...Stones' current hiatus--and Richards has said in recent interviews that it is only a hiatus, not a permanent dissolution--gave Richards that opportunity. He assembled a crack band of studio musicians and impressive guests, including veteran studio guitarist Waddy Wachtel, star New Orleans pianist Ivan Neville, funkster bassist Bootsy Collins, Talking Heads keyboard sideman Bernie Worrell and E Street Band vocalist Patti Scialfa. Dubbed the X-Pensive Winos (Richards' comment on their salaries and drinking habits), these players have allowed the star to do things...
...foreign exchange markets, buying up the U.S. currency. But the strategy only slowed the greenback's retreat, and if the trade picture keeps deteriorating, central bankers will find it increasingly difficult to prop up the dollar. Investor pressure to drive the currency down could prove overwhelming. Says Howard Wachtel, professor of economics at American University: "If the dollar really falls outside the band agreed to by the G-7 and direct intervention cannot restore it, then we risk a free fall of the dollar...
...Howard Wachtel, professor of economics at American University, is worried that if the trade deficit does not show some signs of improvement soon, the dollar might tumble further. That could force the Federal Reserve to raise interest rates to stabilize the U.S. currency, whatever the toll on economic growth. Admits a top Administration official: "There has never been a trade deficit of this magnitude that has not been corrected by a recession...
Many small investors have been buying the so-called go-go issues in hightechnology industries. Busy trading in such shares has helped push some stock indexes to new peaks. "If you just followed the Dow," says Prudential- Bache's Wachtel, "you would have missed the parade." Last week both the Standard & Poor's index of 500 stocks and the New York Stock Exchange composite of 1,200 issues reached record highs...
...lead some market watchers to dispute the value of the Dow index altogether. The widely watched indicator consists of stocks of 30 major companies, including IBM, Eastman- Kodak and Minnesota Mining & Manufacturing. "You can no longer tell what 35,000 stocks will do by watching just 30 stocks," says Wachtel. Philip Fernandez, an institutional analyst at Bateman Eichler, Hill Richards, agrees: "The Dow is too exclusive and too narrow...