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The Outlook: A Silver Lining to the Crash?
A version of this article appeared October 26, 1987, on page 1 in the U.S. edition of The Wall Street Journal.
WASHINGTON—It may sound crazy, but within the marble walls of the Federal Reserve Board here there is talk that the stock market's collapse just might, in the end, prove to be good for the economy.
A lot of investors got hurt, of course. And the evaporation of a half trillion dollars in wealth will undoubtedly have its effect on consumer spending. But ironically, the stock-market crash succeeded in bringing about welcome progress on several economic fronts. Particularly, it caused long-term interest rates to drop by more than a full percentage point. If they stay down, that could give an important boost to the economy.
Fed Chairman Alan Greenspan and other members of his board had been complaining for weeks that the bond markets were being spooked by unjustified fears of inflation, pushing long-term interest rates into the double-digits. The bond market's fears forced a reluctant Fed to tighten credit in September, even though central-bank policy makers saw no signs of resurgent inflation. But last Monday's collapse quickly punctured the market's inflationary worries and cleared the way for an easier Fed policy.
The stock market's nose dive, in addition, apparently frightened West German finance officials into easing their tight-money policies and stimulating their economy. That could help boost U.S. exports and cut the trade deficit. Both the administration and the Fed had complained bitterly about recent moves by the Germans to nudge up interest rates. One frustrated Fed official said a few weeks ago that the Germans "must have a screw loose" to follow such policies in the face of high unemployment. But while protests from the Fed and the Treasury Department had little effect, the message from the stock market hit home.
Also, last week's events pushed President Reagan and Congress into serious negotiations about the budget deficit. Fed officials have fretted for years about the economic strains caused by huge budget deficits, to no avail. But the stock market provided a useful club. Chairman Greenspan was in the president's Oval Office on Tuesday and again on Thursday, helping to persuade the president to begin budget talks.
At this point, the White House is only talking about a $23 billion deficit-cutting package. That's no more than the cuts that would happen automatically, under the new Gramm-Rudman budget law. And it's probably not enough to keep the deficit from rising in fiscal 1988 above its $148 billion level for fiscal 1987, which ended Sept. 30. Nevertheless, it's a start, and might lead to further cuts next year.
"It would have been better to get these policy changes without the chaos of a declining market," says Harvard economist Lawrence Summers. "But if the market gets people to do what they should have been doing anyway, it might help." To be sure, the stock crash does raise the risk of recession. The benefits mentioned above will be overwhelmed if consumers and businesses are badly shaken and decide to sharply reduce their spending. An unusually weak Christmas buying season or widespread shelving of business investment plans could easily cause the market's problems to spread throughout the economy. Whether that happens depends far more on psychology than economics.
In any case, some economists argue that a small blow to consumer spending wouldn't be so bad. The stubborn persistence of the U.S. trade deficit in recent months is due in part to the fact that, despite rising exports, Americans have continued to consume huge quantities of imported cars, stereos and videotape players, regardless of price. A little less consumer ebullience -- and a little more savings -- "is not exactly a catastrophe," says Mr. Summers.
The direct effects of the crash on business, likewise, need not be large. Lower stock prices make it harder for companies to raise investment funds in the equity markets. But lower interest rates make investment borrowing less costly.
A big unknown in this economic equation is how badly the confidence of Americans has been shaken by the crash. The stock market has always served as a barometer of our collective mood. If deep pessimism is now setting in, a recession will probably follow. But if the nation concludes that the crash was largely a technical problem, caused by computerized trading schemes, the worst can be avoided. Just how deeply the national psyche has been wounded may not be clear for months. In the meantime, it's worth contemplating the positive. One healthy sign: New York fur salesman Fred Rogal -- a.k.a. Fred the Furrier -- reports that he, at least, had a good week. "Curiously, our business has been strong," he says. "My razor is no longer at my neck."


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lotvic 14 Feb 13
No idea how you managed to get the website, according to 'whois.domaintools.com'
Domain helposg.com Date Registered: 2013-2-11 Date Modified: 2013-2-11 Expiry Date: 2014-2-11
helposg.com is (registered and no website)
This thread is now locked and can not be replied to.
Should I upgrade to Windows 10? 8 reasons why you should upgrade to Windows 10... and 2 why you…
We are being sold the ability to spend money we don't have. And we love it
IKinema aims to banish droopy shoulders and wonky spines in animated CG characters
How to use Apple Music in the UK: Complete guide to Apple Music's features

subset: commoncrawl


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NCG Trillium Offering Sensory-Friendly Movie Showings [PHOTO]
April is Autism Awareness Month, so NCG Cinemas has started offering sensory-friendly showings at their Grand Blanc location.
April is Autism Awareness Month, so NCG Cinemas has started offering sensory-friendly showings at their Grand Blanc location.
Even though it's been Spring according to the calendar for many, many days, is it finally here in Mid-Michigan?
We've all heard children's classics like "If You're Happy And You Know It" and "I Love You, You Love Me" as sung by that giant purple dinosaur. But have you yet had the pleasure of hearing the latest school sing-a-long, "Kitty High Five"?
I hate waking up. I hate mornings. I love this idea!
A mother's apology for her kids' behavior brings the recipient to tears and breaks the internet.
Every parent's worst nightmare? Yes. But it's hard not to giggle a little bit.
Everyone loves a good video of a military member returning home, so here's one that's especially poignant.
Amazing Michigan sights, like Sleeping Bear Dunes, Tahquamenon Falls, Mackinac Island and Ford Field, are now just a click away!
Thank goodness that this story has a happy ending. I can't imagine how many stories like this do not end in such a positive way.
Do your grandparents have dance moves like this?
And this beautiful story is going viral, which makes us smile from one ear to the other. :)
A pastor donated a kidney to a man he just met. During the surgery, doctors found an aneurism that was about to burst. They wouldn't have discovered it had he not volunteered for the kidney transplant.


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VIEWS: 15 PAGES: 1 CATEGORY: Medications & Treatments POSTED ON: 7/14/2012 Public Domain
Chiropractic Care - Some Things You Should Know When it comes to back pain treatment, chiropractic medicine is popularly considered by many people nowadays already. What is this back pain treatment all about? Chiropractic treatment is the process of treating back pain by repairing muscular, skeletal and nervous problems that are usually what causes back pains. This type of back pain treatment procedure is performed by a chiropractor. Chiropractors are doctors or physicians whose expertise focuses on chiropractic care and treating problems that has something to do with the body's nervous, muscular and skeletal structures. Why is chiropractic medicine better than other forms of back pain treatment? It is effective. The process of chiropractic care hits the right target. In other words, chiropractors find out what the root cause of your back pain is and then tries to correct it by focusing on that exact spot. For instance, if back pain has something to do with your spine, they would perform spinal manipulative therapy. It is effective not only in providing relief from back pain, but also in treating the specific cause of back pain. It treats back pain at all causes. This means that no matter what causes your back pain, whether it is caused by stress, injury, whiplash, etc. chiropractic treatment always have the right procedure or therapy aimed for your needs. It is not a drug-dependent treatment. Unlike oral medications like pain killers, etc. this back pain treatment wont fill your body with drugs, so you won't be drug-dependent. This is also why it doesn't have side effects. It is good for everyone. Chiropractic care is aimed for everybody whether you are a kid, you are pregnant, etc. No matter what your condition is, they can always provide the specific chiropractic procedure suited for you. It is unlike oral medications which may not be advisable for you to take if you are pregnant. It is affordable. It may not be as affordable as over the counter medications but since it is covered by most health insurance, you can save a lot of money with this treatment. In fact, the fact alone that it works makes it a very cost-effective method to treat back pain. It is just important to know that not all chiropractors are good. If you want to reap the benefits of chiropractic medicine without complications, always make sure you consult a professional, licensed and reputable chiropractor. http://youtube.com/watch?v=9E2k7Z_ue4U
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"Chiropractic Care - Some Things You Should Know"Please download to view full document


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The Message audio Bible is now available on Bible Gateway! Click to learn more.
20:1 year. Once again the elders gather to seek instruction from the prophet, about a year later than the date last mentioned (8:1; cf. 14:1). The date would be the tenth of Ab (August, 591 b.c.), five years to the day before Jerusalem was put to the torch (Jer. 52:12).


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CANADA – GUYANA OUTREACH MISSION – 2015 Mission
Download Flyer: Canada- Guyana Outreach Mission 2015
On November 6, 2015, members of the CanGO team will again be travelling to Guyana for one week to provide health care to patients in the remote areas of the country. This year the team will be running simultaneous clinics for two days at the Oscar Joseph District Hospital in Charity and at two villages up the Pomeroon River (St. Monica and Karawab).
They will then travel to Bartica and run simultaneous clinics at the Bartica Hospital and outposts up the Mazaruni River. Continue reading


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C Programming In Easy StepsPaperback In Easy Steps
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- Publisher: In Easy Steps Limited
- Format: Paperback | 192 pages
- Dimensions: 184mm x 226mm x 12mm | 440g
- Publication date: 12 June 2012
- Publication City/Country: Southam
- Edition: 4, Revised
- Edition statement: 4th Revised edition
- Illustrations note: Fully illustrated, colour screenshots, images, photographs throughout
- Sales rank: 119,148
Product description
C Programming in easy steps contains separate chapters on the major features of the C language. There are complete example programs that demonstrate each aspect of C together with screenshots that illustrate the output when that program has been executed. The sample code provided all has colored syntax-highlighting for clearer understanding.C Programming in easy steps begins by explaining how to download and install a free C compiler so that you can quickly begin to create your own executable programs by copying the book's examples. You need have no previous knowledge of any programming language so it's ideal for the newcomer to computer programming. Each chapter builds your knowledge of C. By the end of this book you will have gained a sound understanding of the C language and be able to write your own C programs and compile them into executable files that can be run on any compatible computer.C Programming in easy steps has an easy-to-follow style that will appeal to anyone who wants to begin programming in C.
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Mike McGrath gained his extensive knowledge of computer languages while working as a developer contracting to companies around the world. Mike is an established In Easy Steps author with several guides to his credit including: earlier editions of C; C, HTML5, Javascript, Java, Linux, PHP, SQL and Visual Basic Express.


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IMAGE EXPO: New Projects Revealed From Rucka, Simone, Aaron and More
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Former Disney animator Cyril Pedrosa has sold the movie rights to his graphic novel Three Shadows to FilmNation Entertainment, Variety reports. His Disney credits include The Hunchback of Notre Dame and Hercules.
Published in the United States in 2008 by First Second, Three Shadows centers on three shadows that have come for the son of couple Louis and Lise, who flee their home on a journey to the ends of the Earth in order to escape death.
FilmNation's current releases include All Is Lost starring Robert Redford, Nebraska starring Bruce Dern and Saturday Night Live alum Will Forte, and Jonathan Glazer's Under the Skin starring Scarlett Johansson. Other upcoming projects on FilmNation's plate are The Good House with Meryl Streep and Robert DeNiro starring; The Rules of Inheritance starring Jennifer Lawrence and A Tale Dark and Grimm directed by Henry Selick.
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