Word: wealth
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Dates: during 1980-1989
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...road-to-Damascus conversion. He took a leave from the firm of Dillon, Read & Co. to tour his family's ancestral homeland, Germany. Deeply disturbed by what he saw of Adolf Hitler's rule, he returned home -- but not to the world of high finance and private wealth. Instead, he went back to his alma mater, Harvard, to study history, sociology and philosophy: "There were big issues, big questions, big problems in the world. $ I wanted to come to terms with them. I couldn't do that making money...
...borrowed against or sold, the huge appreciation of real estate values in the 1970s tended to lull U.S. homeowners into the belief that they did not need financial savings as well. The roaring bull market of the 1980s has also contributed to that attitude by creating a so-called wealth effect in which stockholders feel rich on paper. The catch is that home values and stock prices can fluctuate, often cruelly, even though their growth seems so dependable during some periods. Says John Godfrey, chief economist for Barnett Banks of Florida: "If the stock-market crash did anything, it showed...
...sayings of Ramtha have brought Knight substantial rewards, including a luxurious mansion complete with spa, swimming pool and Arabian horses. A spokesman deprecates talk of her wealth, however, by noting that she pays a staff of 14 and that the tax collectors are insatiable...
...also a historical and analytical work of impressive breadth and depth. Greider sees the past 100 years of U.S. financial history as a continuous battle between the holders of the wealth, including investors and bankers, and the people who borrow the money, such as farmers, businessmen and consumers. In his analysis, Greider takes a viewpoint that is heretical to Wall Street. Like the prairie Populists of the late 19th century, he argues that moderate inflation is beneficial to the common man. Economic growth is spurred by inflation as long as it does not get out of control. More important...
...with size and wealth have come some other characteristics of the business world: bottom-line thinking, firms that go bust as well as boom and charges of ethical misconduct. "Many lawyers say that law has always been a business," explains Stanford University Law Professor Robert Gordon. "Now it's just acting like one." Some of the changes are of consequence mostly to lawyers, who can no longer count on the clubbiness of the past. But there are wider implications too. Not quite a calling, but more than a business, can a legal profession driven by market forces fulfill its role...