American - Author | January 6, 1973 -
An attack on the scale of Sept. 11 would rock the markets and the economy.
Alex Berenson
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Stocks in the United States plunged in 2002 amid fears of war and terrorism, a weak economy, rising oil prices and dozens of corporate scandals. It was the third consecutive annual decline, the first time that has happened in 60 years.
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At the end of 2000, most investors were optimistic that a return to quick gains could not be far off.
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Enron had already collapsed and filed for bankruptcy protection by the beginning of 2002. But despite complaints from short sellers that corporations had used accounting gimmickry to inflate their profits, many investors thought the crisis at Enron was an isolated case.
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At first glance, Martha Stewart, queen of artfully distressed home furnishings, might not seem to have much in common with Michael R. Milken, one-time king of junk bonds.
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Many legal experts note that prosecutors regularly seek indictments of people or companies for destroying evidence or impeding investigations, even if they cannot prove other charges.
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Insider trading is hard to prove. To be convicted, a person must have bought or sold a stock based on material information that is both unknown to the general public and likely to have had an important effect on a company's stock price.
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Corporate executives often buy or sell shares in their companies, and stocks rarely rise or fall significantly when those transactions are reported.
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Although not well known outside Wall Street, Freddie Mac and its corporate cousin, Fannie Mae, are two of the world's largest financial institutions and play a crucial role in the housing market.
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Iraq is short on capital, short on electricity, and short on management expertise, but it does not lack economic enthusiasm.
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After a generation of misrule under Mr. Hussein, who built a huge military infrastructure while neglecting civilian investment, and a dozen years of United Nations sanctions, Iraq's unemployment rate tops 50 percent.
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For a developing country, average long-run growth of 5 percent a year per capita is excellent, and 7 percent is stellar.
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