Word: 80s
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Harkin's powerful message--that the Republican leadership of the '80s has indulged the rich while wrecking the lives of common Americans--will appeal to labor groups and minorities, groups who have long suffered at the hands of the GOP. But his real target is middle-class America. If Harkin can continue to dazzle crowds with his fiery irreverence and populism, his explosive rhetoric ("The issue is not jobs. Hell, the slaves had jobs.") should hit home with a lot of Americans who have endured a decade of Reaganomics...
After the '80s, investment bankers rebuild on firmer ground...
...casino in Atlantic City. And Donaldson, Lufkin & Jenrette received $2.5 million last month for co-managing a $200 million junk-bond issue for Dr Pepper. Little by little, deal by deal, Wall Street's investment bankers are rebuilding a business that all but collapsed with the waning of the '80s. A recent surge of deals ranging from bank megamergers to huge new stock and bond issues is putting some chastened wheeler-dealers back on their feet. But without the limitless pots of cash that the now shrunken junk-bond market once provided, the investment bankers can no longer arrange...
Unlike the overleveraged '80s buyouts, the sobersided new deals are largely free of debt. That is particularly true of mergers in the beleaguered banking industry, where companies are combining to eliminate overlapping branches and services and thereby cut costs. San Francisco's BankAmerica is using a stock swap to acquire Los Angeles rival Security Pacific in a deal that will create the second largest U.S. banking company after Manhattan's Citicorp. In a similar transaction, Chemical Banking is exchanging $2.3 billion of its shares for the stock of New York City neighbor Manufacturers Hanover. "Debt has become a bad four...
...companies. "We're the cleanup crew who are picking up the pieces left over from the decade-long party of debt," says Wilbur Ross, a senior managing director at Wall Street's Rothschild Inc. "What you're seeing now is a mirror image of the 1980s." Memories of the '80s have left some skeptics doubting whether once high-flying dealmakers really have reformed. "Just when we thought it was safe, they're back again," says Perrin Long, director of research at First of Michigan Corp. "We have to be on guard against the excesses of the 1980s, because...