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Article: Wall Street doesn't lead the masses to easy street; Boom?: A closer look shows that the New Economy failed to prevent the poverty effect
- Article from:
- Telegraph - Herald (Dubuque)
- Article date:
- August 5, 2002
- Author:
CopyrightCopyright 2002 Telegraph - Herald (Dubuque). Provided by ProQuest LLC. (Hide copyright information)
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In 1990, at the beginning of the longest economic expansion, about
25 percent of all Americans owned shares in the stock market. By the
end of the 10-year boom, about 55 percent did so.
Communism disappeared, and a massive reallocation of resources
from the military to other sectors helped fuel the high-tech
information revolution which, in turn, boosted productivity
tremendously. The Gross Domestic Product was booming.
Consequently, it seemed to make sense to invest in energy
companies like Enron and Halliburton or in WorldCom and Global
Crossing, giants of the Internet and telecommunication revolution
that was spinning itself around the globe. Initial Public Offerings
proliferated and ...