Rogers weve had 29yearolds making 1 million a year, expecting to make 2 million the year after that. Diana ferry but if youve got plastic money, theres Nothing Holding you back. History will prove the bakkers were honest people. Reporter Insider Trading could become wall streets watergate. Pauley what do we call greed the day before an indictment . Im afraid recently, weve called it success. Robinson the u. S. Economy, which used to be the envy of the world, is in the most serious trouble since the Great Depression. Inflation is rising while our standard of living is declining. Thomas there was tremendous inflation and not much growth. The country was not in a Great Depression in 1980, but the United States was in the dumps. Dobyns on wall street, it was cold, gray, wet, and miserable. There was no comfort to be found outside. And for investors, there was not much inside, either. The tickers carried almost nothing but bad news. Mclean wed come off a terrible decade for investing. Peopl
what do we wall greed the day before an indictment? i m afraid recently we ve called it success. the u.s. economy, which used to be the envy of the world, is in the most serious trouble since the great depression. inflation is rising, while the standard of living is declining. there was tremendous inflation, and not much growth. the country was not in a great depression in 1980, but the united states was in the dumps. on wall street, it was cold, gray, wet, and miserable. there was no comfort to be found outside. and for investors, there was not much inside either. the tickers carried almost nothing but bad news. we d come off a terrible decade for investing. people were skeptical of the stock market. it was a very sleepy wall street back then. most economists expect a serious recession, with at least 2 million more americans losing their jobs. i regret to say that we re in the worst economic mess since the great depression. literally from the
the bankers move in. donald s $100 million yacht goes to the boston safe deposit and trust company. his half-interest in the grand hyatt hotel goes to bankers trust. his trump shuttle goes to northwest airlines. the man who was the darling of the 80s is seen as a man in trouble, and he knows it. mcinerney: insofar as we can say that the 80s was a period of hedonism and excess, then the end of the decade was the hangover. it s more like the rich are taking their tumble now. o reilly: leona and harry helmsley, one of the richest couples in the world, were today treated as common criminals, booked in manhattan on 139 counts of fraud, tax evasion, and extortion. the government charges that the helmsleys renovated their $11 million connecticut estate and wrote the cost off as a business expense on their taxes. clayton: a former housekeeper said mrs. helmsley once told her, we don t pay taxes. only little people pay taxes. helmsley was sentenced to four years in prison,
and fueled this takeover phenomena. reich: we romanticize these characters. the fact of the matter is, these are fat cats, first cousins to the financial manipulators, the robber barons of the late 19th century. these guys are out there, they re trying to make a buck by doing nothing. and they re putting people out of work. kent: economists agree that some unemployment, some hardship is unavoidable, in the vitally important process of making the united states lean and mean again what the takeover specialists call corporate restructuring. corporate america needs some kick now and then to become a little bit more efficient, a little bit less entrenched, and that will probably do our economy a lot of good. thursday, goodyear fended off a hostile takeover bid, but victory didn t come cheap. smith: goodyear won by buying back roughly half its stock and taking on a huge debt. plants were closed and workers laid off. the company pays $1 million a day in interest
i guess, uh. making a lot of money. for yourself or for the company? myself and for the firm, yeah. when the economy started to recover and become more vibrant, i think there was a great sense of exhilaration. you know, we survived this miserable period, let s celebrate. let s party. we have money to spend. today, the fad among young people is to have big salaries, fancy clothes, and fast cars, and they are called yuppies. rose: but who are these partiers with portfolios, these yuppies? a yuppie is a person who owns a macintosh, who eats fine quiche, and drinks white wine, and that s me. i m having a great time here. 29-year-olds making $1 million a year, expecting to make a million and a half next year and $2 million the year after that. shriver: for this generation, business is hip. capitalism is no sin. it s in. shriver: is money the number-one goal? yes. all of the fun is waiting for you at the castle trump s castle wallace: in a world where mere millionaires are a