`` Secretary of the Treasury Brady and Chairman Greenspan and the chairman of the SEC and others have been in close contact .

`` Secretary of the <org>Treasury</org> <person>Brady</person> and Chairman <person>Greenspan</person> and the chairman of the <org>SEC</org> and others have been in close contact .


I 'm sure they 'll do what 's right , what 's prudent , what 's sensible , '' he said .


When it was suggested his comment was a `` non-answer , '' Mr. Darman replied : `` It is a non-answer .

When it was suggested his comment was a `` non-answer , '' Mr. <person>Darman</person> replied : `` It is a non-answer .


But , in this context , that 's the smart thing to do . ''


At the Treasury , Secretary Brady issued a statement minimizing the stock market 's drop .

At the <org>Treasury</org> , Secretary <person>Brady</person> issued a statement minimizing the stock market 's drop .


`` Today 's stock market decline does n't signal any fundamental change in the condition of the economy , '' he said .

`` <date>Today</date> 's stock market decline does n't signal any fundamental change in the condition of the economy , '' he said .


`` The economy remains well - balanced , and the outlook is for continued moderate growth . ''


But administration officials conceded that Friday 's drop carried the chance of further declines this week .

But administration officials conceded that <date>Friday</date> 's drop carried the chance of further declines <date>this week</date> .


`` One possibility is that this is a surgical setback , reasonably limited in its breadth , and not a major problem , '' said one senior administration official , who also asked that he not be named .

`` <cardinal>One</cardinal> possibility is that this is a surgical setback , reasonably limited in its breadth , and not a major problem , '' said <cardinal>one</cardinal> senior administration official , who also asked that he not be named .


`` The other is that we see another major disaster , like two years ago .

`` The other is that we see another major disaster , like <date>two years ago</date> .


I think that 's less likely . ''


Nevertheless , Fed Chairman Greenspan and Vice Chairman Manuel Johnson were in their offices Sunday evening , monitoring events as they unfolded in markets around the world .

Nevertheless , <org>Fed</org> Chairman <person>Greenspan</person> and Vice Chairman <person>Manuel Johnson</person> were in their offices <date>Sunday</date> <time>evening</time> , monitoring events as they unfolded in markets around the world .


The action was expected to begin with the opening of the New Zealand foreign exchange markets at 5 p.m. EST -- when stocks there plunged -- and to continue as the trading day began later in the evening in Tokyo and through early this morning in Europe .

The action was expected to begin with the opening of the <gpe>New Zealand</gpe> foreign exchange markets at <time>5 p.m. EST</time> -- when stocks there plunged -- and to continue as <date>the trading day</date> began later in <time>the evening</time> in <gpe>Tokyo</gpe> and through early this <time>morning</time> in <loc>Europe</loc> .


Both the Treasury and the Fed planned to keep market rooms operating throughout the night to monitor the developments .

Both the <org>Treasury</org> and the <org>Fed</org> planned to keep market rooms operating throughout <time>the night</time> to monitor the developments .


In Tokyo , share prices dropped sharply by 1.7 % in early Monday morning trading .

In <gpe>Tokyo</gpe> , share prices dropped sharply by <percent>1.7 %</percent> in <date>early Monday</date> <time>morning</time> trading .


After the initial slide , the market appeared to be turning around but by early afternoon was headed lower .

After the initial slide , the market appeared to be turning around but by <time>early afternoon</time> was headed lower .


In the Bush administration , the lead is being taken by Treasury Secretary Brady , Undersecretary Robert Glauber and Assistant Secretary Mullins .

In the <person>Bush</person> administration , the lead is being taken by <org>Treasury</org> Secretary <person>Brady</person> , Undersecretary <person>Robert Glauber</person> and Assistant Secretary <person>Mullins</person> .


The three men worked together on the so - called Brady Commission , headed by Mr. Brady , which was established after the 1987 crash to examine the market 's collapse .

The <cardinal>three</cardinal> men worked together on the so - called <org>Brady Commission</org> , headed by Mr. <person>Brady</person> , which was established after the <date>1987</date> crash to examine the market 's collapse .


As a result they have extensive knowledge in financial markets , and financial market crises .


Mr. Brady was at the White House Friday afternoon when the stock market 's decline began .

Mr. <person>Brady</person> was at <org>the White House</org> <date>Friday</date> <time>afternoon</time> when the stock market 's decline began .


He was quickly on the phone with Mr. Mullins , who in turn was talking with the chairmen of the New York and Chicago exchanges .

He was quickly on the phone with Mr. <person>Mullins</person> , who in turn was talking with the chairmen of the <gpe>New York</gpe> and <gpe>Chicago</gpe> exchanges .


Later , Mr. Brady phoned Mr. Greenspan , SEC Chairman Richard Breeden and numerous contacts in New York and overseas .

Later , Mr. <person>Brady</person> phoned Mr. <person>Greenspan</person> , <org>SEC</org> Chairman <person>Richard Breeden</person> and numerous contacts in <gpe>New York</gpe> and overseas .


Aides say he continued to work the phones through the weekend .

Aides say he continued to work the phones through <date>the weekend</date> .


Administration officials say President Bush was briefed throughout Friday afternoon and evening , even after leaving for Camp David .

Administration officials say President <person>Bush</person> was briefed throughout <date>Friday</date> <time>afternoon</time> and <time>evening</time> , even after leaving for <fac>Camp David</fac> .


He had frequent telephone consultations with Mr. Brady and Michael Boskin , chairman of the counsel of economic advisers .

He had frequent telephone consultations with Mr. <person>Brady</person> and <person>Michael Boskin</person> , chairman of the counsel of economic advisers .


Government officials tried throughout the weekend to render a business - as - usual appearance in order to avoid any sense of panic .

Government officials tried throughout <date>the weekend</date> to render a business - as - usual appearance in order to avoid any sense of panic .


Treasury Undersecretary David Mulford , for instance , was at a meeting of the Business Council in Hot Springs , Va. , when the stock market fell , and remained there through the following day .

<org>Treasury</org> Undersecretary <person>David Mulford</person> , for instance , was at a meeting of <org>the Business Council</org> in <gpe>Hot Springs</gpe> , <gpe>Va.</gpe> , when the stock market fell , and remained there through <date>the following day</date> .


And as of last night , Fed Chairman Greenspan had n't canceled his plans to address the American Bankers Association convention in Washington at 10 a.m. this morning .

And as of <time>last night</time> , <org>Fed</org> Chairman <person>Greenspan</person> had n't canceled his plans to address the <org>American Bankers Association</org> convention in <gpe>Washington</gpe> at <time>10 a.m. this morning</time> .


Ironically , Mr. Greenspan was scheduled to address the same convention in Dallas on Oct. 20 , 1987 .

Ironically , Mr. <person>Greenspan</person> was scheduled to address the same convention in <gpe>Dallas</gpe> on <date>Oct. 20 , 1987</date> .


He flew to Dallas on Oct. 19 , when the market plummeted 508 points , but then turned around the next morning and returned to Washington without delivering his speech .

He flew to <gpe>Dallas</gpe> on <date>Oct. 19</date> , when the market plummeted <cardinal>508</cardinal> points , but then turned around <time>the next morning</time> and returned to <gpe>Washington</gpe> without delivering his speech .


Following is a weekly listing of unadited net asset values of publicly traded investment fund shares , reported by the companies as of Friday 's close .

Following is a <date>weekly</date> listing of unadited net asset values of publicly traded investment fund shares , reported by the companies as of <date>Friday</date> 's close .


Also shown is the closing listed market price or a dealer - to - dealer asked price of each fund 's shares , with the percentage of difference .


b - As of Thursday 's close .

b - As of <date>Thursday</date> 's close .


c - Translated at Commercial Rand exchange rate .


e - In Canadian dollars .


f - As of Wednesday 's close .

f - As of <date>Wednesday</date> 's close .


g - 10.06.89 NAV:22.15 .

g - <cardinal>10.06.89</cardinal> <cardinal>NAV:22.15</cardinal> .


z - Not available .


The first major event this morning in U.S. stock and futures trading may be a pause at the Chicago Mercantile Exchange .

The <ordinal>first</ordinal> major event <time>this morning</time> in <gpe>U.S.</gpe> stock and futures trading may be a pause at <org>the Chicago Mercantile Exchange</org> .


Under a reform arising from the 1987 crash , trading in the Merc 's stock - index futures will break for 10 minutes if the contract opens and stays five points from Friday 's close , a move equal to 40 points on the Dow Jones Industrial Average .

Under a reform arising from the <date>1987</date> crash , trading in the <org>Merc</org> 's stock - index futures will break for <time>10 minutes</time> if the contract opens and stays <cardinal>five</cardinal> points from <date>Friday</date> 's close , a move equal to <cardinal>40</cardinal> points on the Dow Jones Industrial Average .


The aim of the interruption would be to ease the opening of the New York Stock Exchange , which would be hammered by such a volatile move on the Merc .

The aim of the interruption would be to ease the opening of <org>the New York Stock Exchange</org> , which would be hammered by such a volatile move on the <org>Merc</org> .


That early - morning breather is just one of a number of safeguards adopted after the 1987 crash .

That <time>early - morning</time> breather is just <cardinal>one</cardinal> of a number of safeguards adopted after the <date>1987</date> crash .


The Big Board also added computer capacity to handle huge surges in trading volume .

<org>The Big Board</org> also added computer capacity to handle huge surges in trading volume .


Several of those post-crash changes kicked in during Friday 's one - hour collapse and worked as expected , even though they did n't prevent a stunning plunge .

Several of those post-crash changes kicked in during <date>Friday</date> 's <time>one - hour</time> collapse and worked as expected , even though they did n't prevent a stunning plunge .


But the major `` circuit breakers '' have yet to be evaluated .


A deeper market plunge today could give them their first test .

A deeper market plunge <date>today</date> could give them their <ordinal>first</ordinal> test .


A further slide also would resurrect debate over a host of other , more sweeping changes proposed -- but not implemented -- after the last crash .


Most notably , several of the regulatory steps recommended by the Brady Task Force , which analyzed the 1987 crash , would be revived -- especially because that group 's chairman is now the Treasury secretary .

Most notably , several of the regulatory steps recommended by <org>the Brady Task Force</org> , which analyzed the <date>1987</date> crash , would be revived -- especially because that group 's chairman is now the <org>Treasury</org> secretary .


The most controversial of the Brady recommendations involved establishing a single overarching regulator to handle crucial cross-market questions , such as setting consistent margin requirements for the stock and futures markets .

The most controversial of the <person>Brady</person> recommendations involved establishing a single overarching regulator to handle crucial cross-market questions , such as setting consistent margin requirements for the stock and futures markets .


But for the moment , attention focuses on the reforms that were put into place , and market regulators and participants said the circuit breakers worked as intended .


Big Board and Merc officials expressed satisfaction with the results of two limits imposed on of the Merc 's Standard & Poor 's 500 contract , as well as `` hot - line '' communications among exchanges .

<org>Big Board</org> and <org>Merc</org> officials expressed satisfaction with the results of <cardinal>two</cardinal> limits imposed on of the <org>Merc</org> 's <org>Standard & Poor</org> 's <cardinal>500</cardinal> contract , as well as `` hot - line '' communications among exchanges .


Those pauses -- from 2:07 p.m. to 2:30 p.m. CDT and from 2:45 p.m. until the close of trading a half - hour later -- forced traders to buy and sell contracts at prices at or higher than their frozen levels .

Those pauses -- <time>from 2:07 p.m. to 2:30 p.m. CDT</time> and <time>from 2:45 p.m. until the close of trading a half - hour later</time> -- forced traders to buy and sell contracts at prices at or higher than their frozen levels .


During the first halt , after the S&P index had fallen 12 points , the Big Board 's `` Sidecar '' computer program automatically was triggered .

During the <ordinal>first</ordinal> halt , after the <org>S&P</org> index had fallen <cardinal>12</cardinal> points , <org>the Big Board 's</org> `` <product>Sidecar</product> '' computer program automatically was triggered .


That system is designed to separate computer - generated program trades from all other trades to help exchange officials resolve order imbalances in individual stocks .


One Merc broker compared the action in the S&P pit during the two freezes to a fire at a well - drilled school .

<cardinal>One</cardinal> <org>Merc</org> broker compared the action in the <org>S&P</org> pit during the <cardinal>two</cardinal> freezes to a fire at a well - drilled school .


`` You do n't want the fire but you know what to do , '' said Howard Dubnow , an independent floor broker and a Merc governor .

`` You do n't want the fire but you know what to do , '' said <person>Howard Dubnow</person> , an independent floor broker and a <org>Merc</org> governor .


`` There was no panic .


The system worked the way we devised it to work . ''


After reopening for about 15 minutes , the S&P index tumbled to its 30 - point limit and the second freeze went into effect .

After reopening for <time>about 15 minutes</time> , the <org>S&P</org> index tumbled to its <cardinal>30</cardinal> - point limit and the <ordinal>second</ordinal> freeze went into effect .


Traders then spent the last half - hour `` watching to see if the Dow would drop 250 points , '' Mr. Dubnow added , referring to the level at which the stock market itself would have closed for an hour .

Traders then spent <time>the last half - hour</time> `` watching to see if the Dow would drop <cardinal>250</cardinal> points , '' Mr. <person>Dubnow</person> added , referring to the level at which the stock market itself would have closed for <time>an hour</time> .


One observer estimated that 80 % to 90 % of the S&P traders `` were just standing around watching . ''

<cardinal>One</cardinal> observer estimated that <percent>80 % to 90 %</percent> of the <org>S&P</org> traders `` were just standing around watching . ''


But the 250 - point circuit breaker never had to kick in , and freezes on the Chicago Board of Trade 's Major Market Index also were n't triggered .

But the <cardinal>250</cardinal> - point circuit breaker never had to kick in , and freezes on <org>the Chicago Board of Trade 's</org> Major Market Index also were n't triggered .


The MMI and the S&P 500 are the two major indexes used by program traders to run their computerized trading strategies .

The <org>MMI</org> and the <org>S&P</org> <cardinal>500</cardinal> are the <cardinal>two</cardinal> major indexes used by program traders to run their computerized trading strategies .


The programs are considered by many to be a major cause of the 1987 crash .

The programs are considered by many to be a major cause of the <date>1987</date> crash .


The process of post-crash reforms began with calls to remake the markets and wound up a year later with a series of rather technical adjustments .

The process of post-crash reforms began with calls to remake the markets and wound up <date>a year later</date> with a series of rather technical adjustments .


In October 1987 , just after the market drop , Washington was awash in talk of sweeping changes in the way the financial markets are structured and regulated .

In <date>October 1987</date> , just after the market drop , <gpe>Washington</gpe> was awash in talk of sweeping changes in the way the financial markets are structured and regulated .


Over the next year that grand agenda was whittled down to a series of steps to soften big stock drops by interrupting trading to give market players time to pause and reconsider positions .

Over <date>the next year</date> that grand agenda was whittled down to a series of steps to soften big stock drops by interrupting trading to give market players time to pause and reconsider positions .


In addition , limits were placed on computer - driven trading , and steps were taken to better link the stock and futures markets .


Few changes were made in the way the markets are regulated .


At the outset the prime target was program trading , which was much discussed but little understood on Capitol Hill .

At the outset the prime target was program trading , which was much discussed but little understood on <org>Capitol Hill</org> .


There were also calls to strip the stock markets of `` derivative '' products , such as stock - index futures and options , which Federal Judge Stanley Sporkin , for example , likened to `` barnacles attached to the basic market . ''

There were also calls to strip the stock markets of `` derivative '' products , such as stock - index futures and options , which <org>Federal</org> Judge <person>Stanley Sporkin</person> , for example , likened to `` barnacles attached to the basic market . ''


And there was much criticism of the New York Stock Exchange 's system of having stock trades flow through specialists , or market makers .

And there was much criticism of <org>the New York Stock Exchange 's</org> system of having stock trades flow through specialists , or market makers .


When the Brady Task Force 's powerful analysis of the crash was released in January 1988 , it immediately reshaped the reformers ' agenda .

When <org>the Brady Task Force 's</org> powerful analysis of the crash was released in <date>January 1988</date> , it immediately reshaped the reformers ' agenda .


Arguing that the separate financial marketplaces acted as one , and concluding that the crash had `` raised the possibility of a full - scale financial system breakdown , '' the presidential task force called for establishing a super-regulator to oversee the markets , to make margins consistent across markets , to unify clearing systems and to install circuit breakers .

Arguing that the separate financial marketplaces acted as <cardinal>one</cardinal> , and concluding that the crash had `` raised the possibility of a full - scale financial system breakdown , '' the presidential task force called for establishing a super-regulator to oversee the markets , to make margins consistent across markets , to unify clearing systems and to install circuit breakers .


Only the last of those recommendations ever was implemented .


The Reagan White House held the Brady recommendations at arm 's length and named a second panel -- the Working Group on the Financial Markets -- to review its analysis and those of other crash studies .

The <person>Reagan</person> <org>White House</org> held the <person>Brady</person> recommendations at arm 's length and named a <ordinal>second</ordinal> panel -- <org>the Working Group on the Financial Markets</org> -- to review its analysis and those of other crash studies .


In May 1988 , the Working Group , made up of representatives from the Federal Reserve , the Treasury , the Securities and Exchange Commission , and the Commodity Futures Trading Commission , finally endorsed only circuit breakers .

In <date>May 1988</date> , <org>the Working Group</org> , made up of representatives from <org>the Federal Reserve</org> , the <org>Treasury</org> , <org>the Securities and Exchange Commission</org> , and <org>the Commodity Futures Trading Commission</org> , finally endorsed only circuit breakers .


After several more months of arguments among various stock exchanges and futures markets , circuit breakers were set in place , with the most notable suspending trading after 250 and 400 point drops in the Dow Jones Industrial Average .

After <date>several more months</date> of arguments among various stock exchanges and futures markets , circuit breakers were set in place , with the most notable suspending trading after <cardinal>250</cardinal> and <cardinal>400</cardinal> point drops in the Dow Jones Industrial Average .


Privately , some free marketeers dismissed such mechanisms as sops to interventionists .


After all , this free - market argument went , the Dow only dropped more than 250 points once this century .

After all , this free - market argument went , the Dow only dropped <cardinal>more than 250</cardinal> points once <date>this century</date> .


`` Circuit breakers '' set to soften big drops :


-- If S&P futures fall 5 points at opening , contract trading pauses for 10 minutes .

-- If <org>S&P</org> futures fall <cardinal>5</cardinal> points at opening , contract trading pauses for <time>10 minutes</time> .


-- If Dow Industrials fall 25 points at opening , contract trading pauses for 10 minutes .

-- If <org>Dow Industrials</org> fall <cardinal>25</cardinal> points at opening , contract trading pauses for <time>10 minutes</time> .


-- If S&P futures fall 12 points -LRB- equivalent to about 100 points on DJIA -RRB- , trading is frozen for half hour to that price or higher .

-- If <org>S&P</org> futures fall <cardinal>12</cardinal> points -LRB- equivalent to <cardinal>about 100</cardinal> points on DJIA -RRB- , trading is frozen for <time>half hour</time> to that price or higher .


On NYSE program trades are diverted into a separate computer file to determine buy and sell orders .

On <org>NYSE</org> program trades are diverted into a separate computer file to determine buy and sell orders .


-- If S&P futures fall 30 points , trading is restricted for an hour to that price or higher .

-- If <org>S&P</org> futures fall <cardinal>30</cardinal> points , trading is restricted for <time>an hour</time> to that price or higher .


-- If Dow Industrials fall 250 points , trading on the Big Board halts for an hour .

-- If <org>Dow Industrials</org> fall <cardinal>250</cardinal> points , trading on <org>the Big Board</org> halts for <time>an hour</time> .


S&P and MMI contracts also halt .

<org>S&P</org> and <org>MMI</org> contracts also halt .


-- If DJIA drops 400 points , Big Board halts trading for two hours .

-- If DJIA drops <cardinal>400</cardinal> points , <org>Big Board</org> halts trading for <time>two hours</time> .


Trading in MMI and S&P futures also halted .

Trading in <org>MMI</org> and <org>S&P</org> futures also halted .


Brady Task Force recommendations -LRB- Jan. 1988 -RRB- :

<org>Brady Task Force</org> recommendations -LRB- <date>Jan. 1988</date> -RRB- :


-- Establish an overarching regulator for financial markets


-- Unify trade - clearing systems


-- Make margins consistent across stock and futures markets


SEC proposals -LRB- May 1988 -RRB- :

<org>SEC</org> proposals -LRB- <date>May 1988</date> -RRB- :


-- Require prompt reports of large securities trades .


-- Give SEC authority to monitor risk - taking by affiliates of brokerage firms .

-- Give <org>SEC</org> authority to monitor risk - taking by affiliates of brokerage firms .


-- Transfer jurisdiction over stock - related futures to SEC from CFTC .

-- Transfer jurisdiction over stock - related futures to <org>SEC</org> from <org>CFTC</org> .


-LRB- Opposed by new SEC chairman -RRB-

-LRB- Opposed by new <org>SEC</org> chairman -RRB-


-- Give SEC authority to halt securities trading , -LRB- also opposed by new SEC chairman -RRB- .

-- Give <org>SEC</org> authority to halt securities trading , -LRB- also opposed by new <org>SEC</org> chairman -RRB- .


Congressional proposal :


-- Create a task force to review current state of the securities markets and securities laws .


Breaking the Soviet government 's television monopoly , an independent company has gained rights to show world programming , including American films .

Breaking the <norp>Soviet</norp> government 's television monopoly , an independent company has gained rights to show world programming , including <norp>American</norp> films .


`` There must not be a monopoly , there must be freedom of choice for both journalists and viewers , '' Nikolai I. Lutsenko , the president of the Nika TV company , told the weekly newspaper Nedelya .

`` There must not be a monopoly , there must be freedom of choice for both journalists and viewers , '' <person>Nikolai I. Lutsenko</person> , the president of the <org>Nika TV</org> company , told the <date>weekly</date> newspaper <org>Nedelya</org> .


The company is already working on its own programming in several provincial cities and hopes to be on the air regularly in about a year , the newspaper said .

The company is already working on its own programming in several provincial cities and hopes to be on the air regularly in <date>about a year</date> , the newspaper said .


Mr. Lutsenko told Nedelya that he recently had been to the U.S. to pick up the rights to show 5,000 U.S. films in the Soviet Union .

Mr. <person>Lutsenko</person> told <org>Nedelya</org> that he recently had been to the <gpe>U.S.</gpe> to pick up the rights to show <cardinal>5,000</cardinal> <gpe>U.S.</gpe> films in <gpe>the Soviet Union</gpe> .


Nedelya 's article was accompanied by a picture of Mr. Lutsenko interviewing singer John Denver in Colorado .

<org>Nedelya</org> 's article was accompanied by a picture of Mr. <person>Lutsenko</person> interviewing singer <person>John Denver</person> in <gpe>Colorado</gpe> .


Even though it will be independent of official television , Nika will have an oversight board that will include members of the Communist youth league .

Even though it will be independent of official television , <org>Nika</org> will have an oversight board that will include members of the <norp>Communist</norp> youth league .


South Africa 's National Union of Mineworkers said that about 10,000 diamond miners struck for higher wages at De Beers Consolidated Mines Ltd.

<gpe>South Africa 's</gpe> <org>National Union of Mineworkers</org> said that <cardinal>about 10,000</cardinal> diamond miners struck for higher wages at <org>De Beers Consolidated Mines Ltd.</org>


De Beers said that workers at five of the group 's mines were on strike , which it said was peaceful , with orderly picketing occurring at one of the mines .

<org>De Beers</org> said that workers at <cardinal>five</cardinal> of the group 's mines were on strike , which it said was peaceful , with orderly picketing occurring at <cardinal>one</cardinal> of the mines .


The deadlock in negotiations occurred with De Beers offering a 17 % increase in the minimum - wage category while the union demanded a 37.6 % increase in the minimum wage .

The deadlock in negotiations occurred with <org>De Beers</org> offering a <percent>17 %</percent> increase in the minimum - wage category while the union demanded a <percent>37.6 %</percent> increase in the minimum wage .


Japan 's opposition Socialist Party denied that its legislators had been bribed by pinball - parlor owners .

<gpe>Japan</gpe> 's opposition <org>Socialist Party</org> denied that its legislators had been bribed by pinball - parlor owners .


The allegation had been raised in Parliament by the governing Liberal Democratic Party following magazine reports suggesting that money from Japanese - style pinball , called pachinko , had infiltrated politics .

The allegation had been raised in <org>Parliament</org> by the governing <org>Liberal Democratic Party</org> following magazine reports suggesting that money from <norp>Japanese</norp> - style pinball , called pachinko , had infiltrated politics .


Tsuruo Yamaguchi , secretary general of the Socialist Party , acknowledged that nine party lawmakers had received donations from the pachinko association totaling 8 million yen -LRB- about $ 55,000 -RRB- but said the donations were legal and none of its members acted to favor the industry .

<person>Tsuruo Yamaguchi</person> , secretary general of <org>the Socialist Party</org> , acknowledged that <cardinal>nine</cardinal> party lawmakers had received donations from the pachinko association totaling <money>8 million yen</money> -LRB- <money>about $ 55,000</money> -RRB- but said the donations were legal and none of its members acted to favor the industry .


The World Wide Fund for Nature said that Spain , Argentina , Thailand and Indonesia were doing too little to prevent illegal trade in endangered wildlife across their borders .

<org>The World Wide Fund for Nature</org> said that <gpe>Spain</gpe> , <gpe>Argentina</gpe> , <gpe>Thailand</gpe> and <gpe>Indonesia</gpe> were doing too little to prevent illegal trade in endangered wildlife across their borders .


A report by the conservation group presented at the U.N. - sponsored Convention on International Trade in Endangered Species in Lausanne accused the four of trading protected species ranging from parakeets to orchids .

A report by the conservation group presented at the <org>U.N.</org> - sponsored <event>Convention on International Trade in Endangered Species</event> in <gpe>Lausanne</gpe> accused the <cardinal>four</cardinal> of trading protected species ranging from parakeets to orchids .


Fund official Simon Lyster said world trade in wildlife was estimated to total $ 5 billion of business annually .

Fund official <person>Simon Lyster</person> said world trade in wildlife was estimated to total <money>$ 5 billion</money> of business <date>annually</date> .


A NATO project to build a frigate for the 1990s was torpedoed by the pull - out of three of its eight participating nations .

A <org>NATO</org> project to build a frigate for <date>the 1990s</date> was torpedoed by the pull - out of <cardinal>three</cardinal> of its <cardinal>eight</cardinal> participating nations .


Britain , France and Italy announced technical reasons for withdrawing , but some officials pointed to growing reluctance among the allies to commit themselves to big defense spending while East - West disarmament talks show signs of success .

<gpe>Britain</gpe> , <gpe>France</gpe> and <gpe>Italy</gpe> announced technical reasons for withdrawing , but some officials pointed to growing reluctance among the allies to commit themselves to big defense spending while East - West disarmament talks show signs of success .


Small wonder that Britain 's Labor Party wants credit controls .

Small wonder that <gpe>Britain</gpe> 's <org>Labor Party</org> wants credit controls .


A few hours after the party launched its own affinity credit card earlier this month , the Tories raised the nation 's base interest rate .

<time>A few hours</time> after the party launched its own affinity credit card <date>earlier this month</date> , the <org>Tories</org> raised the nation 's base interest rate .


Labor 's Visa card is believed to be the first linked to a British political party .

<org>Labor</org> 's <org>Visa</org> card is believed to be the <ordinal>first</ordinal> linked to a <norp>British</norp> political party .


Labor gets 25 pence -LRB- 39 cents -RRB- for every 100 -LRB- about $ 155 -RRB- that a user charges to the card .

<org>Labor</org> gets <money>25 pence</money> -LRB- <money>39 cents</money> -RRB- for every <cardinal>100</cardinal> -LRB- <money>about $ 155</money> -RRB- that a user charges to the card .


As with other plastic in Britain 's high - interest - rate environment , the Labor card , administered by Co-operative Bank , carries a stiff -LRB- in this case , 29.8 % -RRB- annual rate on the unpaid balance .

As with other plastic in <gpe>Britain</gpe> 's high - interest - rate environment , the <org>Labor</org> card , administered by <org>Co-operative Bank</org> , carries a stiff -LRB- in this case , <percent>29.8 %</percent> -RRB- <date>annual</date> rate on the unpaid balance .


China 's year - long austerity program has achieved some successes in harnessing runaway economic growth and stabilizing prices but has failed to eliminate serious defects in state planning and an alarming drain on state budgets .

<gpe>China</gpe> 's <date>year - long</date> austerity program has achieved some successes in harnessing runaway economic growth and stabilizing prices but has failed to eliminate serious defects in state planning and an alarming drain on state budgets .


The official China Daily said retail prices of non-staple foods have n't risen since last December but acknowledged that huge government subsidies were a main factor in keeping prices down .

The official <org>China Daily</org> said retail prices of non-staple foods have n't risen since <date>last December</date> but acknowledged that huge government subsidies were a main factor in keeping prices down .


The State Statistical Bureau found that more than 1 billion yuan -LRB- $ 270 million -RRB- was spent in the first half of the year for pork subsidies .

<org>The State Statistical Bureau</org> found that <money>more than 1 billion yuan</money> -LRB- <money>$ 270 million</money> -RRB- was spent in <date>the first half of the year</date> for pork subsidies .


The newspaper quoted experts as saying the subsidies would cause the difference between prices and real values of commodities to `` become very unreasonable '' and reduce needed funds for investment in the `` already difficult state budget . ''


The aim of the austerity measures was to slice economic growth , which soared to 20.7 % last year , to 8 % in 1990 .

The aim of the austerity measures was to slice economic growth , which soared to <percent>20.7 %</percent> <date>last year</date> , to <percent>8 %</percent> in <date>1990</date> .


Economists now predict the growth rate will be about 11.5 % for the year .

Economists now predict the growth rate will be <percent>about 11.5 %</percent> for <date>the year</date> .


In a sign of growing official tolerance for religion , Russian Orthodox priests were allowed to celebrate the 400th anniversary of the Moscow patriarchate in the Kremlin 's 15th - century Uspensky Cathedral , where czars were crowned ... .

In a sign of growing official tolerance for religion , <norp>Russian Orthodox</norp> priests were allowed to celebrate the <ordinal>400th</ordinal> anniversary of the <gpe>Moscow</gpe> patriarchate in the <org>Kremlin</org> 's <date>15th - century</date> <org>Uspensky Cathedral</org> , where czars were crowned ... .


A 34 - foot - tall , $ 7.7 million statue of Buddha was completed on a hill outside Hong Kong , facing China .

A <quantity>34 - foot</quantity> - tall , <money>$ 7.7 million</money> statue of <person>Buddha</person> was completed on a hill outside <gpe>Hong Kong</gpe> , facing <gpe>China</gpe> .


The statue is the brainchild of Sik Chi Wan , director of the Po Lin Monastery , who said : `` Hong Kong is such a prosperous place , we also need some kind of religious symbol .

The statue is the brainchild of <person>Sik Chi Wan</person> , director of <org>the Po Lin Monastery</org> , who said : `` <gpe>Hong Kong</gpe> is such a prosperous place , we also need some kind of religious symbol .


It all seemed innocent enough : Last April , one Steven B. Iken visited Justin Products Inc. here , identified himself as a potential customer and got the word on the little company 's new cassette players for children .

It all seemed innocent enough : <date>Last April</date> , <cardinal>one</cardinal> <person>Steven B. Iken</person> visited <org>Justin Products Inc.</org> here , identified himself as a potential customer and got the word on the little company 's new cassette players for children .


`` It is almost identical to the Sony product , '' Mr. Iken remarked , after seeing prototypes and pictures .

`` It is almost identical to the <org>Sony</org> product , '' Mr. <person>Iken</person> remarked , after seeing prototypes and pictures .


Replied a Justin salesman : `` Exactly . ''

Replied a <org>Justin</org> salesman : `` Exactly . ''


The Justin merchandise carried wholesale prices some 40 % below those of Sony Corp. of Japan 's `` My First Sony '' line .

The <org>Justin</org> merchandise carried wholesale prices <percent>some 40 %</percent> below those of <org>Sony Corp.</org> of <gpe>Japan</gpe> 's `` <product>My First Sony</product> '' line .


The visitor waxed enthusiastic and promised to return .


But instead of a new customer -- part of a hoped - for bonanza from underselling Sony -- Justin got a costly legal morass .

But instead of a new customer -- part of a hoped - for bonanza from underselling <org>Sony</org> -- <org>Justin</org> got a costly legal morass .


Mr. Iken , it turned out , was a private detective using a hidden tape recorder to gather information for Sony .

Mr. <person>Iken</person> , it turned out , was a private detective using a hidden tape recorder to gather information for <org>Sony</org> .


His recording later turned up as a court exhibit .


Seeking to keep Justin 's `` My Own '' product line off the U.S. market , Sony last May filed a suit in Manhattan federal court accusing the upstart of trademark infringement , unfair competition and other violations of business law .

Seeking to keep <org>Justin</org> 's <product>`` My Own ''</product> product line off the <gpe>U.S.</gpe> market , <org>Sony</org> <date>last May</date> filed a suit in <gpe>Manhattan</gpe> federal court accusing the upstart of trademark infringement , unfair competition and other violations of business law .


Since then , life has changed a lot for 61 - year - old Leonard Kaye , Justin 's owner .

Since then , life has changed a lot for <date>61 - year - old</date> <person>Leonard Kaye</person> , <org>Justin</org> 's owner .


`` I have n't been able to get a decent night 's sleep since this has been going on , '' he says .

`` I have n't been able to get a decent <time>night</time> 's sleep since this has been going on , '' he says .


`` It 's the most distracting thing in my life -- I ca n't even attend to my business . ''


His company -LRB- annual sales : about $ 25 million -RRB- may suffer a costly blow -- losing an estimated 10 % of total sales -- if Sony -LRB- annual sales : about $ 16 billion -RRB- prevails .

His company -LRB- <date>annual</date> sales : <money>about $ 25 million</money> -RRB- may suffer a costly blow -- losing an estimated <percent>10 %</percent> of total sales -- if <org>Sony</org> -LRB- <date>annual</date> sales : <money>about $ 16 billion</money> -RRB- prevails .


Justin 's plight shows what can happen when a tiny company suddenly faces the full legal might of a wrathful multinational .

<org>Justin</org> 's plight shows what can happen when a tiny company suddenly faces the full legal might of a wrathful multinational .


With considerable irony , the case also shows how completely Japan has turned the tables on U.S. business .

With considerable irony , the case also shows how completely <gpe>Japan</gpe> has turned the tables on <gpe>U.S.</gpe> business .


Americans used to complain bitterly about being undersold by look - alike products from Japan .

<norp>Americans</norp> used to complain bitterly about being undersold by look - alike products from <gpe>Japan</gpe> .


Now Sony , whose innovative , premium - priced products are among the most admired in consumer electronics , is bitterly complaining about a little U.S. firm with a cheap look - alike produced in China .

Now <org>Sony</org> , whose innovative , premium - priced products are among the most admired in consumer electronics , is bitterly complaining about a little <gpe>U.S.</gpe> firm with a cheap look - alike produced in <gpe>China</gpe> .


`` The gist of this is that Justin knocked off the Sony line and Sony wants to stop it , '' says Lewis H. Eslinger , Sony 's attorney , who previously guarded Rubik 's Cube .

`` The gist of this is that <org>Justin</org> knocked off the <org>Sony</org> line and <org>Sony</org> wants to stop it , '' says <person>Lewis H. Eslinger</person> , <org>Sony</org> 's attorney , who previously guarded <product>Rubik 's Cube</product> .


-LRB- Sony itself declines to comment . -RRB-

-LRB- <org>Sony</org> itself declines to comment . -RRB-


If Sony wins , Mr. Eslinger says , its little rival will have to try to sell the products overseas .

If <org>Sony</org> wins , Mr. <person>Eslinger</person> says , its little rival will have to try to sell the products overseas .


At worst , he adds , `` They 'd have to grind them all up and throw them away . ''


Mr. Kaye denies the suit 's charges and says his only mistake was taking on Sony in the marketplace .

Mr. <person>Kaye</person> denies the suit 's charges and says his only mistake was taking on <org>Sony</org> in the marketplace .


`` I made a similar line and I produced it cheaper , '' he says .


Today , U.S. Judge John E. Sprizzo is expected to rule on Sony 's renewed request for a pre-trial order blocking sale of the disputed products , on which deliveries began in July .

<date>Today</date> , <gpe>U.S.</gpe> Judge <person>John E. Sprizzo</person> is expected to rule on <org>Sony</org> 's renewed request for a pre-trial order blocking sale of the disputed products , on which deliveries began in <date>July</date> .


The judge turned down an earlier Sony request for such an order -- a decision upheld on appeal -- but Sony returned with additional evidence and arguments .

The judge turned down an earlier <org>Sony</org> request for such an order -- a decision upheld on appeal -- but <org>Sony</org> returned with additional evidence and arguments .


Though hoping to settle the case , Justin vows to fight on , if necessary .

Though hoping to settle the case , <org>Justin</org> vows to fight on , if necessary .


But the battle is more than Justin bargained for .

But the battle is more than <org>Justin</org> bargained for .


`` I had no idea I was getting in so deep , '' says Mr. Kaye , who founded Justin in 1982 .

`` I had no idea I was getting in so deep , '' says Mr. <person>Kaye</person> , who founded <org>Justin</org> in <date>1982</date> .


Mr. Kaye had sold Capetronic Inc. , a Taiwan electronics maker , and retired , only to find he was bored .

Mr. <person>Kaye</person> had sold <org>Capetronic Inc.</org> , a <gpe>Taiwan</gpe> electronics maker , and retired , only to find he was bored .


With Justin , he began selling toys and electronics made mostly in Hong Kong , beginning with Mickey Mouse radios .

With <org>Justin</org> , he began selling toys and electronics made mostly in <gpe>Hong Kong</gpe> , beginning with Mickey Mouse radios .


The company has grown -- to about 40 employees , from four initially , Mr. Kaye says .

The company has grown -- to <cardinal>about 40</cardinal> employees , from <cardinal>four</cardinal> initially , Mr. <person>Kaye</person> says .


Justin has been profitable since 1986 , adds the official , who shares his office with numerous teddy bears , all samples from his line of plush toys .

<org>Justin</org> has been profitable since <date>1986</date> , adds the official , who shares his office with numerous teddy bears , all samples from his line of plush toys .


Like many others , Mr. Kaye took notice in 1987 when Sony , in a classic example of market segmentation , changed the plastic skin and buttons on the famous Walkman line of portable audio equipment and created the My First Sony line for children .

Like many others , Mr. <person>Kaye</person> took notice in <date>1987</date> when <org>Sony</org> , in a classic example of market segmentation , changed the plastic skin and buttons on the famous <product>Walkman</product> line of portable audio equipment and created the <product>My First Sony</product> line for children .


The brightly colored new products looked more like toys than the adult models .


-LRB- In court papers , Sony says it has spent more than $ 3 million to promote the line , with resulting sales of over a million units . -RRB-

-LRB- In court papers , <org>Sony</org> says it has spent <money>more than $ 3 million</money> to promote the line , with resulting sales of <cardinal>over a million</cardinal> units . -RRB-


Sony found a new market niche , but Mr. Kaye figured that its prices left plenty of room for a lower - priced competitor .

<org>Sony</org> found a new market niche , but Mr. <person>Kaye</person> figured that its prices left plenty of room for a lower - priced competitor .


His products are n't exact copies of Sony 's but strongly resemble them in size , shape and , especially , color .

His products are n't exact copies of <org>Sony</org> 's but strongly resemble them in size , shape and , especially , color .


Sony uses mostly red and blue , with traces of yellow -- and so does Justin , on the theory that kids prefer these colors .

<org>Sony</org> uses mostly red and blue , with traces of yellow -- and so does <org>Justin</org> , on the theory that kids prefer these colors .


-LRB- `` To be successful , a product can be any color whatsoever , as long as it is fire - engine red , '' says Charles E. Baxley , Justin 's attorney . -RRB-

-LRB- `` To be successful , a product can be any color whatsoever , as long as it is fire - engine red , '' says <person>Charles E. Baxley</person> , <org>Justin</org> 's attorney . -RRB-


By last winter , Justin was showing prototypes at toy fairs in Hong Kong and New York -- and Sony noticed .

By <date>last winter</date> , <org>Justin</org> was showing prototypes at toy fairs in <gpe>Hong Kong</gpe> and <gpe>New York</gpe> -- and <org>Sony</org> noticed .


Indeed , concerned that Sony sales personnel were threatening legal action or other retaliation -- such as withholding desirable Sony products -- against Justin 's customers , Mr. Baxley fired off a letter to Sony in April .

Indeed , concerned that <org>Sony</org> sales personnel were threatening legal action or other retaliation -- such as withholding desirable <org>Sony</org> products -- against <org>Justin</org> 's customers , Mr. <person>Baxley</person> fired off a letter to <org>Sony</org> in <date>April</date> .


He himself threatened to take the matter to the Federal Trade Commission or U.S. Justice Department .

He himself threatened to take the matter to <org>the Federal Trade Commission</org> or <org>U.S. Justice Department</org> .


But Justin has n't pursued those charges -LRB- which were without merit , according to Mr. Eslinger , the Sony attorney -RRB- .

But <org>Justin</org> has n't pursued those charges -LRB- which were without merit , according to Mr. <person>Eslinger</person> , the <org>Sony</org> attorney -RRB- .


Recalls Mr. Baxley : `` Our purpose was to influence them to leave us alone .

Recalls Mr. <person>Baxley</person> : `` Our purpose was to influence them to leave us alone .


We never intended taking on Sony -- we do n't have the resources . ''

We never intended taking on <org>Sony</org> -- we do n't have the resources . ''


Sony answered the empty threat with its real suit .

<org>Sony</org> answered the empty threat with its real suit .


Off and on since then , the companies have skirmished in court .


And Justin , in a news release , says , `` Once competitive , Sony now resorts to strong - arm tactics in American courtrooms to carve out and protect niche markets . ''

And <org>Justin</org> , in a news release , says , `` Once competitive , <org>Sony</org> now resorts to strong - arm tactics in <norp>American</norp> courtrooms to carve out and protect niche markets . ''


Sony 's lawyer insists that the company 's tactics -- including the use of a private detective posing as a buyer -- are routine in such matters .

<org>Sony</org> 's lawyer insists that the company 's tactics -- including the use of a private detective posing as a buyer -- are routine in such matters .


He also insists that Sony , no less than others , has a legal right to protect its `` trade dress , '' in this case , mostly the colors that it claims make My First Sony products distinctive .

He also insists that <org>Sony</org> , no less than others , has a legal right to protect its `` trade dress , '' in this case , mostly the colors that it claims make <product>My First Sony</product> products distinctive .


-LRB- Justin claims it began using the same colors on electronic goods for children long before Sony entered the children 's market . -RRB-

-LRB- <org>Justin</org> claims it began using the same colors on electronic goods for children long before <org>Sony</org> entered the children 's market . -RRB-


Whatever its merits , Sony 's aggressive defense is debilitating for Justin .

Whatever its merits , <org>Sony</org> 's aggressive defense is debilitating for <org>Justin</org> .


It 's also costly .


Mr. Kaye says he has paid more than $ 70,000 in legal fees so far .

Mr. <person>Kaye</person> says he has paid <money>more than $ 70,000</money> in legal fees so far .


Of Sony , Mr. Kaye says : `` They know there 's no way for them to lose .

Of <org>Sony</org> , Mr. <person>Kaye</person> says : `` They know there 's no way for them to lose .


They just keep digging me in deeper until I reach the point where I give up and go away . ''


For now , though , he vows to hang in .


Congress learned during the Reagan administration that it could intimidate the executive branch by uttering again and again the same seven words : `` Provided , that no funds shall be spent ... . ''

<org>Congress</org> learned during the <person>Reagan</person> administration that it could intimidate the executive branch by uttering again and again the same <cardinal>seven</cardinal> words : `` Provided , that no funds shall be spent ... . ''


This phrase once again is found throughout the many appropriations bills now moving through Congress .

This phrase once again is found throughout the many appropriations bills now moving through <org>Congress</org> .


It signals Congress 's attempt , under the pretext of guarding the public purse , to deny the president the funding necessary to execute certain of his duties and prerogatives specified in Article II of the Constitution .

It signals <org>Congress</org> 's attempt , under the pretext of guarding the public purse , to deny the president the funding necessary to execute certain of his duties and prerogatives specified in <law>Article II of the Constitution</law> .


This species of congressional action is predicated on an interpretation of the appropriations clause that is erroneous and unconstitutional .


The appropriations clause states that `` No Money shall be drawn from the Treasury , but in Consequence of Appropriations made by Law ... . ''

The appropriations clause states that `` No Money shall be drawn from the <org>Treasury</org> , but in Consequence of Appropriations made by Law ... . ''


The prevailing interpretation of the clause on Capitol Hill is that it gives Congress an omnipresent veto over every conceivable action of the president through the ability to withhold funding .

The prevailing interpretation of the clause on <org>Capitol Hill</org> is that it gives <org>Congress</org> an omnipresent veto over every conceivable action of the president through the ability to withhold funding .


This interpretation was officially endorsed by Congress in 1987 in the Iran - Contra Report .

This interpretation was officially endorsed by <org>Congress</org> in <date>1987</date> in the <gpe>Iran</gpe> - Contra Report .


As partisans of congressional power understand , a `` power of the purse '' so broadly construed would emasculate the presidency and swallow the principle of separation of powers .


It is not supported by the text or history of the Constitution .

It is not supported by the text or history of the <law>Constitution</law> .


The framers hardly discussed the appropriations clause at the Constitutional Convention of 1787 , according to Madison 's notes .

The framers hardly discussed the appropriations clause at <event>the Constitutional Convention of 1787</event> , according to <person>Madison</person> 's notes .


To the extent they did , their concern was to ensure fiscal accountability .


Moreover , the framers believed that the nation needed a unitary executive with the independence and resources to perform the executive functions that the Confederation Congress had performed poorly under the Articles of Confederation .

Moreover , the framers believed that the nation needed a unitary executive with the independence and resources to perform the executive functions that <org>the Confederation Congress</org> had performed poorly under <law>the Articles of Confederation</law> .


It would contradict that objective if the appropriations clause -LRB- technically a limitation on legislative power -RRB- could be read as placing the president on Congress 's short leash , making the executive consist of the president and every member of Congress .

It would contradict that objective if the appropriations clause -LRB- technically a limitation on legislative power -RRB- could be read as placing the president on <org>Congress</org> 's short leash , making the executive consist of the president and every member of <org>Congress</org> .


As it went to the conference panel now deliberating , the appropriations bill for the executive office of the president for fiscal 1990 contained some breathtaking attempts by Congress to rewrite the Constitution under the pretext of protecting the public 's money .

As it went to the conference panel now deliberating , the appropriations bill for the executive office of the president for <date>fiscal 1990</date> contained some breathtaking attempts by <org>Congress</org> to rewrite the <law>Constitution</law> under the pretext of protecting the public 's money .


During the coming weeks , President Bush must decide whether to veto the bills containing them -- or , alternatively , to sign these bills into law with a statement declaring their intrusions on executive power to be in violation of Article II , and thus void and severable .

During <date>the coming weeks</date> , President <person>Bush</person> must decide whether to veto the bills containing them -- or , alternatively , to sign these bills into law with a statement declaring their intrusions on executive power to be in violation of <law>Article II</law> , and thus void and severable .


The 1990 appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by Article II .

The <date>1990</date> appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by <law>Article II</law> .


Article II places on the president the duty to nominate , `` and by and with the Advice and Consent of the Senate '' appoint , ambassadors , judges , and other officers of the U.S. .

<law>Article II</law> places on the president the duty to nominate , `` and by and with the Advice and Consent of the <org>Senate</org> '' appoint , ambassadors , judges , and other officers of the <gpe>U.S.</gpe> .


It also empowers the president to make recess appointments , without Senate approval : `` The President shall have Power to fill up all Vacancies that may happen during the Recess of the Senate , by granting Commissions which shall expire at the End of their next Session . ''

It also empowers the president to make recess appointments , without <org>Senate</org> approval : `` The President shall have Power to fill up all Vacancies that may happen during the Recess of the <org>Senate</org> , by granting Commissions which shall expire at the End of their next Session . ''


Yet Section 605 of the appropriations bill for the executive office provides : `` No part of any appropriation for the current fiscal year contained in this or any other Act shall be paid to any person for the filling of any position for which he or she has been nominated after the Senate has voted not to approve the nomination of said person . ''

Yet <law>Section 605</law> of the appropriations bill for the executive office provides : `` No part of any appropriation for <date>the current fiscal year</date> contained in this or any other Act shall be paid to any person for the filling of any position for which he or she has been nominated after the <org>Senate</org> has voted not to approve the nomination of said person . ''


Thus , with one brief passage in an appropriations bill , Congress repeals the president 's power to make recess appointments under Article II .

Thus , with one brief passage in an appropriations bill , <org>Congress</org> repeals the president 's power to make recess appointments under <law>Article II</law> .


Section 605 also imposes unconstitutional conditions on the president 's ability to nominate candidates of his choosing .

<law>Section 605</law> also imposes unconstitutional conditions on the president 's ability to nominate candidates of his choosing .


The language of the appropriations rider implies that any nomination to any position of a rejected nominee will result in the president being denied funding to pay that person 's salary .


The president could probably not avoid this restriction by choosing people willing to serve without pay , because the Anti-Deficiency Act prohibits voluntary service to the government .

The president could probably not avoid this restriction by choosing people willing to serve without pay , because <law>the Anti-Deficiency Act</law> prohibits voluntary service to the government .


The 1990 appropriations bills also contain a number of `` muzzling '' provisions that violate the recommendation clause in Article II of the Constitution .

The <date>1990</date> appropriations bills also contain a number of `` muzzling '' provisions that violate the recommendation clause in <law>Article II of the Constitution</law> .


Muzzling provisions , which might be called `` blindfold laws '' as well , prevent the executive branch from even looking at certain policy options , let alone from recommending them to Congress .

Muzzling provisions , which might be called `` blindfold laws '' as well , prevent the executive branch from even looking at certain policy options , let alone from recommending them to <org>Congress</org> .


Such laws violate the provision in Article II that requires the president to make recommendations to Congress , but which gives the president the discretion to select the subject matter of those recommendations .

Such laws violate the provision in <law>Article II</law> that requires the president to make recommendations to <org>Congress</org> , but which gives the president the discretion to select the subject matter of those recommendations .


Typically , these laws seek to prevent executive branch officials from inquiring into whether certain federal programs make any economic sense or proposing more market - oriented alternatives to regulations .


Probably the most egregious example is a proviso in the appropriations bill for the executive office that prevents the president 's Office of Management and Budget from subjecting agricultural marketing orders to any cost - benefit scrutiny .

Probably the most egregious example is a proviso in the appropriations bill for the executive office that prevents the president 's <org>Office of Management and Budget</org> from subjecting agricultural marketing orders to any cost - benefit scrutiny .


There is something inherently suspect about Congress 's prohibiting the executive from even studying whether public funds are being wasted in some favored program or other .

There is something inherently suspect about <org>Congress</org> 's prohibiting the executive from even studying whether public funds are being wasted in some favored program or other .


Perhaps none of the unconstitutional conditions contained in the appropriations bills for fiscal 1990 better illustrates Congress 's attempt to usurp executive power than Section 609 of the executive - office bill : `` of the funds made available pursuant to the provisions of this Act shall be used to implement , administer , or enforce any regulation which has been disapproved pursuant to a resolution of disapproval duly adopted in accordance with the applicable law of the United States . ''

Perhaps none of the unconstitutional conditions contained in the appropriations bills for <date>fiscal 1990</date> better illustrates <org>Congress</org> 's attempt to usurp executive power than <law>Section 609</law> of the executive - office bill : `` of the funds made available pursuant to the provisions of this <law>Act</law> shall be used to implement , administer , or enforce any regulation which has been disapproved pursuant to a resolution of disapproval duly adopted in accordance with the applicable law of <gpe>the United States</gpe> . ''


This provision amounts to a legislative veto over the president 's execution of the law , since a one - house resolution could be said to be `` duly adopted '' even though it would require neither bicameral action in Congress nor presentation to the president for his signature or veto .

This provision amounts to a legislative veto over the president 's execution of the law , since a <cardinal>one</cardinal> - house resolution could be said to be `` duly adopted '' even though it would require neither bicameral action in <org>Congress</org> nor presentation to the president for his signature or veto .


The Supreme Court 's decision in INS v. Chadha held that legislative vetoes are unconstitutional .

<org>The Supreme Court 's</org> decision in <org>INS</org> v. <person>Chadha</person> held that legislative vetoes are unconstitutional .


President Bush should veto appropriations acts that contain these kinds of unconstitutional conditions on the president 's ability to discharge his duties and exercise his prerogatives .

President <person>Bush</person> should veto appropriations acts that contain these kinds of unconstitutional conditions on the president 's ability to discharge his duties and exercise his prerogatives .


If President Bush fails to do so in his first year , he will invite Congress , for the remainder of his presidency , to rewrite Article II of the Constitution to suit its purposes .

If President <person>Bush</person> fails to do so in his <date>first year</date> , he will invite <org>Congress</org> , for the remainder of his presidency , to rewrite <law>Article II of the Constitution</law> to suit its purposes .


What becomes custom in the Bush administration will only become more difficult for future presidents , including Democrats , to undo .

What becomes custom in the <person>Bush</person> administration will only become more difficult for future presidents , including <norp>Democrats</norp> , to undo .


President Reagan learned that lesson .

President <person>Reagan</person> learned that lesson .


By 1987 , then - Speaker Jim Wright was discussing arms control in Moscow with Mikhail Gorbachev and then attempting to direct the president , through an appropriations rider , to treat the Soviets as though the Senate had ratified SALT II .

By <date>1987</date> , then - Speaker <person>Jim Wright</person> was discussing arms control in <gpe>Moscow</gpe> with <person>Mikhail Gorbachev</person> and then attempting to direct the president , through an appropriations rider , to treat the <norp>Soviets</norp> as though the <org>Senate</org> had ratified <law>SALT II</law> .


If a veto is unworkable because it would leave part of the executive branch unfunded , the president could sign the appropriations bills into law and assert a power of excision , declaring the rider restricting his Article II powers to be unconstitutional and severable .

If a veto is unworkable because it would leave part of the executive branch unfunded , the president could sign the appropriations bills into law and assert a power of excision , declaring the rider restricting his <law>Article II</law> powers to be unconstitutional and severable .


The Constitution does not expressly give the president such power .

The <law>Constitution</law> does not expressly give the president such power .


However , the president does have a duty not to violate the Constitution .

However , the president does have a duty not to violate the <law>Constitution</law> .


The question is whether his only means of defense is the veto .


Excision of appropriations riders that trespass on the president 's duties and prerogative under Article II would be different from the line - item veto .

Excision of appropriations riders that trespass on the president 's duties and prerogative under <law>Article II</law> would be different from the line - item veto .


As discussed in the context of controlling federal spending , the line - item veto is characterized as a way for the president to excise perfectly constitutional provisions in a spending bill that are objectionable merely because they conflict with his policy objectives .


The excision of unconstitutional conditions in an appropriations bill would be a power of far more limited applicability .


One could argue that it is not an assertion of a item veto at all for the president , by exerting a power of excision , to resist unconstitutional conditions in legislation that violate the separation of powers .


There is no downside if the president asserts a right of excision over unconstitutional conditions in the fiscal 1990 appropriations bills .

There is no downside if the president asserts a right of excision over unconstitutional conditions in the <date>fiscal 1990</date> appropriations bills .


If Congress does nothing , President Bush will have won .

If <org>Congress</org> does nothing , President <person>Bush</person> will have won .


If Congress takes the dispute to the Supreme Court -LRB- assuming it can establish standing to sue -RRB- , President Bush might win .

If <org>Congress</org> takes the dispute to <org>the Supreme Court</org> -LRB- assuming it can establish standing to sue -RRB- , President <person>Bush</person> might win .


In that case , he might receive an opinion from the court that is a vindication of the president 's right to perform the duties and exercise the prerogatives the framers thought should be entrusted to the executive .


If President Bush loses at the court , it might be disappointing , as Morrison v. Olson was for the Reagan administration .

If President <person>Bush</person> loses at the court , it might be disappointing , as <person>Morrison</person> v. <person>Olson</person> was for the <person>Reagan</person> administration .


But the presidency would be no worse off than it is now .

But the presidency would be no worse off than it is <date>now</date> .


Moreover , the electorate would have received a valuable civics lesson in how the separation of powers works in practice .


As it stands now , Congress presumes after the Reagan administration that the White House will take unconstitutional provisions in appropriations bills lying down .

As it stands now , <org>Congress</org> presumes after the <person>Reagan</person> administration that <org>the White House</org> will take unconstitutional provisions in appropriations bills lying down .


President Bush should set things straight .

President <person>Bush</person> should set things straight .


If he does not , he will help realize Madison 's fear in The Federalist No. 48 of a legislature `` everywhere extending the sphere of its activity and drawing all powers into its impetuous vortex . ''

If he does not , he will help realize <person>Madison</person> 's fear in <work_of_art>The Federalist No. 48</work_of_art> of a legislature `` everywhere extending the sphere of its activity and drawing all powers into its impetuous vortex . ''


Mr. Sidak served as an attorney in the Reagan administration .

Mr. <person>Sidak</person> served as an attorney in the <person>Reagan</person> administration .


His longer analysis of executive power and the appropriations clause is to appear in the Duke Law Journal later this year .

His longer analysis of executive power and the appropriations clause is to appear in <org>the Duke Law Journal</org> <date>later this year</date> .


FALL BALLOT ISSUES set a record for off - year elections .

<date>FALL</date> BALLOT ISSUES set a record for <date>off - year</date> elections .


Odd - year elections attract relatively few ballot issues .

<date>Odd - year</date> elections attract relatively few ballot issues .


But the 1989 fall total of 80 , while well below 1988 activity , shows `` a steady ratcheting up in citizen referenda and initiatives , '' says Patrick McGuigan , editor of Family , Law and Democracy Report .

But <date>the 1989 fall</date> total of <cardinal>80</cardinal> , while well below <date>1988</date> activity , shows `` a steady ratcheting up in citizen referenda and initiatives , '' says <person>Patrick McGuigan</person> , editor of <org>Family , Law and Democracy Report</org> .


He says the 10 citizen - sparked issues on state ballots this fall represent the most in any odd - year this decade .

He says the <cardinal>10</cardinal> citizen - sparked issues on state ballots <date>this fall</date> represent the most in <date>any odd - year this decade</date> .


Ballot questions range from a Maine initiative on banning Cruise missiles to a referendum on increasing the North Dakota income tax .

Ballot questions range from a <gpe>Maine</gpe> initiative on banning <product>Cruise</product> missiles to a referendum on increasing the <gpe>North Dakota</gpe> income tax .


Ballot watchers say attention already is focused on the 1990 elections .

Ballot watchers say attention already is focused on the <date>1990</date> elections .


In California , two petition drives for next year 's election are `` essentially finished , '' says David Schmidt , author of `` Citizen Lawmakers . ''

In <gpe>California</gpe> , <cardinal>two</cardinal> petition drives for <date>next year 's</date> election are `` essentially finished , '' says <person>David Schmidt</person> , author of `` <work_of_art>Citizen Lawmakers</work_of_art> . ''


Mr. McGuigan cites three completed efforts in Oklahoma .

Mr. <person>McGuigan</person> cites <cardinal>three</cardinal> completed efforts in <gpe>Oklahoma</gpe> .


Hot ballot topics are expected to be abortion , the environment and insurance reform .


Taking a cue from California , more politicians will launch their campaigns by backing initiatives , says David Magleby of Brigham Young University .

Taking a cue from <gpe>California</gpe> , more politicians will launch their campaigns by backing initiatives , says <person>David Magleby</person> of <org>Brigham Young University</org> .


PHOTOGRAPH COLLECTING gains new stature as prices rise .


Price records are being set at auctions this week .

Price records are being set at auctions <date>this week</date> .


At Christie 's , a folio of 21 prints from Alfred Stieglitz 's `` Equivalents '' series sold for $ 396,000 , a single - lot record .

At <org>Christie 's</org> , a folio of <cardinal>21</cardinal> prints from <person>Alfred Stieglitz 's</person> `` <work_of_art>Equivalents</work_of_art> '' series sold for $ <money>396,000</money> , a single - lot record .


Other works also have been exceeding price estimates .


In part , prices reflect development of a market structure based on such variables as the number of prints .


This information used to be poorly documented and largely anecdotal , says Beth Gates - Warren of Sotheby 's .

This information used to be poorly documented and largely anecdotal , says <person>Beth Gates - Warren</person> of <org>Sotheby 's</org> .


`` There is finally some sort of sense in the market , '' she says .


Corporations and museums are among the serious buyers , giving greater market stability , says Robert Persky of the Photograph Collector .

Corporations and museums are among the serious buyers , giving greater market stability , says <person>Robert Persky</person> of <org>the Photograph Collector</org> .


`` When I see prints going into the hands of institutions , I know they are n't going to come back on the market . ''


Most in demand : classic photographs by masters such as Stieglitz and Man Ray .

Most in demand : classic photographs by masters such as <person>Stieglitz</person> and <person>Man Ray</person> .


But much contemporary work is also fetching `` a great deal of money , '' says Miles Barth of the International Center of Photography .

But much contemporary work is also fetching `` a great deal of money , '' says <person>Miles Barth</person> of <org>the International Center of Photography</org> .


DIALING 900 brings callers a growing number of services .


Currently a $ 300 million - a - year business , 900 telephone service is expected to hit $ 500 million next year and near $ 2 billion by 1992 as uses for the service continue to expand , says Joel Gross of Donaldson , Lufkin & Jenrette Inc .

Currently a <money>$ 300 million</money> - a - year business , 900 telephone service is expected to hit <money>$ 500 million</money> <date>next year</date> and near <money>$ 2 billion</money> by <date>1992</date> as uses for the service continue to expand , says <person>Joel Gross</person> of <org>Donaldson , Lufkin & Jenrette Inc</org> .


The service -- which costs the caller from 30 cents to $ 25 a minute -- currently is dominated by celebrity chatter , horoscopes and romance lines .

The service -- which costs the caller from <money>30 cents</money> to $ <money>25</money> a minute -- currently is dominated by celebrity chatter , horoscopes and romance lines .


But more serious applications are in the wings , and that is where the future growth is expected .


`` I 'm starting to see more business transactions , '' says Andrea West of American Telephone & Telegraph Co. , noting growing interest in use of 900 service for stock sales , software tutorials and even service contracts .

`` I 'm starting to see more business transactions , '' says <person>Andrea West</person> of <org>American Telephone & Telegraph Co.</org> , noting growing interest in use of 900 service for stock sales , software tutorials and even service contracts .


Colleges , she says , are eyeing registration through 900 service .


Charities test the waters , but they face legal barriers to electronic fund raising .


`` The thing that will really break this market right open is merchandising , '' Ms. West says .

`` The thing that will really break this market right open is merchandising , '' Ms. <person>West</person> says .


Much of the 800 service will `` migrate to 900 , '' predicts Jack Lawless , general manager of US Sprint 's 900 product .

Much of the 800 service will `` migrate to 900 , '' predicts <person>Jack Lawless</person> , general manager of <org>US Sprint 's</org> 900 product .


FAMILY PETS are improving recovery rates of patients at Columbia Hospital , Milwaukee .

FAMILY PETS are improving recovery rates of patients at <org>Columbia Hospital</org> , <gpe>Milwaukee</gpe> .


Patients who receive canine or feline visitors are found to have lower blood pressure and improved appetite and be more receptive to therapy , says Mary Ann O'Loughlin , program coordinator .

Patients who receive canine or feline visitors are found to have lower blood pressure and improved appetite and be more receptive to therapy , says <person>Mary Ann O'Loughlin</person> , program coordinator .


TIRED OF TRIMMING ?


Hammacher Schlemmer & Co. offers a fiber - optic Christmas tree that eliminates the need to string lights .

<org>Hammacher Schlemmer & Co.</org> offers a fiber - optic <date>Christmas</date> tree that eliminates the need to string lights .


The $ 6,500 tree is designed to send continuously changing colored light to dozens of fiber - end bunches .

The $ <money>6,500</money> tree is designed to send continuously changing colored light to dozens of fiber - end bunches .


MEDICINE TRANSPLANT : Growth of Japanese trade and travel prompts Beth Israel Medical Center , New York , to set up a bilingual medical practice .

MEDICINE TRANSPLANT : Growth of <norp>Japanese</norp> trade and travel prompts <org>Beth Israel Medical Center</org> , <gpe>New York</gpe> , to set up a bilingual medical practice .


Funded by a $ 1 million gift from Tokio Marine & Fire Insurance , the service will follow Japanese medical protocols , including emphasis on preventative medicine .

Funded by a <money>$ 1 million</money> gift from <org>Tokio Marine & Fire Insurance</org> , the service will follow <norp>Japanese</norp> medical protocols , including emphasis on preventative medicine .


DIAPER SERVICES make a comeback amid growing environmental concerns .


Concerned about shrinking landfills and the safety of chemicals used in super-absorbent disposables , parents are returning to the cloth diaper .


Tiny Tots Inc. , Campbell , Calif. , says business is up 35 % in the past year .

<org>Tiny Tots Inc.</org> , <gpe>Campbell</gpe> , <gpe>Calif.</gpe> , says business is up <percent>35 %</percent> in <date>the past year</date> .


`` We 're gaining 1,200 new customers each week , '' says Jack Mogavero of General Health Care Corp. , Piscataway , N.J .

`` We 're gaining <cardinal>1,200</cardinal> new customers <date>each week</date> , '' says <person>Jack Mogavero</person> of <org>General Health Care Corp.</org> , <gpe>Piscataway</gpe> , <gpe>N.J</gpe> .


In Syracuse , N.Y. , DyDee Service 's new marketing push stresses environmental awareness .

In <gpe>Syracuse</gpe> , <gpe>N.Y.</gpe> , <org>DyDee Service 's</org> new marketing push stresses environmental awareness .


Among its new customers : day - care centers that previously spurned the service .


The National Association of Diaper Services , Philadelphia , says that since January it has gotten more than 672 inquiries from people interested in starting diaper services .

<org>The National Association of Diaper Services</org> , <gpe>Philadelphia</gpe> , says that since <date>January</date> it has gotten <cardinal>more than 672</cardinal> inquiries from people interested in starting diaper services .


Elisa Hollis launched a diaper service last year because State College , Pa. , where she lives , did n't have one .

<person>Elisa Hollis</person> launched a diaper service <date>last year</date> because <gpe>State College</gpe> , <gpe>Pa.</gpe> , where she lives , did n't have one .


Diaper shortages this summer limited growth at Stork Diaper Services , Springfield , Mass. , where business is up 25 % in

Diaper shortages <date>this summer</date> limited growth at <org>Stork Diaper Services</org> , <gpe>Springfield</gpe> , <gpe>Mass.</gpe> , where business is up <percent>25 %</percent> in


Also spurring the move to cloth : diaper covers with Velcro fasteners that eliminate the need for safety pins .

Also spurring the move to cloth : diaper covers with <product>Velcro</product> fasteners that eliminate the need for safety pins .


BRIEFS :


Only 57.6 % of New Yorkers watch the local news , the lowest viewership in the country , says a new study by Impact Resources Inc. , Columbus , Ohio ... .

<percent>Only 57.6 %</percent> of <norp>New Yorkers</norp> watch the local news , the lowest viewership in the country , says a new study by <org>Impact Resources Inc.</org> , <gpe>Columbus</gpe> , <gpe>Ohio</gpe> ... .


FreudToy , a pillow bearing the likeness of Sigmund Freud , is marketed as a $ 24.95 tool for do - it - yourself analysis .

<product>FreudToy</product> , a pillow bearing the likeness of <person>Sigmund Freud</person> , is marketed as a $ <money>24.95</money> tool for do - it - yourself analysis .


Program trading is `` a racket , '' complains Edward Egnuss , a White Plains , N.Y. , investor and electronics sales executive , `` and it 's not to the benefit of the small investor , that 's for sure . ''

Program trading is `` a racket , '' complains <person>Edward Egnuss</person> , a <gpe>White Plains</gpe> , <gpe>N.Y.</gpe> , investor and electronics sales executive , `` and it 's not to the benefit of the small investor , that 's for sure . ''


But although he thinks that it is hurting him , he doubts it could be stopped .


Mr. Egnuss 's dislike of program trading is echoed by many small investors interviewed by Wall Street Journal reporters across the country .

Mr. <person>Egnuss</person> 's dislike of program trading is echoed by many small investors interviewed by <org>Wall Street Journal</org> reporters across the country .


But like Mr. Egnuss , few expect it to be halted entirely , and a surprising number doubt it should be .

But like Mr. <person>Egnuss</person> , few expect it to be halted entirely , and a surprising number doubt it should be .


`` I think program trading is basically unfair to the individual investor , '' says Leo Fields , a Dallas investor .

`` I think program trading is basically unfair to the individual investor , '' says <person>Leo Fields</person> , a <gpe>Dallas</gpe> investor .


He notes that program traders have a commission cost advantage because of the quantity of their trades , that they have a smaller margin requirement than individual investors do and that they often can figure out earlier where the market is heading .


But he blames program trading for only some of the market 's volatility .


He also considers the market overvalued and cites the troubles in junk bonds .


He adds : `` The market may be giving us another message , that a recession is looming . ''


Or , as Dorothy Arighi , an interior decorator in Arnold , Calif. , puts it : `` All kinds of funny things spook the market these days . ''

Or , as <person>Dorothy Arighi</person> , an interior decorator in <gpe>Arnold</gpe> , <gpe>Calif.</gpe> , puts it : `` All kinds of funny things spook the market <date>these days</date> . ''


But she believes that `` program trading creates deviant swings .


It 's not a sound thing ; there 's no inherent virtue in it . ''


She adds that legislation curbing it would be `` a darned good idea . ''


At the Charles Schwab & Co. office in Atlanta 's Buckhead district , a group of investors voices skepticism that federal officials would curb program trading .

At the <org>Charles Schwab & Co.</org> office in <gpe>Atlanta</gpe> 's <gpe>Buckhead</gpe> district , a group of investors voices skepticism that federal officials would curb program trading .


Citing the October 1987 crash , Glenn Miller says , `` It 's like the last crash -- they threatened , but no one did anything . ''

Citing the <date>October 1987</date> crash , <person>Glenn Miller</person> says , `` It 's like the last crash -- they threatened , but no one did anything . ''


A. Donald Anderson , a 59 - year - old Los Angeles investor who says the stock market 's `` fluctuations and gyrations give me the heebie - jeebies , '' does n't see much point in outlawing program trading .

<person>A. Donald Anderson</person> , a <date>59 - year - old</date> <gpe>Los Angeles</gpe> investor who says the stock market 's `` fluctuations and gyrations give me the heebie - jeebies , '' does n't see much point in outlawing program trading .


Those who still want to do it `` will just find some way to get around '' any attempt to curb it .


Similarly , Rick Wamre , a 31 - year - old asset manager for a Dallas real - estate firm , would like to see program trading disappear because `` I ca n't see that it does anything for the market or the country . ''

Similarly , <person>Rick Wamre</person> , a <date>31 - year - old</date> asset manager for a <gpe>Dallas</gpe> real - estate firm , would like to see program trading disappear because `` I ca n't see that it does anything for the market or the country . ''


Yet he is n't in favor of new legislation .


`` I think we 've got enough securities laws , '' he says .


`` I 'd much rather see them dealing with interest rates and the deficit . ''


Peter Anthony , who runs an employment agency in New York , decries program trading as `` limiting the game to a few , '' but he also is n't sure it should be more strictly regulated .

<person>Peter Anthony</person> , who runs an employment agency in <gpe>New York</gpe> , decries program trading as `` limiting the game to a few , '' but he also is n't sure it should be more strictly regulated .


`` I do n't want to denounce it because denouncing it would be like denouncing capitalism , '' he explains .


And surprising numbers of small investors seem to be adapting to greater stock market volatility and say they can live with program trading .


Glenn Britta , a 25 - year - old New York financial analyst who plays options for his personal account , says he is `` factoring '' the market 's volatility `` into investment decisions . ''

<person>Glenn Britta</person> , a <date>25 - year - old</date> <gpe>New York</gpe> financial analyst who plays options for his personal account , says he is `` factoring '' the market 's volatility `` into investment decisions . ''


He adds that program trading `` increases liquidity in the market .


You ca n't hold back technology . ''


And the practice should n't be stopped , he says , because `` even big players are n't immune to the rigors of program trading . ''


Also in New York , Israel Silverman , an insurance - company lawyer , comments that program trading `` increases volatility , but I do n't think it should be banned .

Also in <gpe>New York</gpe> , <person>Israel Silverman</person> , an insurance - company lawyer , comments that program trading `` increases volatility , but I do n't think it should be banned .


There 's no culprit here .


The market is just becoming more efficient . ''


Arbitraging on differences between spot and futures prices is an important part of many financial markets , he says .


He adds that his shares in a company savings plan are invested in a mutual fund , and volatility , on a given day , may hurt the fund .

He adds that his shares in a company savings plan are invested in a mutual fund , and volatility , on <date>a given day</date> , may hurt the fund .


But `` I 'm a long - term investor , '' he says .


`` If you were a short - term investor , you might be more leery about program trading . ''


Jim Enzor of Atlanta defends program trading because he believes that it can bring the market back up after a plunge .

<person>Jim Enzor</person> of <gpe>Atlanta</gpe> defends program trading because he believes that it can bring the market back up after a plunge .


`` If we have a real bad day , the program would say , ` Buy , ' '' he explains .

`` If we have <date>a real bad day</date> , the program would say , ` Buy , ' '' he explains .


`` If you could get the rhythm of the program trading , you could take advantage of it . ''


What else can a small investor do ?


Scott Taccetta , a Chicago accountant , is going into money - market funds .

<person>Scott Taccetta</person> , a <gpe>Chicago</gpe> accountant , is going into money - market funds .


Mr. Taccetta says he had just recouped the $ 5,000 he lost in the 1987 crash when he lost more money last Oct. 13 .

Mr. <person>Taccetta</person> says he had just recouped the $ <money>5,000</money> he lost in the <date>1987</date> crash when he lost more money last <date>Oct. 13</date> .


Now , he plans to sell all his stocks by the first quarter of 1990 .

Now , he plans to sell all his stocks by <date>the first quarter of 1990</date> .


In October , before the market dropped , Mrs. Arighi of Arnold , Calif. , moved to sell the `` speculative stocks '' in her family trust `` so we will be able to withstand all this flim - flammery '' caused by program trading .

In <date>October</date> , before the market dropped , Mrs. <person>Arighi</person> of <gpe>Arnold</gpe> , <gpe>Calif.</gpe> , moved to sell the `` speculative stocks '' in her family trust `` so we will be able to withstand all this flim - flammery '' caused by program trading .


She believes that the only answer for individuals is to `` buy stocks that 'll weather any storm . ''


Lucille Gorman , an 84 - year - old Chicago housewife , has become amazingly immune to stock - market jolts .

<person>Lucille Gorman</person> , an <date>84 - year - old</date> <gpe>Chicago</gpe> housewife , has become amazingly immune to stock - market jolts .


Mrs. Gorman took advantage of low prices after the 1987 crash to buy stocks and has hunted for other bargains since the Oct. 13 plunge .

Mrs. <person>Gorman</person> took advantage of low prices after the <date>1987</date> crash to buy stocks and has hunted for other bargains since the <date>Oct. 13</date> plunge .


`` My stocks are all blue chips , '' she says .


`` If the market goes down , I figure it 's paper profits I 'm losing .


On the other hand , if it goes way sky high , I always sell .


You do n't want to get yourself too upset about these things .


Although his team lost the World Series , San Francisco Giants owner Bob Lurie hopes to have a new home for them .

Although his team lost <event>the World Series</event> , <org>San Francisco Giants</org> owner <person>Bob Lurie</person> hopes to have a new home for them .


He is an avid fan of a proposition on next week 's ballot to help build a replacement for Candlestick Park .

He is an avid fan of a proposition on <date>next week 's</date> ballot to help build a replacement for <fac>Candlestick Park</fac> .


Small wonder , since he 's asking San Francisco taxpayers to sink up to $ 100 million into the new stadium .

Small wonder , since he 's asking <gpe>San Francisco</gpe> taxpayers to sink up to <money>$ 100 million</money> into the new stadium .


As San Francisco digs out from The Pretty Big One , opponents say the last thing the city can afford is an expensive new stadium .

As <gpe>San Francisco</gpe> digs out from <event>The Pretty Big One</event> , opponents say the last thing the city can afford is an expensive new stadium .


A stadium craze is sweeping the country .


It 's fueled by the increasing profitability of major - league teams .


Something like one - third of the nation 's 60 largest cities are thinking about new stadiums , ranging from Cleveland to San Antonio and St. Petersburg .

Something like <cardinal>one - third</cardinal> of the nation 's <cardinal>60</cardinal> largest cities are thinking about new stadiums , ranging from <gpe>Cleveland</gpe> to <gpe>San Antonio</gpe> and <gpe>St. Petersburg</gpe> .


Most boosters claim the new sports complexes will be moneymakers for their city .


Pepperdine University economist Dean Baim scoffs at that .

<org>Pepperdine University</org> economist <person>Dean Baim</person> scoffs at that .


He has looked at 14 baseball and football stadiums and found that only one -- private Dodger Stadium -- brought more money into a city than it took out .

He has looked at <cardinal>14</cardinal> baseball and football stadiums and found that <cardinal>only one</cardinal> -- private <fac>Dodger Stadium</fac> -- brought more money into a city than it took out .


Stadiums tend to redistribute existing wealth within a community , not create more of it .


Voters generally agree when they are given a chance to decide if they want to sink their own tax dollars into a new mega-stadium .


San Francisco voters rejected a new ballpark two years ago .

<gpe>San Francisco</gpe> voters rejected a new ballpark <date>two years ago</date> .


Last month , Phoenix voters turned thumbs down on a $ 100 million stadium bond and tax proposition .

<date>Last month</date> , <gpe>Phoenix</gpe> voters turned thumbs down on a <money>$ 100 million</money> stadium bond and tax proposition .


Its backers fielded every important interest on their team -- a popular mayor , the Chamber of Commerce , the major media -- and spent $ 100,000 on promotion .

Its backers fielded every important interest on their team -- a popular mayor , <org>the Chamber of Commerce</org> , the major media -- and spent $ <money>100,000</money> on promotion .


But voters decided that if the stadium was such a good idea someone would build it himself , and rejected it 59 % to 41 % .

But voters decided that if the stadium was such a good idea someone would build it himself , and rejected it <percent>59 %</percent> to <percent>41 %</percent> .


In San Francisco , its backers concede the ballpark is at best running even in the polls .

In <gpe>San Francisco</gpe> , its backers concede the ballpark is at best running even in the polls .


George Christopher , the former San Francisco mayor who built Candlestick Park for the Giants in the 1960s , wo n't endorse the new ballpark .

<person>George Christopher</person> , the former <gpe>San Francisco</gpe> mayor who built <fac>Candlestick Park</fac> for the <org>Giants</org> in <date>the 1960s</date> , wo n't endorse the new ballpark .


He says he had Candlestick built because the Giants claimed they needed 10,000 parking spaces .

He says he had <fac>Candlestick</fac> built because the <org>Giants</org> claimed they needed <cardinal>10,000</cardinal> parking spaces .


Since the new park will have only 1,500 spaces , Mr. Christopher thinks backers are playing some fiscal `` games '' of their own with the voters .

Since the new park will have <cardinal>only 1,500</cardinal> spaces , Mr. <person>Christopher</person> thinks backers are playing some fiscal `` games '' of their own with the voters .


Stadium boosters claim that without public money they would never be built .


Miami Dolphins owner Joe Robbie disagrees , and he can prove it .

<org>Miami Dolphins</org> owner <person>Joe Robbie</person> disagrees , and he can prove it .


Several years ago he gave up trying to persuade Miami to improve its city - owned Orange Bowl , and instead built his own $ 100 million coliseum with private funds .

<date>Several years ago</date> he gave up trying to persuade <gpe>Miami</gpe> to improve its city - owned <fac>Orange Bowl</fac> , and instead built his own <money>$ 100 million</money> coliseum with private funds .


He did n't see why the taxpayers should help build something he would then use to turn a healthy profit .


`` This stadium shows that anything government can do , we can do better , '' Mr. Robbie says .

`` This stadium shows that anything government can do , we can do better , '' Mr. <person>Robbie</person> says .


But to Moon Landrieu , the former New Orleans mayor who helped build that city 's cavernous , money - losing Superdome , questions of who benefits or the bottom line are of little relevance .

But to <person>Moon Landrieu</person> , the former <gpe>New Orleans</gpe> mayor who helped build that city 's cavernous , money - losing <fac>Superdome</fac> , questions of who benefits or the bottom line are of little relevance .


`` The Superdome is an exercise in optimism , a statement of faith , '' he has said .

`` The <fac>Superdome</fac> is an exercise in optimism , a statement of faith , '' he has said .


`` It is the very building of it that is important , not how much of it is used or its economics . ''


An Egyptian Pharaoh could n't have justified his pyramids any better .

An <norp>Egyptian</norp> Pharaoh could n't have justified his pyramids any better .


But civilization has moved forward since then .


Today taxpayers get to vote , most of the time , on whether they want to finance the building schemes of our modern political pharaohs , or let private money erect these playgrounds for public passions .

<date>Today</date> taxpayers get to vote , most of the time , on whether they want to finance the building schemes of our modern political pharaohs , or let private money erect these playgrounds for public passions .


A man from the Bush administration came before the House Agriculture Committee yesterday to talk about the U.S. 's intention to send some $ 100 million in food aid to Poland , with more to come from the EC .

A man from the <person>Bush</person> administration came before <org>the House Agriculture Committee</org> <date>yesterday</date> to talk about the <gpe>U.S.</gpe> 's intention to send <money>some $ 100 million</money> in food aid to <gpe>Poland</gpe> , with more to come from the <org>EC</org> .


The committee 's members are worried what all this free food might do to the economic prospects of Poland 's own farmers .

The committee 's members are worried what all this free food might do to the economic prospects of <gpe>Poland</gpe> 's own farmers .


Rep. Gary Ackerman noted that past food aid had harmed farmers in El Salvador and Egypt .

Rep. <person>Gary Ackerman</person> noted that past food aid had harmed farmers in <gpe>El Salvador</gpe> and <gpe>Egypt</gpe> .


However well intentioned , food transfers have the habit of growing larger and wrecking the market incentives for the recipient country 's own farmers .


The First World has for some time had the bad habit of smothering other people 's economies with this kind of unfocused kindness .


It should be constantly stressed that Poland 's farmers mostly need a real market for their products .

It should be constantly stressed that <gpe>Poland</gpe> 's farmers mostly need a real market for their products .


ORTEGA ENDED a truce with the Contras and said elections were threatened .

<person>ORTEGA</person> ENDED a truce with the <org>Contras</org> and said elections were threatened .


The Nicaraguan president , citing attacks by the U.S. - backed rebels , suspended a 19 - month - old cease - fire and accused Bush of `` promoting death . ''

The <norp>Nicaraguan</norp> president , citing attacks by the <gpe>U.S.</gpe> - backed rebels , suspended a <date>19 - month - old</date> cease - fire and accused <person>Bush</person> of `` promoting death . ''


While he reaffirmed support for the country 's Feb. 25 elections , Ortega indicated that renewed U.S. military aid to the Contras could thwart the balloting .

While he reaffirmed support for the country 's <date>Feb. 25</date> elections , <person>Ortega</person> indicated that renewed <gpe>U.S.</gpe> military aid to the <org>Contras</org> could thwart the balloting .


He said U.S. assistance should be used to demobilize the rebels .

He said <gpe>U.S.</gpe> assistance should be used to demobilize the rebels .