Word: walling
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Dates: during 1980-1989
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...corner of Sixth and Bluxome streets, however, the fourth-floor brick wall of a building erected a few years after the 1906 quake tore loose. "Bricks were falling, and dust was everywhere," said Charles Pinkstaff, who ran out of a nearby structure that also rumbled. "Then everything was quiet, except for water dripping somewhere. I saw a car smashed so flat I couldn't tell if anyone had been in it." When he got closer, he saw that the driver had been decapitated. The falling wall had smashed seven cars, killing at least five people. "I've seen people...
During the unrestful weekend after the stock market plunged 190.5 points on Friday the 13th, top U.S. financial officials knew it was up to them to help avert a panic the following Monday. At a pivotal two-hour meeting, Treasury Secretary Nicholas Brady, a former Wall Streeter, huddled with Alan Greenspan, chairman of the Federal Reserve Board, and Richard Breeden, head of the Securities and Exchange Commission. Sifting through the latest market data, the trio concluded that the Dow Jones industrial average would fall more than 50 points when the New York Stock Exchange opened Monday, but then would probably...
...markets around the world. Speaking to bankers last Monday, Greenspan declared that Federal Reserve officials "have kept in productive contact with our counterparts abroad" and that "coordination exists at a detailed level" between the Fed, the Treasury, the SEC and the Commodity Futures Trading Commission, which regulates futures markets. Wall Streeters immediately dubbed the cooperating agencies the "Group of Four...
Greenspan provided far more than just verbal encouragement. To ensure that Wall Street had sufficient cash to buy stocks after the Friday the 13th sell- off, the Fed pumped $2 billion into the banking system Monday. Earlier, E. Gerald Corrigan, president of the New York Federal Reserve Bank, urged officials in Japan and West Germany to support the U.S. dollar to help restore confidence in American markets. "The U.S. had excellent crisis management this time," said Heiko Thieme, the Manhattan-based chief strategist for West Germany's Deutsche Bank...
Such coordination is sorely needed because Wall Street has become an ever more volatile place. Deregulation and the growth of computerized trading have left the stock market vulnerable to violent swings. "People have to get used to the idea that at certain points 5% to 10% declines are possible in today's highly automated markets," says John Phelan, chairman of the New York Stock Exchange. Yet even some Wall Street insiders have had misgivings. Warns Edward Yardeni, chief economist for Prudential-Bache Securities: "A 7% drop in the Dow Jones index is destabilizing to individual investors, and we need them...