The Washington Post, October 28th, 1997
Q: Why did stock prices tumble on Wall Street yesterday? A: Partly because stock prices got too high relative to the profits of the underlying companies, the size of the economy and the returns investors were getting from less risky investments such as government bonds. Q: But that's been true for months. Why is this happening now? A: All it takes to burst a speculative bubble is a definitive bit of bad news and we got that this week from Asia. Investors concluded that the tumble in Asian financial markets will mean slower economic growth in that region, and thus lower sales and profits for th...
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