Word: effective
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Dates: during 1990-1999
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...bust question for the U.S. economy as Wall Street stumbles through a summer of pratfalls. The great bull market of the 1990s has pumped $9 trillion into investment portfolios and encouraged Americans to spend some of their gains--a trend that has helped sustain prosperity. But the "wealth effect"--the term economists use for the urge to splurge when we feel rich but to pull back when we feel poorer--could pound the economy if we see more days like last Tuesday, when the Dow Jones industrial average dropped 299 points. It was the Dow's third-largest single...
...shares directly or through mutual funds and 401(k) accounts. Forty-three percent of adult Americans hold stocks, the broadest ownership ever. And Chris Varvares, president of the forecasting firm Macroeconomic Advisers, traces more than one-third of the growth of consumer spending last year directly to the wealth effect. Economists calculate that investors tend to spend about 4 [cents] of every dollar they gain in stock-market wealth...
...that was before last week's drop in the stock market, which fostered a sense that slower growth lies ahead. And the wealth effect could greatly worsen matters if stocks really hit the skids. "We've got a market that's doubled in the last three years," says Stephen Roach, chief economist at Morgan Stanley Dean Witter. "If you lose 10% or 20% after doubling, that's not real pain. But if you take this correction into the 25% range, the market could hurt more going down than it helped going up." That's because people often feel worse about...
...growing use of merit scholarships to snag the best students will only intensify the controversy. Since merit-based and need-based aid come out of the same till, there is a larger downside risk that this trend will come at the expense of the poor. So far, the effect is marginal, but, as Tim McDonough of ACE notes, "there's enough movement for people to be concerned about...
...devastating and realistic portrayal of wartime violence in Steven Spielberg's Saving Private Ryan had a profound effect on me [CINEMA, July 27]. With each shot, sound, struggle and death, I felt like jumping up and screaming, "Stop!" And I couldn't leave, because even as a viewer I felt I would let the troops down. I left the theater trembling and in a cold sweat. This movie should be seen only by people who are desensitized to violence and those who don't appreciate what all those who have fought in wars have sacrificed. Spielberg has constructed a compelling...