Word: stockely
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...STOCK-MARKET CRASH In the months after Black Monday, gold reaches its highest price in five years...
...days. Federal Reserve Chairman Ben Bernanke, desperate to avoid a sudden collapse that might cause a full-fledged market panic, invoked a little-known 1930s legal provision to engineer a Sunday fire sale of Bear Stearns to banking giant JPMorgan Chase for a mere $2 a share. (Bear's stock price was $57 a week before, $171.51 in early...
...bank run, more or less. And the scary thing was that there is no entirely satisfactory explanation for why it hit Bear. One may emerge as JPMorgan Chase's bean counters dig through the books, and some have fingered rumor-mongering short sellers who stood to gain as the stock dropped, but for now it mainly looks like just a sudden crisis of confidence. Which could conceivably happen to anybody. "It's a good old-time panic," says Scott MacDonald, co-author of Separating Fools from Their Money: A History of American Financial Scandals and director of research at Aladdin...
...rest of us, though, bad times are still just headlines. Most economists now think we're in a recession, but so far, it's a mild one, with unemployment at 4.8% and nonfinancial corporations still reporting strong profits. Stock prices are down, but not nearly as much...
Worldwide credit crunch? Faltering stock markets? Oil at $110 a barrel? Mere trivialities for the $25 billion yacht industry. Annual sales over the past five years have grown 10% to 15% and show no signs of tanking, thanks to increasing numbers of wealthy buyers from developing countries. In the fiscal year ending September 2007, Sunseeker's sales jumped 18.5%, to $473 million. And other yachtmakers are enjoying similar returns. Italy's Ferretti, for example, saw its production value jump 21% last year, to $1.37 billion...