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Following Black Monday, Greenspan moved quickly to avert further disaster. The day after the market's plunge, the new Fed chairman cut short a speaking trip to Dallas and hurried back to his ornate second-floor office in Washington's Eccles Building. He had already issued a terse announcement that the nation's central bank would "serve as a source of liquidity to support the economic and financial system." That was a signal that banks would have no difficulty obtaining additional credit as needed to provide for the huge losses sustained by shell-shocked brokerages. Greenspan's announcement produced...

Author: /time Magazine | Title: The Crash: Greenspan's Big Test | 11/2/1987 | See Source »

...deaths. County coroner's spokesman Bob Dambacher identified the fatalities as Exposito Lupe, 21, of San Gabriel, who was killed by the collapse of a wall of a parking structure at California State University and Juan Herrera, 32, who died of injuries in a fall from the second-floor window of his apartment in suburban Maywood...

Author: NO WRITER ATTRIBUTED | Title: Earthquake Strikes Los Angeles; Kills 3 | 10/2/1987 | See Source »

...pint-size pilferers somehow managed to hoist the heavy steel trikes out the window before joyriding four blocks to a nearby youth club. A neighbor saw them break into the club and called police, who nabbed the two preschoolers. The savvier ringleader escaped through a second-floor window of the youth club, only to be found later cowering under a bed at the day-care center. The child, whose name was withheld, was charged last week with two counts of second-degree burglary, which police expect to drop. His two accomplices, however, were released to the kind of sentencing only...

Author: /time Magazine | Title: Crime: Pint-Size Heist | 8/17/1987 | See Source »

Manuel Rose, a 68-year-old retiree with an artificial leg, was cheerfully watching a baseball game on television in his second-floor South Boston apartment when a man with a familiar face burst through the door. "What the hell are you doing here?" asked Rose as Ray Flynn, the mayor of Boston, picked him up and hauled him out to the street. What was going on? Hizzoner, it seems, was playing basketball nearby when he spotted flames emerging from Rose's home and rushed to the rescue...

Author: /time Magazine | Title: Boston: Ray to the Rescue, Again | 8/10/1987 | See Source »

...office is ornate and spacious but nothing at all special by Washington standards. Yet the 27-ft. by 16 3/4-ft. second-floor sanctum in the marble- clad Federal Reserve Board building on Constitution Avenue has a unique feature: from behind its cluttered wooden desk, the occupant has a breathtaking view of almost every hazard that currently confronts the U.S. and world economies. In the foreground is the distressingly weak dollar, which threatens to push the inflation rate out of control once again. In the middle distance: sluggish levels of U.S. and world growth that could easily tail off into global...

Author: /time Magazine | Title: Alan Greenspan: The New Mr. Dollar | 6/15/1987 | See Source »

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