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Article: View From New York: Wall Street haunted by fear of creeping crash
- Article from:
- The Independent (London, England)
- Article date:
- March 5, 1994
- Author:
CopyrightCopyright 1994 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Amonth after the Federal Reserve reversed the trend in US
interest rates, is the resulting "correction" coming to an end? Or,
as many here seem to fear, is Wall Street simply in the early
stages of a "creeping crash" that will leave the Dow Jones average
at 2000 by the end of next year?
Worries about inflation, trade war, new taxes and financial
speculation all seem to have coalesced in the past week, giving
rise to predictions not of a 1987-style crash, but of a gradual
sell-off that might last two years - "the financial version of
Chinese water torture", as the New York Times put it this week.
If anything, economists say, a long, grinding bar market - like
the one that halved the value of ...