Word: walling
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Dates: during 1980-1989
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Like the incoming Bush Cabinet, the new White House press corps has many familiar faces. Lesley Stahl, who covered Reagan's first term for CBS News, is returning. So are veteran Reagan watchers for ABC, NBC, CNN, the New York Times, Wall Street Journal, Los Angeles Times and Boston Globe. Yet White House reporters old and new take up their posts at a time when the beat, though still one of journalism's most prestigious, has lost some of its luster after eight years of obsessive news management by the Reagan Administration. "Like the peso, it's been devalued," admits...
...Wall Street some traders noted with satisfaction that the rival Chicago markets, which many New York investors blamed for aggravating the stock-market crash of '87, were getting a dose of the scrutiny that the stock markets have long endured. Said the president of a Big Board firm: "There is some quiet delight that the Chicago boys are finally getting their comeuppance...
...Wall Street one new breed of economists looks at the same unexpected events and comes up with a rosier outlook on how the world works. In this view, the U.S. has entered an era of prosperity called the New Wave. "We are in one of the most revolutionary periods in our history," says Sam Nakagama, chairman of Nakagama & Wallace, an economic consulting firm in Manhattan. Nakagama and other New Wave advocates say the record expansion owes its strength and resilience to the openness of the U.S. economy during the past decade. With the global village linked by high-speed computers...
...barb: a Fed ruling last week that will permit five leading bank holding companies -- Bankers Trust New York, Chase Manhattan, Citicorp, J.P. Morgan and Security Pacific -- to buy and sell corporate bonds. The decision will enable the financial institutions to move, within strict limits, onto the turf of Wall Street firms, which have been encroaching on the banking business. Said Richard Huber, an executive vice president at Chase Manhattan: "We're very pleased. We applaud...
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...