( S ( NP-SBJ-1 ( DT A ) ( JJ similiar ) ( NN proposal ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP W. ) ( NNP Herbert ) ( NNP Hunt ) ( NN case ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( DT the ) ( NNP IRS ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN at ) ( NP ( NNS odds ) ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ non-dischargable ) ( NN debt ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN government ) ) ) ( PP ( IN from ) ( NP ( JJ future ) ( NNS earnings ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A similiar proposal has been made in the W. Herbert Hunt case although he and the IRS are at odds over the size of the non-dischargable debt he would have to pay to the government from future earnings


( S ( PP-LOC ( IN In ) ( NP ( DT both ) ( NNS cases ) ) ) ( NP-SBJ ( NP ( NNP Minpeco ) ) ( CC and ) ( NP ( NNP Manufacturers ) ( NNP Hanover ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG fighting ) ( ADVP-MNR ( RB ferociously ) ) ( PP-CLR ( IN over ) ( NP ( NP ( PRP$ their ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN pie ) ) ) ) ) ) ) ) )

In both cases Minpeco and Manufacturers Hanover have been fighting ferociously over their shares of the pie


( S ( PP ( IN With ) ( NP ( NP ( NN support ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP IRS ) ) ) ) ) ( NP-SBJ-1 ( NNP Manufacturers ) ( NNP Hanover ) ) ( VP ( VBZ has ) ( VP ( VBN filed ) ( NP ( NN suit ) ) ( S-CLR ( VP ( VBG asking ) ( NP-2 ( NNP Judge ) ( NNP Abramson ) ) ( S ( VP ( TO to ) ( VP ( VB subordinate ) ( NP ( NP ( NNP Minpeco ) ( POS 's ) ) ( NN claim ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manufacturer ) ( NNP Hanover ) ) ( CC and ) ( NP ( DT the ) ( NNP IRS ) ) ) ) ) ) ) ) ) ) ) ) ) )

With support from the IRS Manufacturers Hanover has filed suit asking Judge Abramson to subordinate Minpeco 's claim to those of Manufacturer Hanover and the IRS


( S ( NP-SBJ ( NNP Minpeco ) ) ( VP ( VBZ has ) ( VP ( VBN threatened ) ( NP ( NP ( DT a ) ( NN volcano ) ) ( PP ( IN of ) ( NP ( NN litigation ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Corp. ) ( NN unit ) ) ( VP ( VBZ attempts ) ( S ( VP ( TO to ) ( VP ( VB force ) ( NP ( JJ such ) ( DT a ) ( NN plan ) ) ( PP-DIR ( IN through ) ( NP ( DT the ) ( NN court ) ) ) ) ) ) ) ) ) ) ) ) )

Minpeco has threatened a volcano of litigation if the Manufacturers Hanover Corp. unit attempts to force such a plan through the court


( S ( NP-SBJ ( NNP Minpeco ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB pursue ) ( NP ( JJ such ) ( NN litigation ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( PRP$ its ) ( NN settlement ) ( NN plan ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP W. ) ( NNP Herbert ) ( NNP Hunt ) ( NN case ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Judge ) ( NNP Abramson ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB consider ) ( NP ( DT the ) ( NN proposal ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN hearing ) ) ) ( NP-TMP ( IN next ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Minpeco said it would n't pursue such litigation if its settlement plan in the W. Herbert Hunt case is approved by Judge Abramson who will consider the proposal at a hearing next week


( S ( S ( NP-SBJ ( NNP Minpeco ) ( NN attorney ) ( NNP Thomas ) ( NNP Gorman ) ) ( VP ( VBD decribed ) ( NP ( DT the ) ( NN plan ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ( NN step ) ) ( PP ( IN toward ) ( NP ( NP ( DT an ) ( JJ overall ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP W. ) ( NNP Herbert ) ( NNP Hunt ) ( NN case ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP Hugh ) ( NNP Ray ) ) ( NP ( NP ( NN attorney ) ) ( PP ( IN for ) ( NP ( NNP Manufacturers ) ( NNP Hanover ) ) ) ) ) ( VP ( VP ( VBD called ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ silly ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB fight ) ( NP ( PRP it ) ) ( PP-LOC ( IN in ) ( NP ( NN court ) ) ) ) ) ) ) ) ) ) )

Minpeco attorney Thomas Gorman decribed the plan as one step toward an overall settlement of the W. Herbert Hunt case but Hugh Ray attorney for Manufacturers Hanover called it silly and said he would fight it in court


( SINV ( S-TPC-5 ( NP-SBJ ( DT The ) ( NN thing ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ fluid ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( RB really ) ( DT no ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB happen ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Justice ) ( NNP Department ) ( NN attorney ) ( NNP Grover ) ( NNP Hartt ) ( NNP III ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ represents ) ( NP ( DT the ) ( NNP IRS ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) )

The thing is so fluid right now that there 's really no way to say what will happen says Justice Department attorney Grover Hartt III who represents the IRS in the case


( S ( NP-SBJ ( NP ( NNS Developments ) ) ( PP ( IN like ) ( NP ( DT this ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ hard ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB predict ) ) ) ) ) ) ) )

Developments like this are hard to predict


( S ( NP-SBJ ( DT A ) ( JJ House-Senate ) ( NN conference ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( ADJP ( QP ( RB nearly ) ( CD 17 ) ( CD billion ) ) ) ( NNP State ) ( NNP Justice ) ( CC and ) ( NNP Commerce ) ( NNP Department ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( JJ federal ) ( NNS reparations ) ) ( PP ( IN for ) ( NP ( NP ( NNS Japanese-Americans ) ) ( VP ( VBN held ) ( PP-LOC ( IN in ) ( NP ( NNP World ) ( NNP War ) ( NNP II ) ( NN internment ) ( NNS camps ) ) ) ) ) ) ) ( NP-PRD ( DT a ) ( JJ legal ) ( NN entitlement ) ) ( PP-TMP ( IN after ) ( NP ( JJ next ) ( NNP Oct. ) ( CD 1 ) ) ) ) ) ) ) ) ) )

A House-Senate conference approved a nearly 17 billion State Justice and Commerce Department bill that makes federal reparations for Japanese-Americans held in World War II internment camps a legal entitlement after next Oct. 1


( S ( S ( NP-SBJ ( DT The ) ( NN measure ) ) ( VP ( VBZ provides ) ( NP ( NP ( DT no ) ( NN money ) ) ( PP ( IN for ) ( NP ( DT the ) ( VBN promised ) ( NNS payments ) ) ) ) ( PP-TMP ( IN until ) ( NP ( RB then ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( VBG beginning ) ( PP ( IN in ) ( NP ( JJ fiscal ) ( CD 1991 ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( VBN committed ) ( PP ( TO to ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NP ( JJ annual ) ( NNS payments ) ) ( PP ( IN of ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 500 ) ( CD million ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( JJ total ) ( NN liability ) ) ( PP ( IN of ) ( NP ( QP ( RB approximately ) ( CD 1.25 ) ( CD billion ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN paid ) ) ) ) ) ) ) ) ) ) ) ) )

The measure provides no money for the promised payments until then but beginning in fiscal 1991 the government would be committed to meeting annual payments of as much as 500 million until the total liability of approximately 1.25 billion is paid


( S ( NP-SBJ-2 ( DT The ) ( NN action ) ) ( VP ( VP ( VBZ abandons ) ( NP ( JJR earlier ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( VBG offsetting ) ( NNS cuts ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fund ) ( NP ( DT the ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ is ) ( ADVP ( RB widely ) ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ realistic ) ) ( NNS means ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG expediting ) ( NP ( NP ( NNS reparations ) ) ( VP ( ADVP ( RB first ) ) ( VBN authorized ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) )

The action abandons earlier efforts to find offsetting cuts to fund the payments but is widely seen as a more realistic means of expediting reparations first authorized in 1988


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBD sent ) ( PP-DTV ( TO to ) ( NP ( NNP President ) ( NNP Bush ) ) ) ( NP ( NP ( DT a ) ( JJ fiscal ) ( CD 1990 ) ( NN bill ) ) ( VP ( VBG providing ) ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 156.7 ) ( CD billion ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNP Departments ) ) ( PP ( IN of ) ( NP ( NP ( NNP Labor ) ) ( NP ( NNP Education ) ) ( NP ( NP ( NNP Health ) ) ( CC and ) ( NP ( NNP Human ) ( NNP Services ) ) ) ) ) ) ) ) ) ) ) ) ) )

The action came as Congress sent to President Bush a fiscal 1990 bill providing an estimated 156.7 billion for the Departments of Labor Education Health and Human Services


( S ( NP-SBJ ( JJ Final ) ( NN approval ) ) ( VP ( VBD was ) ( PP-PRD ( IN on ) ( NP ( NP ( DT a ) ( CD 67-31 ) ( NN roll ) ( NN call ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ( SBAR ( WHNP-32 ( WDT which ) ) ( S ( VP ( VBZ sets ) ( NP ( NP ( DT the ) ( NN stage ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN veto ) ( NN confrontation ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( RB publicly ) ( VBN financed ) ( NNS abortions ) ) ( PP ( IN for ) ( NP ( JJ poor ) ( NNS women ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Final approval was on a 67-31 roll call in the Senate which sets the stage for a veto confrontation with Mr. Bush over the issue of publicly financed abortions for poor women


( S ( S ( S-ADV ( VP ( VBG Reversing ) ( NP ( DT an ) ( JJ eight-year ) ( JJ federal ) ( NN policy ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN measure ) ) ( VP ( VBZ supports ) ( NP ( NP ( NNP Medicaid ) ( NNS abortions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS cases ) ) ( PP ( IN of ) ( NP ( NN rape ) ( CC and ) ( NN incest ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( VP ( VBN refused ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( NP ( DT any ) ( JJ specific ) ( NN exemption ) ) ( PP ( IN beyond ) ( NP ( NP ( NNS instances ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN mother ) ( POS 's ) ) ( NN life ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NN danger ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Reversing an eight-year federal policy the measure supports Medicaid abortions in cases of rape and incest but Mr. Bush has so far refused to support any specific exemption beyond instances in which the mother 's life is in danger


( S ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( NN veto ) ( NN power ) ) ( VP ( VBZ puts ) ( NP ( PRP him ) ) ( X-PUT ( NP ( DT a ) ( VBG commanding ) ( NN position ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( RB narrowly ) ( VBN divided ) ( NNP House ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT a ) ( NN vote ) ( S ( VP ( TO to ) ( VP ( VB override ) ( NP ( PRP$ his ) ( NN position ) ) ) ) ) ) ( VP ( MD could ) ( ADVP ( RB well ) ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( JJ new ) ( NN support ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN wealth ) ) ( PP ( IN of ) ( NP ( NP ( NN health ) ( CC and ) ( NN education ) ( NNS programs ) ) ( VP ( VBN financed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ underlying ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bush 's veto power puts him a commanding position in the narrowly divided House but a vote to override his position could well pick up new support because of the wealth of health and education programs financed in the underlying bill


( S ( NP-SBJ ( NP ( DT The ) ( NN measure ) ) ( RRC ( PP-LOC ( IN before ) ( NP ( DT the ) ( NN conference ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( VBZ funds ) ( NP ( NP ( DT the ) ( NNP Departments ) ) ( PP ( IN of ) ( NP ( NNP State ) ( NNP Justice ) ( CC and ) ( NNP Commerce ) ) ) ) ( PP-TMP ( IN through ) ( NP ( JJ fiscal ) ( CD 1990 ) ) ) ) )

The measure before the conference yesterday funds the Departments of State Justice and Commerce through fiscal 1990


( S ( S ( NP-SBJ-1 ( NP ( DT An ) ( VBN estimated ) ( QP ( CD 1.32 ) ( CD billion ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN provided ) ( PP-2 ( IN for ) ( NP ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( NN census ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS negotiators ) ) ( VP ( VBD stripped ) ( NP ( NP ( DT a ) ( JJ Senate-passed ) ( NN rider ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NP ( DT the ) ( NN counting ) ) ( PP ( IN of ) ( NP ( JJ illegal ) ( NNS aliens ) ) ) ) ) ) ) ) ) ) ) )

An estimated 1.32 billion is provided for next year 's census and negotiators stripped a Senate-passed rider seeking to block the counting of illegal aliens


( S ( ADVP-LOC ( RB Elsewhere ) ( PP ( IN in ) ( NP ( DT the ) ( NNP Commerce ) ( NNP Department ) ) ) ) ( NP-SBJ-1 ( NP ( QP ( RB nearly ) ( CD 191.2 ) ( CD million ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN preserved ) ( PP-2 ( IN for ) ( NP ( NP ( NN assistance ) ( NNS programs ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Economic ) ( NNP Development ) ( NNP Administration ) ) ) ) ) ) ) )

Elsewhere in the Commerce Department nearly 191.2 million is preserved for assistance programs under the Economic Development Administration


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN footnote ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN fall ) ) ( PP ( IN of ) ( NP ( NNP House ) ( NNP Speaker ) ( NNP James ) ( NNP Wright ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN conference ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB rescind ) ( NP ( NP ( QP ( CD 11.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ unspent ) ( NNP EDA ) ( NNS funds ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Fort ) ( NNP Worth ) ( NNP Texas ) ) ( NNS stockyards ) ( NN project ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD figured ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNS ethics ) ( NNS charges ) ) ( PP ( IN against ) ( NP ( DT the ) ( JJ former ) ( JJ Democratic ) ( NN leader ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And in a footnote to the fall of House Speaker James Wright this year the conference voted to rescind 11.8 million in unspent EDA funds for a Fort Worth Texas stockyards project that figured in ethics charges against the former Democratic leader


( S ( S ( NP-SBJ ( JJ Fiscal ) ( NNS pressures ) ) ( ADVP ( RB also ) ) ( VP ( VBD forced ) ( NP ( NP ( DT the ) ( NN adoption ) ) ( PP ( IN of ) ( NP ( NP ( JJ new ) ( NNS fees ) ) ( VP ( VBN charged ) ( PP ( IN by ) ( NP-LGS ( JJ federal ) ( NNS agencies ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT an ) ( ADJP ( CD 18 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( POS 's ) ) ( NN budget ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN financed ) ( ADVP-MNR ( RB entirely ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( VBN added ) ( QP ( CD 26 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN filing ) ( NNS fees ) ) ) ) ) ) ) ) ) )

Fiscal pressures also forced the adoption of new fees charged by federal agencies and an 18 % increase in the Securities and Exchange Commission 's budget would be financed entirely by an added 26 million in filing fees


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ unprecedented ) ( NN step ) ) ) ( NP-SBJ-2 ( DT the ) ( NN measure ) ) ( VP ( VBZ anticipates ) ( NP ( NP ( DT another ) ( QP ( CD 30 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS receipts ) ) ) ) ( PP ( IN by ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Federal ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP Investigation ) ) ) ) ( VP ( VP ( VB charge ) ( PP-CLR ( IN for ) ( NP ( NN fingerprint ) ( NNS services ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ civil ) ( NNS cases ) ) ) ) ( NP ( NP ( DT a ) ( NN change ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB almost ) ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NNP Pentagon ) ( NNS costs ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG processing ) ( NP ( NNS personnel ) ( CC and ) ( NN security ) ( NNS clearances ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In an unprecedented step the measure anticipates another 30 million in receipts by having the Federal Bureau of Investigation charge for fingerprint services in civil cases a change that is almost certain to increase Pentagon costs in processing personnel and security clearances


( S ( NP-SBJ ( DT The ) ( NN bill ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB include ) ( NP ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 1.9 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ supplemental ) ( JJ anti-drug ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( UCP ( NNP Justice ) ( NNP Department ) ( CC and ) ( JJ law-enforcement ) ) ( NNS accounts ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADVP ( RB still ) ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NN conference ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP House ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bill does n't include an estimated 1.9 billion in supplemental anti-drug funds for Justice Department and law-enforcement accounts that are still in conference with the House


( S ( CC But ) ( NP-SBJ-2 ( NP ( NN yesterday ) ( POS 's ) ) ( NN agreement ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJR easier ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NN state ) ( NNS governments ) ) ( VP ( TO to ) ( VP ( VB handle ) ( NP ( DT the ) ( VBN promised ) ( NN aid ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG deferring ) ( PP-TMP ( IN for ) ( NP ( CD one ) ( NN year ) ) ) ( NP ( NP ( DT a ) ( VBN scheduled ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( VBN required ) ( NN state ) ( NN matching ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( JJ law-enforcement ) ( NNS grants ) ) ) ) ) ) ) ) ) ) ) )

But yesterday 's agreement would make it easier for state governments to handle the promised aid by deferring for one year a scheduled 50 % increase in the required state matching funds for law-enforcement grants


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ-1 ( DT the ) ( NN measure ) ) ( VP ( VBZ adjusts ) ( NP ( DT the ) ( JJ current ) ( VBG funding ) ( NN formula ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB promise ) ( NP ( NP ( JJR smaller ) ( NNS states ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP New ) ( NNP Hampshire ) ) ( CC and ) ( NP ( NNP Delaware ) ) ) ) ) ( NP ( NP ( DT a ) ( NN minimum ) ( NN allocation ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 1.6 ) ( CD million ) ) ) ( NP-ADV ( DT each ) ) ( PP ( IN in ) ( NP ( NN drug ) ( NNS grants ) ) ) ) ( CC or ) ( NP ( QP ( CD three ) ( NNS times ) ) ( DT the ) ( JJ current ) ( NN minimum ) ) ) ) ) ) ) ) ) )

Similarly the measure adjusts the current funding formula to promise smaller states such as New Hampshire and Delaware a minimum allocation of 1.6 million each in drug grants or three times the current minimum


( S ( S ( NP-SBJ ( NP ( DT The ) ( JJ odd ) ( NN mix ) ) ( PP ( IN of ) ( NP ( NNS departments ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN bill ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( JJR more ) ( NN eclectic ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ annual ) ( NNS appropriations ) ( NNS measures ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ assorted ) ( NNS provisions ) ) ( VP ( VBN attached ) ( PP ( IN by ) ( NP-LGS ( NNS lawmakers ) ) ) ) ) ( VP ( VBP run ) ( PP-CLR ( PP ( IN from ) ( NP ( NP ( QP ( CD 1.5 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN fish ) ( NN farm ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arkansas ) ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN music ) ( NN festival ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moscow ) ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP United ) ( NNP States ) ( NNP Information ) ( NNP Agency ) ) ) ) ) ) ) ) )

The odd mix of departments in the bill makes it one of the more eclectic of the annual appropriations measures and the assorted provisions attached by lawmakers run from 1.5 million for a fish farm in Arkansas to a music festival in Moscow under the United States Information Agency


( S ( NP-SBJ ( NNS Lawmakers ) ) ( VP ( VP ( VBD scrapped ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 7.4 ) ( CD million ) ) ) ( NNP State ) ( NNP Department ) ( NN request ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD 1992 ) ( NNP Expo ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Seville ) ) ( NP ( NNP Spain ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD agreed ) ( ADVP-LOC ( RB elsewhere ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 15,000 ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN oil ) ( NN portrait ) ) ( PP ( IN of ) ( NP ( JJ former ) ( NNP Chief ) ( NNP Justice ) ( NNP Warren ) ( NNP Burger ) ) ) ) ) ) ) ) ) )

Lawmakers scrapped all of a 7.4 million State Department request for the 1992 Expo in Seville Spain but agreed elsewhere to 15,000 for an oil portrait of former Chief Justice Warren Burger


( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Commerce ) ( NNP Committee ) ( NNP Chairman ) ( NNP Ernest ) ( NNP Hollings ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP S.C. ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ chairs ) ( NP ( DT the ) ( NNP Senate ) ( NNS appropriations ) ( NN subcommittee ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN department ) ) ) ) ) ) ) ( VP ( VBD attached ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( JJ advanced ) ( NN technology ) ( NN initiative ) ) ( PP ( VBG including ) ( NP ( NP ( NN work ) ) ( PP ( IN on ) ( NP ( JJ high-definition ) ( NN television ) ) ) ) ) ) ) ) ) )

Senate Commerce Committee Chairman Ernest Hollings D. S.C. who also chairs the Senate appropriations subcommittee for the department attached 10 million for an advanced technology initiative including work on high-definition television


( S ( NP-SBJ-1 ( NP ( PRP$ His ) ( JJ Republican ) ( NN counterpart ) ) ( NP ( NP ( NNP Sen. ) ( NNP Warren ) ( NNP Rudman ) ) ( PRN ( NP ( NP ( NNP R. ) ) ( NP-LOC ( NNP N.H. ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( NP ( PRP$ his ) ( NN position ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB wage ) ( NP ( DT a ) ( JJ legislative ) ( NN war ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ conservative ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Legal ) ( NNP Services ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

His Republican counterpart Sen. Warren Rudman R. N.H. has used his position to wage a legislative war with the conservative board of the Legal Services Corp


( S ( S ( NP-SBJ-2 ( DT An ) ( VBN estimated ) ( QP ( CD 321 ) ( CD million ) ) ) ( VP ( VBZ is ) ( VP ( VBN provided ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-4 ( NNP Mr. ) ( NNP Rudman ) ) ( ADVP ( RB also ) ) ( VP ( VBD succeeded ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG attaching ) ( NP ( NP ( NN language ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NP ( DT the ) ( NN authority ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( NN board ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( JJ new ) ( NNS members ) ) ( VP ( VBP are ) ( VP ( VBN confirmed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An estimated 321 million is provided to maintain the program but Mr. Rudman also succeeded in attaching language seeking to curb the authority of the current board until new members are confirmed


( S ( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ effective ) ( NN date ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( JJ new ) ( NNS regulations ) ) ( PP ( IN by ) ( NP ( DT the ) ( JJ current ) ( NN board ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN delayed ) ( PP-TMP ( IN until ) ( NP ( NP ( NNP Oct. ) ( CD 1 ) ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT the ) ( NN bill ) ) ( VP ( VBZ seeks ) ( S ( VP ( TO to ) ( VP ( VB reverse ) ( NP ( NP ( NNS efforts ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN corporation ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB cut ) ( PRT ( RP off ) ) ( NP ( NP ( NNS funds ) ) ( PP ( TO to ) ( NP ( NP ( NN service ) ( NNS organizations ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( NNP Food ) ( NNP Research ) ( CC and ) ( NNP Action ) ( NNP Center ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The effective date of any new regulations by the current board would be delayed until Oct. 1 next year and the bill seeks to reverse efforts by the corporation to cut off funds to service organizations such as the Food Research and Action Center


( S ( NP-SBJ ( DT The ) ( NN bill ) ) ( ADVP ( RB also ) ) ( VP ( VBZ provides ) ( NP ( NP ( NP ( QP ( CD 620.5 ) ( CD million ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( NNP U.S. ) ( NNS contributions ) ) ( PP ( TO to ) ( NP ( JJ international ) ( NNS organizations ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( JJ peace-keeping ) ( NNS activities ) ) ) ) ) ) )

The bill also provides 620.5 million to meet U.S. contributions to international organizations and 80 million for peace-keeping activities


( S ( NP-SBJ ( DT Both ) ( NNS accounts ) ) ( VP ( VBP reflect ) ( NP ( NP ( JJ significant ) ( NNS increases ) ) ( PP ( IN from ) ( NP ( JJ fiscal ) ( CD 1989 ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NP ( DT the ) ( NN amount ) ) ( PP ( IN for ) ( NP ( NN peace-keeping ) ) ) ) ( VP ( VBZ shows ) ( NP ( NP ( DT a ) ( ADJP ( CD 27 ) ( NN % ) ) ( NN cut ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( NN request ) ) ) ) ) ) ) ) )

Both accounts reflect significant increases from fiscal 1989 although the amount for peace-keeping shows a 27 % cut from the administration 's request


( S ( S ( ADVP-TMP ( RB NOW ) ) ( NP-SBJ ( PRP YOU ) ) ( VP ( VBP SEE ) ( NP ( PRP IT ) ) ) ) ( S ( ADVP-TMP ( RB now ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ) ) )

NOW YOU SEE IT now you do n't


( S ( NP-PRD-TPC-1 ( DT The ) ( NN recession ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) )

The recession that is


( S ( NP-SBJ ( NP ( DT The ) ( NN economy ) ( POS 's ) ) ( NN stutter ) ( NNS steps ) ) ( VP ( VBP leave ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBG wondering ) ( SBAR ( CC whether ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP are ) ( VP ( VP ( VBG slowing ) ( PRT ( RP down ) ) ) ( CC or ) ( VP ( VBG speeding ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) )

The economy 's stutter steps leave investors wondering whether things are slowing down or speeding up


( SINV ( ADVP-TMP ( ADVP ( RB So ) ( RB often ) ) ) ( VBP are ) ( NP-SBJ ( NN government ) ( NNS statistics ) ) ( VP ( VBD revised ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB resemble ) ( NP ( DT a ) ( JJ spinning ) ( NN weather ) ( NN vane ) ) ) ) ) ) ) ) )

So often are government statistics revised that they seem to resemble a spinning weather vane


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ past ) ( CD seven ) ( NNS years ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBD had ) ( NP ( DT the ) ( NN wind ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ their ) ( NNS backs ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( RB generally ) ( VBG growing ) ) ( NN economy ) ) ) ) ) ) ) )

For the past seven years investors have had the wind at their backs in the form of a generally growing economy


( S ( S ( NP-SBJ ( DT Some ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN forgotten ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT some ) ( JJR younger ) ( NNS ones ) ) ( VP ( MD may ) ( ADVP-TMP ( RB never ) ) ( VP ( VB have ) ( VP ( VBN experienced ) ) ) ) ) ( SBAR-2 ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( PP-PRD ( JJ like ) ) ( S-3 ( VP ( TO to ) ( VP ( VB invest ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) )

Some may have forgotten and some younger ones may never have experienced what it 's like to invest during a recession


( S ( NP-SBJ-1 ( JJ Different ) ( NNS tactics ) ) ( VP ( VBP are ) ( VP ( VBN called ) ( PP ( IN for ) ) ( SBAR-ADV ( IN as ) ( S ( S ( S-NOM-SBJ ( VP ( VBG losing ) ( NP ( NN money ) ) ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJR easier ) ) ) ) ( CC and ) ( S ( S-NOM-SBJ ( VP ( VBG making ) ( NP ( NN money ) ) ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJR tougher ) ) ) ) ) ) ) ) )

Different tactics are called for as losing money becomes easier and making money becomes tougher


( S ( PP ( IN For ) ( NP ( NP ( DT those ) ( NNS investors ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP believe ) ( PRN ( CC or ) ( VBP fear ) ) ( SBAR ( DT that ) ( S ( NP-SBJ ( CD 1990 ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN recession ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS economists ) ( CC and ) ( NN money ) ( NNS managers ) ) ( VP ( VBP agree ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS steps ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN taken ) ( S-PRP ( VP ( TO to ) ( VP ( VB lower ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For those investors who believe or fear that 1990 will be a recession year many economists and money managers agree on steps that can be taken to lower the risks in a portfolio


( S ( PP ( IN In ) ( NP ( DT a ) ( NN nutshell ) ) ) ( NP-SBJ ( NNS pros ) ) ( VP ( VBP advise ) ( NP-2 ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP expect ) ( NP ( DT a ) ( NN slowdown ) ) ) ) ) ) ( S ( VP ( VP ( TO to ) ( VP ( VB hold ) ( NP ( NP ( JJR fewer ) ( NNS stocks ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB favor ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( JJ big ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( JJ defensive ) ( NNS industries ) ) ) ) ) ) ) ) ) ) ) )

In a nutshell pros advise investors who expect a slowdown to hold fewer stocks than usual and to favor shares of big companies in defensive industries


( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ heavy ) ( NN dose ) ) ( PP ( IN of ) ( NP ( NN cash ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN prescribed ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ heavier-than-usual ) ( NN allotment ) ) ( PP ( TO to ) ( NP ( NP ( NNS bonds ) ) ( ADVP ( RB preferably ) ) ( NP ( NN government ) ( NNS bonds ) ) ) ) ) ) ) ) ) )

A heavy dose of cash is prescribed along with a heavier-than-usual allotment to bonds preferably government bonds


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ tempting ) ) ( S-2 ( VP ( TO to ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ-1 ( DT these ) ( JJ defensive ) ( NNS steps ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN delayed ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( ADVP ( RB clearly ) ) ( PP-PRD ( IN at ) ( NP ( NN hand ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's tempting to think these defensive steps can be delayed until a recession is clearly at hand


( S ( CC But ) ( NP-SBJ ( DT that ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNS recessions ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP take ) ( NP ( NNS investors ) ) ( PP-MNR ( IN by ) ( NP ( NN surprise ) ) ) ) ) ) ) ) )

But that may not be possible because recessions often take investors by surprise


( S ( NP-SBJ-1 ( PRP They ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB come ) ( ADVP-TMP ( NP ( DT a ) ( NN bit ) ) ( RBR later ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP expect ) ) ) ) ) ) ) ) ) )

They always seem to come a bit later than you expect


( SINV ( S-TPC-2 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( VP ( VB hit ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP hit ) ( ADVP-MNR ( RB fast ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP A. ) ( NNP Wyss ) ) ( NP ( NP ( JJ chief ) ( JJ financial ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Data ) ( NNP Resources ) ( NN division ) ) ( PP ( IN of ) ( NP ( NNP McGraw-Hill ) ( NNP Inc ) ) ) ) ) ) ) )

When they do hit they hit fast says David A. Wyss chief financial economist at the Data Resources division of McGraw-Hill Inc


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( NP ( PRP himself ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( NP ( NP ( DT a ) ( NN recession ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wyss ) ) ( VP ( VBZ advises ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP do ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJS best ) ( NN thing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN in ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( ADJP ( ADJP ( JJ long ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) ) ) ( ADJP ( JJ 20-year ) ( TO to ) ( JJ 30-year ) ) ) ( NNP Treasury ) ( NNS bonds ) ) ) ) ) ) )

Though he himself does n't expect a recession soon Mr. Wyss advises people who do that the best thing to be in is long that is 20-year to 30-year Treasury bonds


( S ( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN reason ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ simple ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wyss ) ) ( VP ( VBZ says ) ) ) ( S ( NP-SBJ ( NN Interest ) ( NNS rates ) ) ( ADVP-TMP ( RB almost ) ( RB always ) ) ( VP ( VBP decline ) ( PP-TMP ( IN during ) ( NP ( NN recession ) ) ) ) ) )

The reason is simple Mr. Wyss says Interest rates almost always decline during recession


( S ( ADVP ( RB As ) ( RB surely ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT a ) ( NN seesaw ) ) ( VP ( VBZ tilts ) ) ) ) ) ( NP-SBJ ( VBG falling ) ( NN interest ) ( NNS rates ) ) ( VP ( VBP force ) ( ADVP-DIR ( RB up ) ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( ADJP ( RB previously ) ( VBN issued ) ) ( NNS bonds ) ) ) ) ) )

As surely as a seesaw tilts falling interest rates force up the price of previously issued bonds


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( PP-PRD ( JJ worth ) ( NP ( JJR more ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP pay ) ( NP ( NP ( JJR higher ) ( NN interest ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( ADJP ( RB newly ) ( VBN issued ) ) ( NNS bonds ) ) ( VP ( VBP do ) ) ) ) ) ) ) ) ) )

They are worth more because they pay higher interest than newly issued bonds do


( S ( NP-SBJ-1 ( DT That ) ( NN effect ) ) ( VP ( VBZ holds ) ( S-CLR ( ADJP-PRD ( JJ true ) ) ) ( PP ( IN for ) ( NP ( ADJP ( DT both ) ( JJ short-term ) ( CC and ) ( JJ long-term ) ) ( NNS bonds ) ) ) ) )

That effect holds true for both short-term and long-term bonds


( S ( CC But ) ( NP-SBJ ( JJ short-term ) ( NNS bonds ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB rise ) ( ADVP-EXT ( RB too ) ( RB much ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN everyone ) ) ( VP ( VBZ knows ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( MD will ) ( VP ( VB be ) ( VP ( VBN redeemed ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ preset ) ( NN price ) ) ) ( ADVP-TMP ( RB fairly ) ( RB soon ) ) ) ) ) ) ) ) ) ) ) )

But short-term bonds ca n't rise too much because everyone knows they will be redeemed at a preset price fairly soon


( S ( NP-SBJ ( NP ( JJ Long-term ) ( NNS bonds ) ) ( PP ( IN with ) ( NP ( NP ( JJ many ) ( NNS years ) ) ( ADJP ( VBN left ) ) ( PP-TMP ( IN before ) ( NP ( NN maturity ) ) ) ) ) ) ( VP ( VBP swing ) ( ADVP-EXT ( RBR more ) ( RB widely ) ) ( PP-CLR ( IN in ) ( NP ( NN price ) ) ) ) )

Long-term bonds with many years left before maturity swing more widely in price


( S ( CC But ) ( NP-SBJ ( RB not ) ( RB just ) ( DT any ) ( NNS bonds ) ) ( VP ( MD will ) ( VP ( VB do ) ) ) )

But not just any bonds will do


( S ( S-TPC-1 ( NP-SBJ ( JJ Corporate ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( RB not ) ( NP-PRD ( DT a ) ( JJ good ) ( NN bet ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wyss ) ) ( VP ( VBZ says ) ) )

Corporate bonds are usually not a good bet in a recession Mr. Wyss says


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NNS times ) ) ( VP ( VBP get ) ( ADJP-PRD ( JJR tougher ) ) ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP fret ) ( PP-CLR ( IN about ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( JJ enough ) ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( PRP$ their ) ( NNS debts ) ) ) ) ) ) ) ) ) ) ) ) ) )

As times get tougher investors fret about whether companies will have enough money to pay their debts


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ hurts ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NNS bonds ) ) ) ) ) )

This hurts the price of corporate bonds


( S-1 ( ADVP ( RB Also ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ notes ) ) ) ) ( NP-SBJ ( JJS most ) ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ callable ) ) ) )

Also he notes most corporate bonds are callable


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( NN corporation ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( DT a ) ( VBN specified ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN passed ) ) ) ) ) ( VP ( MD can ) ( VP ( VB buy ) ( ADVP-CLR ( RB back ) ) ( NP ( PRP$ its ) ( NNS bonds ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG paying ) ( NP ( NNS investors ) ) ( NP ( NP ( DT the ) ( NN face ) ( NN value ) ) ( PRN ( CC plus ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS cases ) ) ) ( NP ( DT a ) ( NN sweetener ) ) ) ) ) ) ) ) ) ) ) ) )

That means that a corporation after a specified amount of time has passed can buy back its bonds by paying investors the face value plus in some cases a sweetener


( S ( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP have ) ( VP ( VBN dropped ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ makes ) ( NP ( NN sense ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( NNS corporations ) ) ( VP ( TO to ) ( VP ( VB do ) ( NP ( RB just ) ( DT that ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBP save ) ( PP-CLR ( IN on ) ( NP ( NN interest ) ( NNS costs ) ) ) ) ) )

When interest rates have dropped it makes sense for corporations to do just that they then save on interest costs


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBN left ) ( S ( VP ( VBN stranded ) ( PP ( IN with ) ( NP ( NP ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reinvest ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ puny ) ) ) ) ) ) ) ) ) )

But the investors are left stranded with money to reinvest at a time when interest rates are puny


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ bad ) ) ( PP-LOC ( IN in ) ( NP ( NNS recessions ) ) ) ) ) ) ( NP-SBJ-1 ( NN junk ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ) ( PP ( IN of ) ( NP ( DT all ) ) ) ) ) ) ) ) ) )

If corporate bonds are bad in recessions junk bonds are likely to be the worst of all


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( JJ absolute ) ( NN necessity ) ) ( S-2 ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( NN offing ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Avner ) ( NNP Arbel ) ) ( NP ( NP ( NN professor ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Cornell ) ( NNP University ) ) ) ) ) )

It 's an absolute necessity to get out of junk bonds when a recession is in the offing says Avner Arbel professor of finance at Cornell University


( S ( S ( NP-SBJ ( JJ Such ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB very ) ( JJ sensitive ) ( PP ( TO to ) ( NP ( DT the ) ( NN downside ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN disaster ) ) ) ) ) )

Such bonds are very sensitive to the downside and this could be a disaster


( S ( NP-SBJ ( JJ Municipal ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADVP ( RB generally ) ) ( ADJP-PRD ( ADJP ( ADJP ( DT a ) ( NN bit ) ( JJR safer ) ) ( PP ( IN than ) ( NP ( NP ( JJ corporate ) ( NNS bonds ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ( CC but ) ( ADJP ( ADJP ( RB not ) ( RB as ) ( JJ safe ) ) ( PP ( IN as ) ( NP ( NP ( NNS bonds ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ federal ) ( NN government ) ) ) ) ) ) ) ) ) )

Municipal bonds are generally a bit safer than corporate bonds in a recession but not as safe as bonds issued by the federal government


( S ( PP-TMP ( IN During ) ( NP ( DT an ) ( JJ economic ) ( NN slump ) ) ) ( NP-SBJ ( JJ local ) ( NN tax ) ( NNS revenues ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP go ) ( ADVP-DIR ( RB down ) ) ( S-ADV ( VP ( VBG raising ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT some ) ( NNS municipals ) ) ) ) ) ) ) ) )

During an economic slump local tax revenues often go down raising the risks associated with at least some municipals


( S ( CC And ) ( PP ( IN like ) ( NP ( NNS corporates ) ) ) ( NP-SBJ ( JJ many ) ( JJ municipal ) ( NNS bonds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ callable ) ) ) )

And like corporates many municipal bonds are callable


( S ( CC But ) ( NP-SBJ-1 ( DT a ) ( JJ few ) ( NNS experts ) ) ( S-ADV ( VP ( VBG going ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NN consensus ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNS bonds ) ) ( VP ( MD would ) ( VP ( VB help ) ( NP ( NNS investors ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( NN offing ) ) ) ) ) ) ) ) ) ) ) ) )

But a few experts going against the consensus do n't think bonds would help investors even if a recession is in the offing


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT these ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Jeffrey ) ( NNP L. ) ( NNP Beach ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Underwood ) ( NNP Neuhaus ) ) ( CC & ) ( NP ( NNP Co. ) ) ) ( NP ( NP ( DT a ) ( NN brokerage ) ( NN house ) ) ( PP-LOC ( IN in ) ( NP ( NNP Houston ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ thinks ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP 're ) ( UCP-PRD ( CC either ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN recession ) ) ) ( CC or ) ( ADJP ( IN about ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( IN into ) ( NP ( CD one ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of these is Jeffrey L. Beach director of research for Underwood Neuhaus & Co. a brokerage house in Houston who thinks that we 're either in a recession or about to go into one


( S ( S ( S-ADV ( NP-SBJ ( WP What ) ) ( VP ( VBZ 's ) ( NP-PRD ( JJR more ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJR nastier ) ( NN recession ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ) ) ) ) ) ) ) ( S ( SBAR-TMP ( RB Once ) ( S ( NP-SBJ ( DT the ) ( NN downturn ) ) ( VP ( VBZ comes ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ hard ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reverse ) ) ) ) ) ) ) ) ) ) ) ) )

What 's more he thinks this could be a nastier recession than usual Once the downturn comes it 's going to be very hard to reverse


( S-1 ( NP-SBJ-2 ( NNS Investors ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ advises ) ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ cautious ) ) ( S-ADV ( VP ( VP ( VBG holding ) ( NP ( NP ( JJR fewer ) ( NNS stocks ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ) ) ( CC and ) ( ADVP ( RB also ) ) ( VP ( VBG shunning ) ( NP ( NNS bonds ) ) ) ) ) ) ) )

Investors he advises should be cautious holding fewer stocks than usual and also shunning bonds


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ sees ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 5 ) ( NN % ) ( TO to ) ( CD 6 ) ( NN % ) ) ) ( NN base ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ doubts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( MD will ) ( VP ( VB fall ) ( ADVP-EXT ( RB much ) ) ( NP-TMP ( NP ( DT any ) ( NN time ) ) ( ADVP ( RB soon ) ) ) ) ) ) ) ) )

Because he sees a 5 % to 6 % base rate of inflation in the economy he doubts that interest rates will fall much any time soon


( S-1 ( ADVP ( RB Instead ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Beach ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB probably ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBG carrying ) ( NP ( NP ( DT a ) ( ADJP ( RB very ) ( JJ high ) ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NN cash ) ) ( SBAR ( WHPP-2 ( IN by ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ means ) ( NP ( NP ( JJ such ) ( JJ so-called ) ( NN cash ) ( NNS equivalents ) ) ( PP ( IN as ) ( NP ( NP ( JJ money-market ) ( NNS funds ) ) ( CC and ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Instead Mr. Beach says investors probably should be carrying a very high level of cash by which he means such so-called cash equivalents as money-market funds and Treasury bills


( S ( NP-SBJ ( NP ( NNP Greg ) ( NNP Confair ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sigma ) ( NNP Financial ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Allentown ) ) ( NP ( NNP Pa. ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ recommends ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB go ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN for ) ( NP ( NN cash ) ) ) ) ) ) ) )

Greg Confair president of Sigma Financial Inc. in Allentown Pa. also recommends that investors go heavily for cash


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB sure ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ other ) ( JJ likely ) ( NN alternative ) ) ( NP ( VBN reignited ) ( NN inflation ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB just ) ( RB as ) ( JJ bad ) ) ) ) ) ) ) )

He is n't sure a recession is coming but says the other likely alternative reignited inflation is just as bad


( S ( S-TPC-2 ( ADVP-TMP ( DT This ) ( JJ late ) ( PP ( IN in ) ( NP ( DT an ) ( NN expansion ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN economy ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB veer ) ( PRT ( RP off ) ) ( PP-DIR ( CC either ) ( PP ( IN into ) ( NP ( JJ damaging ) ( NN inflation ) ) ) ( CC or ) ( PP ( IN into ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Confair ) ) ( VP ( VBZ says ) ) )

This late in an expansion the economy tends to veer off either into damaging inflation or into a recession Mr. Confair says


( S-1 ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ( POS 's ) ) ( NN plan ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ soft ) ( NN landing ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ requires ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( TO to ) ( VP ( VB navigate ) ( NP ( DT an ) ( JJ ever-narrowing ) ( NN corridor ) ) ) ) ) ) )

The Federal Reserve Board 's plan for a soft landing he says requires the Fed to navigate an ever-narrowing corridor


( S ( S-TPC-3 ( NP-SBJ ( DT A ) ( JJ soft ) ( NN landing ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( NN something ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN achieved ) ( ADVP-TMP ( ADVP ( RB once ) ) ( CC and ) ( PP ( IN for ) ( NP ( DT all ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Confair ) ) ( VP ( VBZ adds ) ) )

A soft landing is n't something that can be achieved once and for all Mr. Confair adds


( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN engineered ) ( ADVP ( RB over ) ( CC and ) ( RB over ) ( RB again ) ) ( NP-ADV ( NP ( NN month ) ) ( PP ( IN after ) ( NP ( NN month ) ) ) ) ) ) ) ) ) )

It has to be engineered over and over again month after month


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN task ) ) ( VP ( VBG facing ) ( NP ( NNP Fed ) ( NNP Chairman ) ( NNP Alan ) ( NNP Greenspan ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ difficult ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ resembles ) ( S ( VP ( NN juggling ) ( NP ( NP ( DT a ) ( JJ double-bladed ) ( NN ax ) ) ( CC and ) ( NP ( DT a ) ( NN buzz ) ( NN saw ) ) ) ) ) ) ) ) ) ) ) ) ) )

He believes that the task facing Fed Chairman Alan Greenspan is so difficult that it resembles juggling a double-bladed ax and a buzz saw


( S ( CC And ) ( PP ( IN in ) ( NP ( DT a ) ( NN sense ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN task ) ) ) ( SBAR ( S ( NP-SBJ-2 ( NNS individuals ) ) ( VP ( VBP face ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG deciding ) ( SBAR ( WHNP-3 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN about ) ( NP ( NP ( NNS stocks ) ) ( NP ( NP ( DT the ) ( NN mainstay ) ) ( PP ( IN of ) ( NP ( NP ( JJS most ) ( JJ serious ) ( NNS investors ) ( POS ' ) ) ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And in a sense that 's the kind of task individuals face in deciding what to do about stocks the mainstay of most serious investors ' portfolios


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ comes ) ( ADVP-CLR ( RP down ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN question ) ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB time ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It comes down to a question of whether to try to time the market


( S ( PP ( IN For ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD can ) ( VP ( VB ride ) ( PRT ( RP out ) ) ( NP ( NN market ) ( NNS waves ) ) ( PP-TMP ( IN through ) ( NP ( NP ( JJ good ) ( NNS times ) ) ( CC and ) ( NP ( JJ bad ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( JJ rewarding ) ( JJ long-term ) ( NNS investments ) ) ) ) )

For people who can ride out market waves through good times and bad stocks have been rewarding long-term investments


( S ( NP-SBJ ( JJS Most ) ( NNS studies ) ) ( VP ( VBP show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD buy-and-hold ) ( NNS investors ) ) ( ADVP ( RB historically ) ) ( VP ( VBP have ) ( VP ( VBN earned ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN return ) ) ( PP ( IN from ) ( NP ( NNS stocks ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 9 ) ( NN % ) ( TO to ) ( CD 10 ) ( NN % ) ) ) ) ) ( PP ( VBG including ) ( NP ( DT both ) ( NNS dividends ) ( CC and ) ( NN price ) ( NN appreciation ) ) ) ) ) ) ) ) )

Most studies show that buy-and-hold investors historically have earned an annual return from stocks of 9 % to 10 % including both dividends and price appreciation


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( PP-PRD ( ADVP ( RB well ) ) ( IN above ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NNS bonds ) ( CC or ) ( NN bank ) ( NNS certificates ) ) ( VP ( VBP have ) ( VP ( VBN paid ) ) ) ) ) ) ) )

That 's well above what bonds or bank certificates have paid


( S ( ADVP ( RB Moreover ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT no ) ( PRP one ) ) ( VP ( VBZ knows ) ( PP-MNR ( IN for ) ( ADJP ( JJ sure ) ) ) ( SBAR ( ADVP ( RB just ) ) ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ) ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD should ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB worry ) ( ADVP ( RB too ) ( RB much ) ) ( PP-CLR ( IN about ) ( NP ( NN timing ) ) ) ) ) ) ) ) )

Moreover because no one knows for sure just when a recession is coming some analysts think investors should n't even worry too much about timing


( SINV ( S-TPC-2 ( S-NOM-SBJ ( VP ( VBG Trying ) ( S ( VP ( TO to ) ( VP ( NN time ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN mistake ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Katz ) ) ( NP ( NP ( JJ chief ) ( NN investment ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NP ( NNP Value ) ( NNP Matrix ) ( NNP Management ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

Trying to time the economy is a mistake says David Katz chief investment officer of Value Matrix Management Inc. in New York


( S ( NP-SBJ ( NNP Mr. ) ( NNP Katz ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT some ) ( NNS economists ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG predicting ) ( NP ( DT a ) ( NN recession ) ) ( PP-TMP ( IN for ) ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ) ( NNS years ) ) ) ) ) ) ) ) ) )

Mr. Katz notes that some economists have been predicting a recession for at least two years


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNS Investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD listened ) ) ( CC and ) ( VP ( VBD lightened ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB just ) ) ( VP ( VBN hurt ) ( NP ( PRP themselves ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Investors who listened and lightened up on stocks have just hurt themselves he says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Katz ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP jump ) ( PP-DIR ( PP ( IN in ) ) ( CC and ) ( PP ( IN out ) ( PP ( IN of ) ) ) ( NP-2 ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ right ) ) ( NP-TMP ( NP ( QP ( RB about ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN time ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB beat ) ( NP ( DT a ) ( JJ buy-and-hold ) ( NN strategy ) ) ) ) ) ) ) ) ) )

Mr. Katz adds that people who jump in and out of the stock market need to be right about 70 % of the time to beat a buy-and-hold strategy


( S ( NP-SBJ ( JJ Frequent ) ( NN trading ) ( NNS runs ) ) ( VP ( IN up ) ( NP ( JJ high ) ( NN commission ) ( NNS costs ) ) ) )

Frequent trading runs up high commission costs


( S ( CC And ) ( NP-SBJ ( DT the ) ( NN in-and-outer ) ) ( VP ( MD might ) ( VP ( VB miss ) ( NP ( NP ( DT the ) ( JJ sudden ) ( NNS spurts ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NNS gains ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) )

And the in-and-outer might miss the sudden spurts that account for much of the stock market 's gains over time


( S ( ADVP ( RB Still ) ) ( NP-SBJ-2 ( JJ few ) ( NNS investors ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB sit ) ( ADVP-CLR ( RB tight ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( VBN convinced ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ) ) ) ) ) ) ) ) ) )

Still few investors are able to sit tight when they are convinced a recession is coming


( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT all ) ( CD five ) ( NNS recessions ) ) ( PP ( IN since ) ( NP ( CD 1960 ) ) ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD declined ) ) )

After all in all five recessions since 1960 stocks declined


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNP Ned ) ( NNP Davis ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ned ) ( NNP Davis ) ( NNP Research ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Nokomis ) ) ( NP ( NNP Fla. ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ average ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( RB about ) ( CD 21 ) ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN decrease ) ) ( VP ( VBD began ) ( SBAR-TMP ( NP-ADV ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD six ) ( NNS months ) ) ) ) ( IN before ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( ADVP-MNR ( RB officially ) ) ( VP ( VBD started ) ) ) ) ) ) )

According to Ned Davis president of Ned Davis Research Inc. in Nokomis Fla. the average drop in the Dow Jones Industrial Average was about 21 % and the decrease began an average of six months before a recession officially started


( S ( S ( PP-TMP ( IN By ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ official ) ) ) ) ) ( PRN ( NP ( NP ( CD two ) ( JJ consecutive ) ( NNS quarters ) ) ( PP ( IN of ) ( NP ( VBG declining ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ) ) ) ( NP-SBJ ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN damage ) ) ( PP ( TO to ) ( NP ( NNS stocks ) ) ) ) ) ) ( VP ( VBZ has ) ( ADVP ( RB already ) ) ( VP ( VBN been ) ( VP ( VBN done ) ) ) ) ) ( CC and ) ( S ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ typical ) ( NN case ) ) ) ( NP-SBJ ( DT the ) ( NN recession ) ) ( VP ( VBZ is ) ( ADVP ( RB already ) ) ( ADJP-PRD ( RB half ) ( JJ over ) ) ) ) )

By the time a recession is official two consecutive quarters of declining gross national product much of the damage to stocks has already been done and in the typical case the recession is already half over


( S ( SBAR-TMP ( NP-ADV ( QP ( RB About ) ( CD six ) ) ( NNS months ) ) ( IN before ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ ends ) ) ) ) ( NP-SBJ-1 ( NNS stocks ) ) ( ADVP ( RB typically ) ) ( VP ( VBP begin ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( ADVP ( RB again ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP anticipate ) ( NP ( DT a ) ( NN recovery ) ) ) ) ) ) )

About six months before a recession ends stocks typically begin to rise again as investors anticipate a recovery


( S ( NP-SBJ ( DT The ) ( JJ average ) ( NN recession ) ) ( VP ( VBZ lasts ) ( NP ( QP ( RB about ) ( DT a ) ) ( NN year ) ) ) )

The average recession lasts about a year


( S ( ADVP ( RB Unfortunately ) ) ( ADVP ( RB though ) ) ( NP-SBJ ( NNS recessions ) ) ( VP ( VBP vary ) ( ADVP ( RB enough ) ) ( PP ( IN in ) ( NP ( NN length ) ) ) ( SBAR-1 ( RB so ) ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NN average ) ) ( VP ( MD ca ) ( RB n't ) ( ADVP ( RB reliably ) ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB guide ) ( NP ( NNS investors ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG timing ) ( NP ( NN stock ) ( NNS sales ) ( CC or ) ( NNS purchases ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unfortunately though recessions vary enough in length so that the average ca n't reliably be used to guide investors in timing stock sales or purchases


( S ( CC But ) ( NP-ADV ( NP ( WDT whatever ) ( PRP$ their ) ( NN advice ) ) ( PP ( IN about ) ( NP ( NN timing ) ) ) ) ( NP-SBJ ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS experts ) ) ) ) ( VP ( VBP recommend ) ( S ( VP ( VBG jettisoning ) ( NP ( NNS stocks ) ) ( ADVP ( RB entirely ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) )

But whatever their advice about timing none of these experts recommend jettisoning stocks entirely during a recession


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NN portfolio ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ stays ) ( PP-LOC ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS professionals ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS suggestions ) ) ) ) ) )

For the portion of an investor 's portfolio that stays in stocks professionals have a number of suggestions


( S ( NP-SBJ ( NNP Mr. ) ( NNP Katz ) ) ( VP ( VBZ advocates ) ( NP ( NP ( NNS issues ) ) ( PP ( IN with ) ( NP ( NP ( JJ low ) ( JJ price-earnings ) ( NNS ratios ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) ) ( NP ( NP ( JJ low ) ( NNS prices ) ) ( PP ( IN in ) ( NP ( NP ( NN relation ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Katz advocates issues with low price-earnings ratios that is low prices in relation to the company 's earnings per share


( S-1 ( NP-SBJ ( NNP Low ) ( NNP P-E ) ( NNS stocks ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( ADVP ( RB vastly ) ) ( VP ( VBP outperform ) ( NP ( NNS others ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( NN recession ) ( CC or ) ( NN bear ) ( NN market ) ) ) ) )

Low P-E stocks he says vastly outperform others during a recession or bear market


( S-1 ( S ( PP-TMP ( IN In ) ( NP ( JJ good ) ( NNS times ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP lag ) ( NP ( DT a ) ( NN bit ) ) ) ) ( CC but ) ( S ( ADVP ( RB overall ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP provide ) ( NP ( JJ superior ) ( NN performance ) ) ) ) )

In good times he says they lag a bit but overall they provide superior performance


( S ( NP-SBJ ( NNP Prof. ) ( NNP Arbel ) ) ( VP ( VBZ urges ) ( NP-1 ( NNS investors ) ) ( S ( VP ( TO to ) ( VP ( VB discard ) ( NP ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( JJ small ) ( NNS companies ) ) ) ) ) ) ) ) )

Prof. Arbel urges investors to discard stocks in small companies


( S ( S-TPC-1 ( NP-SBJ ( JJ Small-company ) ( NNS shares ) ) ( ADVP ( RB typically ) ) ( VP ( VBP fall ) ( ADVP ( RBR more ) ( PP ( IN than ) ( NP ( JJ big-company ) ( NNS stocks ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Small-company shares typically fall more than big-company stocks in a recession he says


( S-1 ( CC And ) ( PP ( IN in ) ( NP ( DT any ) ( NN case ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ argues ) ) ) ) ( NP-SBJ ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( JJ small ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RB almost ) ( RB as ) ( JJ overpriced ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ( CD 1987 ) ) ( PP-TMP ( ADVP ( RB just ) ) ( IN before ) ( NP ( DT the ) ( NN crash ) ) ) ) ) ) ) ) )

And in any case he argues stocks of small companies are almost as overpriced as they were Sept. 30 1987 just before the crash


( S-1 ( PP ( IN For ) ( NP ( NN example ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Arbel ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( JJ small ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( VP ( VBG selling ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 19 ) ( NNS times ) ) ( NN cash ) ( NN flow ) ) ) ) ) )

For example Mr. Arbel says stocks of small companies are selling for about 19 times cash flow


( S ( NP-SBJ ( NP ( NN Cash ) ( NN flow ) ) ( PRN ( ADVP ( RB basically ) ) ( NP ( NNS earnings ) ( IN plus ) ( NN depreciation ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ( JJ common ) ( NN gauge ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN company ) ( POS 's ) ) ( JJ financial ) ( NN health ) ) ) ) ) )

Cash flow basically earnings plus depreciation is one common gauge of a company 's financial health


( S ( S-TPC-2 ( NP-SBJ ( IN That ) ( NN ratio ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( RB dangerously ) ( JJ close ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( CD 19.7 ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD prevailed ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( CD 1987 ) ( NN stock-market ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Arbel ) ) ( VP ( VBZ says ) ) )

That ratio is dangerously close to the ratio of 19.7 that prevailed before the 1987 stock-market crash Mr. Arbel says


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-LOC-PRD ( NP-ADV ( NN way ) ) ( IN above ) ( NP ( NP ( DT the ) ( NN ratio ) ) ( PRN ( NP ( QP ( CD 7.5 ) ( NNS times ) ) ( NN cash ) ( NN flow ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( NP-SBJ ( JJR bigger ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG selling ) ( PP-CLR ( RP for ) ) ) ) ) ) ) ) ) )

And it 's way above the ratio 7.5 times cash flow that bigger companies are selling for


( S ( NP-SBJ ( NP ( DT Another ) ( JJ major ) ( NN trick ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG making ) ( S ( NP-SBJ ( DT a ) ( NN portfolio ) ) ( ADJP-PRD ( JJ recession-resistant ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG choosing ) ( NP ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( JJ defensive ) ( NNS industries ) ) ) ) ) ) )

Another major trick in making a portfolio recession-resistant is choosing stocks in defensive industries


( S ( NP-SBJ ( NN Food ) ( NN tobacco ) ( NNS drugs ) ( CC and ) ( NNS utilities ) ) ( VP ( VBP are ) ( NP-PRD ( DT the ) ( JJ classic ) ( NNS examples ) ) ) )

Food tobacco drugs and utilities are the classic examples


( S ( NP-ADV ( NN Recession ) ( CC or ) ( RB not ) ) ( NP-SBJ ( NNS people ) ) ( ADVP ( RB still ) ) ( VP ( VP ( VBP eat ) ) ( VP ( VBP smoke ) ) ( CC and ) ( VP ( VBP take ) ( NP ( NN medicine ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ sick ) ) ) ) ) ) ) )

Recession or not people still eat smoke and take medicine when they 're sick


( S ( NP-SBJ ( NP ( NNP George ) ( NNP Putnam ) ( NNP III ) ) ( NP ( NP ( NN editor ) ) ( PP ( IN of ) ( NP ( NP ( NNP Turnaround ) ( NNP Letter ) ) ( PP-LOC ( IN in ) ( NP ( NNP Boston ) ) ) ) ) ) ) ( VP ( VBZ offers ) ( NP ( NP ( CD one ) ( JJ final ) ( NN tip ) ) ( PP ( IN for ) ( NP ( JJ recession-wary ) ( NNS investors ) ) ) ) ) )

George Putnam III editor of Turnaround Letter in Boston offers one final tip for recession-wary investors


( S ( S-TPC-1 ( VP ( VB Keep ) ( S ( NP-SBJ ( DT some ) ( NN money ) ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NNS opportunities ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Keep some money available for opportunities he says


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN recession ) ) ( VP ( VBZ does ) ( VP ( VB hit ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( DT some ) ( JJ great ) ( NN investment ) ( NNS opportunities ) ) ( SBAR-TMP ( ADVP ( RB just ) ) ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP seem ) ( NP-PRD ( DT the ) ( JJS blackest ) ) ) ) ) ) ) )

If the recession does hit there will be some great investment opportunities just when things seem the blackest


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dorfman ) ) ( VP ( VBZ covers ) ( NP ( NN investing ) ( NNS issues ) ) ( PP ( IN from ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP New ) ( NNP York ) ( NN bureau ) ) ) ) )

Mr. Dorfman covers investing issues from The Wall Street Journal 's New York bureau


( S ( NP-SBJ ( DT Some ) ( NN industry ) ( NNS groups ) ) ( ADVP ( RB consistently ) ) ( VP ( VBP weather ) ( NP ( DT the ) ( NN storm ) ) ( ADVP-MNR ( RBR better ) ( PP ( IN than ) ( NP ( NNS others ) ) ) ) ) )

Some industry groups consistently weather the storm better than others


( S ( NP-SBJ ( DT The ) ( NN following ) ) ( VP ( VBZ shows ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS times ) ) ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS industries ) ) ( VP ( VBD outperformed ) ( NP ( DT the ) ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP 500-Stock ) ( NNP Index ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( CD seven ) ( NNS recessions ) ) ) ) ) ) ) ) ) ) )

The following shows the number of times these industries outperformed the Standard & Poor 's 500-Stock Index during the first six months of the past seven recessions


( S ( NP-SBJ ( NNP Heidi ) ( NNP Ehman ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBD stepped ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( NN recruiting ) ( NN poster ) ) ( PP ( IN for ) ( NP ( JJ young ) ( NNS Republicans ) ) ) ) ) ) ) ) )

Heidi Ehman might have stepped from a recruiting poster for young Republicans


( S ( S-ADV ( UCP-PRD ( ADJP ( JJ White ) ) ( ADJP ( NP ( CD 24 ) ( NNS years ) ) ( JJ old ) ) ( NP ( NP ( DT a ) ( NN singer ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ her ) ( NN church ) ( NN choir ) ) ) ) ) ) ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBZ symbolizes ) ( NP ( NP ( DT a ) ( NN generation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD gave ) ( NP ( NP ( PRP$ its ) ( NN heart ) ) ( CC and ) ( NP ( PRP$ its ) ( NN vote ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Ronald ) ( NNP Reagan ) ) ) ) ) ) ) ) )

White 24 years old a singer in her church choir she symbolizes a generation that gave its heart and its vote to Ronald Reagan


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBD felt ) ( ADJP-PRD ( ADVP ( NN kind ) ( IN of ) ) ( JJ safe ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

I felt kind of safe she says


No longer


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ( VP ( VBD opened ) ( NP ( DT the ) ( NN door ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ new ) ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Ehman ) ) ( VP ( VBD opened ) ( NP ( PRP$ her ) ( NN mind ) ) ( PP-CLR ( TO to ) ( NP ( JJ Democratic ) ( NNS politics ) ) ) ) )

When the Supreme Court opened the door this year to new restrictions on abortion Ms. Ehman opened her mind to Democratic politics


( S ( S-ADV ( ADVP-TMP ( RB Then ) ) ( NP-PRD ( DT a ) ( JJ political ) ( NN novice ) ) ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBD stepped ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN whirl ) ) ( PP ( IN of ) ( NP ( NP ( JJ pro-choice ) ( NNS marches ) ) ( NP ( NN house ) ( NNS parties ) ) ( CC and ) ( NP ( NNS fund-raisers ) ) ) ) ) ) ) )

Then a political novice she stepped into a whirl of pro-choice marches house parties and fund-raisers


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ leads ) ( NP ( NP ( DT a ) ( NNS grassroots ) ( NNS abortion-rights ) ( NN campaign ) ) ( PP-LOC ( IN in ) ( NP ( NNP Passaic ) ( NNP County ) ) ) ) ( PP ( IN for ) ( NP ( JJ pro-choice ) ( JJ Democratic ) ( JJ gubernatorial ) ( NN candidate ) ( NNP James ) ( NNP Florio ) ) ) ) )

Now she leads a grassroots abortion-rights campaign in Passaic County for pro-choice Democratic gubernatorial candidate James Florio


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP cross ) ( NP ( NN party ) ( NNS lines ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG rejecting ) ( NP ( NP ( DT the ) ( JJ anti-abortion ) ( NN stance ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Rep. ) ( NNP Florio ) ( POS 's ) ) ( NN opponent ) ) ( NP ( JJ Reagan-Republican ) ( NNP Rep. ) ( NNP James ) ( NNP Courter ) ) ) ) ) ) ) ) )

This is one where I cross party lines she says rejecting the anti-abortion stance of Rep. Florio 's opponent Reagan-Republican Rep. James Courter


( S ( NP-SBJ ( NP ( NNS People ) ) ( NP ( PRP$ my ) ( NN age ) ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( NN issue ) ) ) ) ) ) ) ) ) ) )

People my age thought it was n't going to be an issue


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( PRN ( ADVP ( RB especially ) ) ( PP ( IN for ) ( NP ( NP ( NNS people ) ) ( NP ( PRP$ my ) ( NN age ) ) ) ) ) ) )

Now it has especially for people my age


( S ( S ( NP-SBJ ( NNS Polls ) ) ( VP ( VBP bear ) ( PRT ( RP out ) ) ( NP ( DT this ) ( NN warning ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN decade ) ) ( PP ( IN of ) ( NP ( NP ( VBN increased ) ( JJ Republican ) ( NN influence ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ new ) ( NNS politics ) ) ( PP ( IN of ) ( NP ( NN abortion ) ) ) ) ( VP ( VBP have ) ( VP ( VBN contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN world ) ) ( VP ( VBD turned ) ( ADVP-CLR ( RB upside ) ( RB down ) ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Courter ) ) ) ) ) ) ) ) ) )

Polls bear out this warning but after a decade of increased Republican influence here the new politics of abortion have contributed to a world turned upside down for Mr. Courter


( S ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ closes ) ( NP ( DT the ) ( NN gap ) ) ) ) ) ( NP-SBJ-1 ( NNS Republicans ) ) ( VP ( NN risk ) ( S ( VP ( VBG losing ) ( NP ( CONJP ( RB not ) ( RB only ) ) ( NP ( DT the ) ( NN governorship ) ) ( CONJP ( CC but ) ( RB also ) ) ( NP ( DT the ) ( NN assembly ) ) ) ( NP-TMP ( IN next ) ( NN month ) ) ) ) ) )

Unless he closes the gap Republicans risk losing not only the governorship but also the assembly next month


( S ( S-ADV ( VP ( VBG Going ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP GOP ) ) ( VP ( VBZ is ) ( VP ( VBG paying ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ same ) ( JJ conservative ) ( JJ social ) ( NN agenda ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD used ) ( S-CLR ( VP ( TO to ) ( VP ( VB torment ) ( NP ( NNS Democrats ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ) )

Going into the 1990s the GOP is paying a price for the same conservative social agenda that it used to torment Democrats in the past


( S ( NP-SBJ ( DT This ) ( NN change ) ) ( VP ( VBZ comes ) ( PP-DIR ( ADVP ( RBR less ) ) ( IN from ) ( NP ( NP ( DT a ) ( NN shift ) ) ( PP ( PP ( IN in ) ( NP ( NP ( JJ public ) ( NN opinion ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD changed ) ( ADVP ( RB much ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN past ) ( NN decade ) ) ) ) ) ) ) ) ) ( PP-2 ( IN than ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS boundaries ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN debate ) ) ) ) ) ) ) ) ) ) )

This change comes less from a shift in public opinion which has n't changed much on abortion over the past decade than in the boundaries of the debate


( S ( S ( NP-SBJ ( NP ( NNP New ) ( NNP Jersey ) ( POS 's ) ) ( JJ own ) ( JJS highest ) ( NN court ) ) ( VP ( VBZ remains ) ( NP-PRD ( NP ( DT a ) ( JJ liberal ) ( NN bulwark ) ) ( PP ( IN against ) ( NP ( NP ( JJ major ) ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ( NNP Supreme ) ( NNP Court ) ( NN ruling ) ) ( NP ( NNP Webster ) ( IN vs. ) ( NNP Missouri ) ) ) ( VP ( VBZ has ) ( VP ( VBN engaged ) ( NP ( NP ( NNS voters ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN nation ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN insulated ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) )

New Jersey 's own highest court remains a liberal bulwark against major restrictions on abortion but the U.S. Supreme Court ruling Webster vs. Missouri has engaged voters across the nation who had been insulated from the issue


( S ( PP-TMP ( IN Before ) ( NP ( NNP July ) ) ) ( NP-SBJ-1 ( JJ pro-choice ) ( NNS voters ) ) ( VP ( MD could ) ( ADVP-MNR ( RB safely ) ) ( VP ( VB make ) ( NP ( JJ political ) ( NNS decisions ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG focusing ) ( ADVP-MNR ( RB narrowly ) ) ( PP-CLR ( IN on ) ( NP ( NN abortion ) ) ) ) ) ) ) ) )

Before July pro-choice voters could safely make political decisions without focusing narrowly on abortion


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN threat ) ) ( PP ( IN of ) ( NP ( JJ further ) ( NNS restrictions ) ) ) ) ( VP ( VBZ adds ) ( NP ( DT a ) ( JJ new ) ( NN dimension ) ) ( S-ADV ( VP ( VBG bringing ) ( NP ( NP ( DT an ) ( NN upsurge ) ) ( PP ( IN in ) ( NP ( NP ( JJ political ) ( NN activity ) ) ( PP ( IN by ) ( NP ( JJ abortion-rights ) ( NNS forces ) ) ) ) ) ) ) ) ) )

Now the threat of further restrictions adds a new dimension bringing an upsurge in political activity by abortion-rights forces


( S ( S ( NP-SBJ ( NP ( DT A ) ( JJ recent ) ( JJ pro-choice ) ( NN rally ) ) ( PP-LOC ( IN in ) ( NP ( NNP Trenton ) ) ) ) ( VP ( VBD drew ) ( NP ( NNS thousands ) ) ) ) ( CC and ) ( S ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ major ) ( NN reversal ) ) ) ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG defying ) ( NP ( DT a ) ( JJ presidential ) ( NN veto ) ) ) ( CC and ) ( VP ( VBG demanding ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Medicaid ) ( NNS abortions ) ) ( VP ( VBP be ) ( VP ( VBN permitted ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS cases ) ) ( PP ( IN of ) ( NP ( NN rape ) ( CC and ) ( NN incest ) ) ) ) ) ) ) ) ) ) ) ) ) )

A recent pro-choice rally in Trenton drew thousands and in a major reversal Congress is defying a presidential veto and demanding that Medicaid abortions be permitted in cases of rape and incest


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP Webster ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN happened ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( ADVP-PRD ( RB here ) ) ) ) ) ( NP-SBJ ( NNP Linda ) ( NNP Bowker ) ) ( VP ( VBZ tells ) ( NP ( DT a ) ( NN reporter ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Trenton ) ( NN office ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Organization ) ) ( PP ( IN for ) ( NP ( NNP Women ) ) ) ) ) ) ) ) )

If Webster had n't happened you would n't be here Linda Bowker tells a reporter in the Trenton office of the National Organization for Women


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBD shouted ) ( PP ( IN from ) ( NP ( DT the ) ( NNS rooftops ) ) ) ( PP ( IN about ) ( NP ( NNP Courter ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT no ) ( PRP one ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN heard ) ( NP ( PRP us ) ) ) ) ) ) )

We could have shouted from the rooftops about Courter and no one would have heard us


( S ( NP-SBJ ( NNP New ) ( NNP Jersey ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN proving ) ( NN ground ) ) ( PP ( IN for ) ( NP ( DT this ) ( JJ aggressive ) ( JJ women's-rights ) ( NN movement ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) )

New Jersey is a proving ground for this aggressive women's-rights movement this year


( S ( NP-SBJ ( NP ( DT The ) ( NN infusion ) ) ( PP ( IN of ) ( NP ( NNS activists ) ) ) ) ( VP ( MD can ) ( VP ( VB bring ) ( NP ( NP ( DT a ) ( NN clash ) ) ( PP ( IN of ) ( NP ( NNS cultures ) ) ) ) ) ) )

The infusion of activists can bring a clash of cultures


( S ( PP-LOC ( IN In ) ( NP ( NNP Cherry ) ( NNP Hill ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NNP National ) ( NNP Abortion ) ( NNP Rights ) ( NNP Action ) ( NNP League ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN goal ) ) ( S ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB sign ) ( PRT ( RP up ) ) ( NP ( CD 50,000 ) ( JJ pro-choice ) ( NNS voters ) ) ) ) ) ) ) ) ) ( VP ( VBZ targets ) ( NP ( DT a ) ( NN union ) ( NN breakfast ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( NN labor ) ( NN support ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN cause ) ) ) ) ) ) ) ) )

In Cherry Hill the National Abortion Rights Action League whose goal is to sign up 50,000 pro-choice voters targets a union breakfast to build labor support for its cause


( S ( S ( NP-SBJ ( DT The ) ( NN league ) ( NNS organizers ) ) ( VP ( VBP seem ) ( NP-PRD ( NP ( ADVP ( JJR more ) ) ( DT a ) ( NN fit ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN convention ) ) ( ADVP-LOC ( JJ next ) ( NN door ) ) ( PP ( IN of ) ( NP ( NP ( JJ young ) ( NNS aerobics ) ( NNS instructors ) ) ( PP ( IN in ) ( NP ( NNS leotards ) ) ) ) ) ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ beefy ) ( NN union ) ( NNS leaders ) ) ) ) ) ) ( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP wish ) ( SBAR ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD could ) ( VP ( VB go ) ( S ( VP ( VB work ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT a ) ( JJ slim ) ( NN activist ) ) ) )

The league organizers seem more a fit with a convention next door of young aerobics instructors in leotards than the beefy union leaders I wish I could go work out says a slim activist


( S ( NP-SBJ ( DT A ) ( NN labor ) ( NN chief ) ) ( VP ( VBZ speaks ) ( ADVP-MNR ( RB sardonically ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG having ) ( S ( VP ( TO to ) ( VP ( VB man ) ( CC and ) ( NN woman ) ( NP ( NNP Election ) ( NNP Day ) ( NNS phones ) ) ) ) ) ) ) ) ) )

A labor chief speaks sardonically of having to man and woman Election Day phones


( S ( NP-SBJ ( DT No ) ( NN age ) ( NN group ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ sensitive ) ) ( PP ( IN than ) ( NP ( NP ( JJR younger ) ( NNS voters ) ) ( PP ( IN like ) ( NP ( NNP Ms. ) ( NNP Ehman ) ) ) ) ) ) ) )

No age group is more sensitive than younger voters like Ms. Ehman


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ( NP ( DT this ) ( NN fall ) ) ) ( NP-SBJ ( NP ( NNP New ) ( NNP Jersey ) ( NNS voters ) ) ( PP ( IN under ) ( NP ( CD 30 ) ) ) ) ( VP ( VBN favored ) ( NP ( NNP George ) ( NNP Bush ) ) ( PP-MNR ( IN by ) ( NP ( QP ( CD 56 ) ( NN % ) ( TO to ) ( CD 39 ) ( NN % ) ) ) ) ( PP ( IN over ) ( NP ( NNP Michael ) ( NNP Dukakis ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN survey ) ) ( ADVP-TMP ( RB then ) ) ( PP ( IN by ) ( NP ( NP ( NNP Rutgers ) ( NNP University ) ( POS 's ) ) ( NNP Eagleton ) ( NNP Institute ) ) ) ) ) ) ) )

A year ago this fall New Jersey voters under 30 favored George Bush by 56 % to 39 % over Michael Dukakis according to a survey then by Rutgers University 's Eagleton Institute


( S ( NP-SBJ ( DT A ) ( VBG matching ) ( NNP Eagleton-Newark ) ( NNP Star ) ( NNP Ledger ) ( NN poll ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD showed ) ( NP ( DT a ) ( JJ complete ) ( NN reversal ) ) ) )

A matching Eagleton-Newark Star Ledger poll last month showed a complete reversal


( S ( NP-SBJ ( NP ( NNS Voters ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ same ) ( NN age ) ( NN group ) ) ) ) ( VP ( VBD backed ) ( NP ( NNP Democrat ) ( NNP Florio ) ) ( NP-MNR ( QP ( CD 55 ) ( NN % ) ( TO to ) ( CD 29 ) ( NN % ) ) ) ( PP ( IN over ) ( NP ( NNP Republican ) ( NNP Courter ) ) ) ) )

Voters in the same age group backed Democrat Florio 55 % to 29 % over Republican Courter


( S ( S ( NP-SBJ ( NP ( NN Abortion ) ) ( ADVP ( RB alone ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB explain ) ( NP ( DT this ) ( NN shift ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP New ) ( NNP Jersey ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN model ) ) ( PP ( IN of ) ( SBAR ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( ADJP ( RB so ) ( JJ personal ) ) ( DT an ) ( NN issue ) ) ( VP ( MD can ) ( VP ( VB become ) ( NP-PRD ( NP ( DT a ) ( NN baseline ) ) ( PP ( IN of ) ( NP ( NNS sorts ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG judging ) ( NP ( DT a ) ( NN candidate ) ) ) ) ) ) ) ) ) ) ) ) ) )

Abortion alone ca n't explain this shift but New Jersey is a model of how so personal an issue can become a baseline of sorts in judging a candidate


( S ( S ( PP-MNR ( IN By ) ( NP ( DT a ) ( JJ 2-to-1 ) ( NN ratio ) ) ) ( NP-SBJ ( NNS voters ) ) ( VP ( VBP appear ) ( PP-PRD ( ADVP ( JJR more ) ) ( IN at ) ( NP ( NP ( NN ease ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Florio ) ( POS 's ) ) ( NN stance ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS polls ) ) ( VP ( VBP indicate ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN lead ) ) ( VP ( VBZ widens ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNS candidates ) ) ( VP ( VBP are ) ( ADVP ( RB specifically ) ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) )

By a 2-to-1 ratio voters appear more at ease with Mr. Florio 's stance on abortion and polls indicate his lead widens when the candidates are specifically linked to the issue


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS times ) ) ( VP ( VBP are ) ( NP-PRD ( PRP$ my ) ( NNS times ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Florio ) ) )

The times are my times says Mr. Florio


( S ( S ( NP-SBJ ( DT The ) ( NNP Camden ) ( NNP County ) ( NN congressman ) ) ( ADVP ( RB still ) ) ( VP ( VBZ carries ) ( NP ( PRP himself ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( NN trademark ) ( JJ I'm-coming-down-your-throat ) ( NN intensity ) ) ) ) ) ( CC but ) ( S ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN pause ) ) ( PP ( IN in ) ( NP ( NP ( NNP Newark ) ( POS 's ) ) ( NNP Columbus ) ( NNP Day ) ( NN parade ) ) ) ) ) ( ADVP-TMP ( RB recently ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG dancing ) ( PP ( IN with ) ( NP ( PRP$ his ) ( NN wife ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN avenue ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ old ) ( JJ Italian-American ) ( NN ward ) ) ) ) ) ) )

The Camden County congressman still carries himself with a trademark I'm-coming-down-your-throat intensity but at a pause in Newark 's Columbus Day parade recently he was dancing with his wife in the middle of the avenue in the city 's old Italian-American ward


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG losing ) ( PP-MNR ( IN by ) ( NP ( QP ( JJR fewer ) ( IN than ) ( CD 1,800 ) ) ( NNS votes ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 1981 ) ( NP ( NN governor ) ( POS 's ) ) ( NN race ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN prepared ) ( NP ( PRP himself ) ) ( ADVP-MNR ( RB methodically ) ) ( PP-CLR ( IN for ) ( NP ( DT this ) ( NN moment ) ) ) ( PP ( VBG including ) ( S-NOM ( VP ( VBG deciding ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VB support ) ( NP ( NP ( NNS curbs ) ) ( PP ( IN on ) ( NP ( NP ( JJ federal ) ( NN funding ) ) ( PP ( IN for ) ( NP ( NNP Medicaid ) ( NNS abortions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After losing by fewer than 1,800 votes in the 1981 governor 's race he has prepared himself methodically for this moment including deciding in recent years he could no longer support curbs on federal funding for Medicaid abortions


( SBARQ-6 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-3 ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VP ( VB be ) ( ADJP-PRD ( JJ consistent ) ) ) ( CC and ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( RB constitutionally ) ( VBN protected ) ) ( NN right ) ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ asks ) ) ) ) ( WHADVP-4 ( WRB how ) ) ( SQ ( VBP are ) ( NP-SBJ-5 ( PRP you ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( S ( NP-SBJ ( NP ( DT an ) ( JJ upscale ) ( NN woman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD can ) ( VP ( VB drive ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN hospital ) ( CC or ) ( NN clinic ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ nice ) ( NN car ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ constitutional ) ( NN right ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN someone ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ is ) ( RB not ) ( PP-PRD ( IN in ) ( NP ( JJ great ) ( NN shape ) ) ) ( ADVP ( RB financially ) ) ) ) ) ) ( VP ( VBZ does ) ( RB not ) ) ) ) ) ) ) ) ) ) )

If you 're going to be consistent and say it is a constitutionally protected right he asks how are you going to say an upscale woman who can drive to the hospital or clinic in a nice car has a constitutional right and someone who is not in great shape financially does not


( S ( NP-SBJ ( NNP Mr. ) ( NNP Courter ) ) ( PP ( IN by ) ( NP ( NN comparison ) ) ) ( VP ( VBZ seems ) ( NP-PRD ( NP ( DT a ) ( NN shadow ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ confident ) ( NN hawk ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD defended ) ( NP ( NNP Oliver ) ( NNP North ) ) ( PP-LOC ( IN before ) ( NP ( JJ national ) ( NNS cameras ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Iran-Contra ) ( NNS hearings ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) )

Mr. Courter by comparison seems a shadow of the confident hawk who defended Oliver North before national cameras at Iran-Contra hearings two years ago


( S ( S-ADV ( VP ( VBG Looking ) ( ADVP-DIR ( RB back ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD erred ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG stating ) ( NP ( NP ( PRP$ his ) ( JJ personal ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( NN abortion ) ) ) ) ) ( CONJP ( RB instead ) ( IN of ) ) ( VP ( VBG assuring ) ( NP ( NNS voters ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB impose ) ( NP ( PRP$ his ) ( NNS views ) ) ( PP-CLR ( IN on ) ( NP ( NN policy ) ) ) ( PP ( IN as ) ( NP ( NN governor ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Looking back he says he erred by stating his personal opposition to abortion instead of assuring voters that he would n't impose his views on policy as governor


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN distinction ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( NNS satisfies ) ( NP ( NP ( DT neither ) ( NN side ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN debate ) ) ) ) ) ) ) ) ) )

It is a distinction that satisfies neither side in the debate


( S ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB know ) ( NP ( PRP himself ) ) ) ) ) ( NP-SBJ ( NP ( NNP Kathy ) ( NNP Stanwick ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Abortion ) ( NNP Rights ) ( NNP League ) ) ) ) ( VP ( VBZ says ) ( PP-CLR ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Courter ) ( POS 's ) ) ( NN position ) ) ) ) )

He does n't know himself Kathy Stanwick of the Abortion Rights League says of Mr. Courter 's position


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Even abortion opponents however angry with Mr. Florio ca n't hide their frustration with the Republican 's ambivalence


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He does n't want to lead the people says Richard Traynor president of New Jersey Right to Life


( S ( ADVP ( RB Moreover ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG stepping ) ( PP-DIR ( IN outside ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( JJ pro-choice ) ( NN tradition ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Courter ) ) ( VP ( VBZ aggravates ) ( NP ( NNS fears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB too ) ( JJ conservative ) ) ( ADVP ( IN as ) ( RB well ) ) ( PP ( IN on ) ( NP ( NP ( ADJP ( RBR more ) ( VBG pressing ) ) ( NNS concerns ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN auto ) ( NN insurance ) ( NNS rates ) ) ( CC and ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ) ) ) ) )

Moreover by stepping outside the state 's pro-choice tradition Mr. Courter aggravates fears that he is too conservative as well on more pressing concerns such as auto insurance rates and the environment


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He hurt himself further this summer by bringing homosexual issues into the debate and by wavering on this issue and abortion he has weakened his credibility in what is already a mean-spirited campaign on both sides


( S ( S-ADV ( VP ( VBN Elected ) ( PP-CLR ( TO to ) ( NP ( NNP Congress ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1978 ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( JJ 48-year-old ) ( NNP Mr. ) ( NNP Courter ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NP ( JJ young ) ( NNS conservatives ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD were ) ( ADVP-TMP ( RB once ) ) ( PP-LOC-PRD ( ADVP ( RB very ) ( RB much ) ) ( IN in ) ( NP ( NP ( DT the ) ( NN lead ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ rightward ) ( NN shift ) ) ( PP-LOC ( IN under ) ( NP ( NNP Mr. ) ( NNP Reagan ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Elected to Congress in 1978 the 48-year-old Mr. Courter is part of a generation of young conservatives who were once very much in the lead of the rightward shift under Mr. Reagan


( S ( PP ( IN Like ) ( NP ( NP ( VB many ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS colleagues ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VP ( VB serve ) ( PP-LOC ( IN in ) ( NP ( NNP Vietnam ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1960s ) ) ) ) ( CC yet ) ( VP ( VBD embraced ) ( NP ( DT a ) ( JJ hawkish ) ( UCP ( NN defense ) ( CC and ) ( JJ foreign ) ) ( NN policy ) ) ( S-ADV ( ADVP ( RB even ) ) ( VP ( VBG voting ) ( PP-CLR ( IN against ) ( NP ( NP ( DT a ) ( CD 1984 ) ( NN resolution ) ) ( ADJP ( JJ critical ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN mining ) ) ( PP ( IN of ) ( NP ( NNP Nicaraguan ) ( NNS harbors ) ) ) ) ) ) ) ) ) ) ) ) ) )

Like many of his colleagues he did n't serve in Vietnam in the 1960s yet embraced a hawkish defense and foreign policy even voting against a 1984 resolution critical of the U.S. mining of Nicaraguan harbors


( S ( S ( NP-SBJ ( NP ( NNP Jack ) ( NNP Kemp ) ) ( CC and ) ( NP ( DT the ) ( NNS writers ) ( NNP Irving ) ( NNP Kristol ) ( CC and ) ( NNP George ) ( NNP Gilder ) ) ) ( VP ( VBD were ) ( NP-PRD ( VBZ influences ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Courter ) ( POS 's ) ) ( JJ own ) ( JJ conservative ) ( NNS credentials ) ) ( VP ( VBD proved ) ( ADJP-PRD ( JJ useful ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ current ) ( NNP New ) ( NNP Jersey ) ( NNP GOP ) ( NN governor ) ) ( NP ( NNP Thomas ) ( NNP Kean ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 1981 ) ( NNP Republican ) ( NN primary ) ( RB here ) ) ) ) ) )

Jack Kemp and the writers Irving Kristol and George Gilder were influences and Mr. Courter 's own conservative credentials proved useful to the current New Jersey GOP governor Thomas Kean in the 1981 Republican primary here


( S ( S ( NP-SBJ ( DT The ) ( JJ same ) ( NN partnership ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( JJ crucial ) ( PP ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Courter ) ( POS 's ) ) ( NNS fortunes ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN abortion ) ( NN issue ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB only ) ( DT a ) ( NN reminder ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN gap ) ) ( PP ( IN between ) ( NP ( NP ( PRP$ his ) ( NN record ) ) ( CC and ) ( NP ( NP ( IN that ) ) ( PP ( IN of ) ( NP ( DT the ) ( NP ( ADJP ( RBR more ) ( JJ moderate ) ) ( JJ pro-choice ) ( NNP Gov. ) ( NNP Kean ) ) ) ) ) ) ) ) ) ) ) ) )

The same partnership is now crucial to Mr. Courter 's fortunes but the abortion issue is only a reminder of the gap between his record and that of the more moderate pro-choice Gov. Kean


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ ( DT the ) ( NNP Warren ) ( NNP County ) ( NN congressman ) ) ( VP ( VBD pursued ) ( NP ( DT an ) ( NN anti-government ) ( JJ anti-tax ) ( NN agenda ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ( NP-SBJ ( NNP Gov. ) ( NNP Kean ) ) ( VP ( VBD was ) ( VP ( VP ( VBG approving ) ( NP ( VBN increased ) ( NN income ) ( CC and ) ( NNS sales ) ( NNS taxes ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ( CC and ) ( VP ( VBG overseeing ) ( NP ( NP ( DT a ) ( JJ near ) ( NN doubling ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( NNP New ) ( NNP Jersey ) ( POS 's ) ) ( NN budget ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ his ) ( CD eight ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN office ) ) ) ) ) ) ) ) ) )

While the Warren County congressman pursued an anti-government anti-tax agenda in Washington Gov. Kean was approving increased income and sales taxes at home and overseeing a near doubling in the size of New Jersey 's budget in his eight years in office


( S ( S ( NP-SBJ ( NNP Kean ) ( NNS forces ) ) ( VP ( VB play ) ( PRT ( RP down ) ) ( NP ( NP ( DT any ) ( NNS differences ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Courter ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT this ) ( NN history ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RB harder ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( DT the ) ( JJ conservative ) ) ( VP ( TO to ) ( VP ( VB run ) ( PP ( IN against ) ( NP ( NN government ) ) ) ) ) ) ) ) ) ) )

Kean forces play down any differences with Mr. Courter but this history makes it harder for the conservative to run against government


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Courter ) ( POS 's ) ) ( JJ free-market ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( ADVP-DIR ( IN down ) ) ( NP ( NN auto ) ( NN insurance ) ( NNS rates ) ) ) ) ) ) ( VP ( VBD met ) ( NP ( NP ( NN criticism ) ) ( PP ( IN from ) ( NP ( NP ( NNP Gov. ) ( NNP Kean ) ( POS 's ) ) ( JJ own ) ( NN insurance ) ( NN commissioner ) ) ) ) ) )

Mr. Courter 's free-market plan to bring down auto insurance rates met criticism from Gov. Kean 's own insurance commissioner