Word: panic
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Suddenly, I realize that I have lost my companion. I panic. But before my imagination can come up with a grim fantasy--my friend and her sweater both nabbed by the Chinese mob--I spot her talking to a tall, ripped, good-looking guy. She lights a cigarette and gestures for me to take off. I leave alone, cursing the Kong as I walked down Mass. Ave. back home...
...course it couldn't last. In late 1996 the warp-speed growth in many of these nations began to slow--an inevitable turn in the business cycle. But the stutter was enough to panic a few investors, who headed for the exits. That set off a rapid spiral of defaults that became known as the Asian Contagion. Thailand's problems quickly became Indonesia's, then Korea's, in a dangerous daisy chain that is still looping together--witness last month's shuddering devaluation of the Brazilian real...
Rubin has had his star turns as well. In late 1997 he probably single-handedly stopped a panic about Korean debt from avalanching into a U.S. market crash by working the phones, convincing international bankers that they should cut Korea a break. It was not a welcome pitch. "This is a hell of a Christmas present," one banker moaned to Rubin on Christmas Eve. But Rubin's scheme saved the banks billions because if Korea had crashed, the banks could have lost everything. "It was Bob who actually got the banks to see how it worked to their benefit," Greenspan...
Their success has turned them into a kind of free-market Politburo on economic matters. Clinton relies on the men to a level that drives other Cabinet members nuts. One weekend this summer, when both Summers and Rubin were on vacation, Clinton began to panic about Russia's weakness. "Where's Bob?" the President kept asking nervously in a morning meeting. Turning to White House staff members, he told them to pull together a plan. The team spent a weekend crashing a strategy, only to be shut out again when Rubin arrived back in town. An aide to Secretary...
...been inspired by a shipwreck off Bermuda in 1609. The Oxford faction offers tightly argued explanations for the discrepancies, along the lines that the plays are misdated or that the earl had already written the plays (based on alternative sources) and kept them private. According to Dickson, only the panic that Protestant England would revert to Inquisitorial control propelled the earl's heirs, in 1622, to rush a set of plays into print and posterity as the First Folio. That edition, Oxfordians note, was dedicated to two noble kinsmen--one brother married to a daughter of the earl, the other...