Gary McDonogh. Encyclopedia of Contemporary American Culture

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education and foreign service career, Stevenson became governor of his home

state of Illinois in 1948. Drafted as presidential candidate against the popular military

hero Dwight

Eisenhower,

he was trounced in 1952 and 1956. When the Democrats

regained the White House in 1960, Stevenson became Ambassador to the

United

Nations

under Presidents

Kennedy

and

Johnson,

although he was sometimes troubled

y their policies. His erudite speeches, sense of politics as pedagogy and dry wit seem

impossibly distant from the popularity contests and spin control of later politics.

GARY McDONOGH

Stewart, James

b. 1908; d. 1997

Actor. A quintessentially nice guy, whether in Frank

Capra

classics like

It’

Wonderful Life

(1939) or

Hitchcock’s

Vertigo

(1958), where he epitomized ambivalent

virtue within moral dilemmas beyond his control. Stewart’s Midwestern drawl and gawky

resence nonetheless became the stuff of a Second World War pilot and a leading man

for over four decades, until the 1970s. He won an Oscar for

Philadelphia Story

(1940)

and for lifetime achievement (1985), as well as tributes by the American Film Institute

and the Kennedy Center, and the Medal of Freedom (1985). The

Los Angeles, CA

airport is named after him.

GARY McDONOGH

Stewart, Martha

b. 1941

Doyenne of style for 1990s

baby boomers

. Stewart, a former caterer, offers

multimedia guides to elegant home life—planting, ornamenting, arranging, color-

coordinating and adding extra touches that show leisure time as well as taste. Her

magazine,

Martha Stewart Living,

soared from 250,000 subscribers to over 5 million by

mid-decade; her

television

specials delineate propriety for

holidays,

while syndicated

features appear daily. Moreover, Stewart integrated sales with major corporations like the

discount

department store

K-Mart and the media conglomerate

Time Warner

. Her

resence has been parodied in television (and by Stewart herself in an American Express

commercial), but her advice and sales appeal to middle-class affluence and insecurity.

GARY McDONOGH

Encyclopedia of Contemporary American Culture 1076

CINDY WONG

St. Louis, MO

Eero

Saarinen

’s glistening Gateway Arch towers over this Mississippi River port,

marking it as both a hub in transcontinental journeys westward and a crossroads on the

Midwest’s

North-South axis since its foundation by the French (1764). These routes

fostered a diverse city, with German immigrants alongside Southern

African Americans

and

Midwestern

farmers. In its heyday St. Louis became known as a center for finance,

manufacturing, education (Washington University), arts (

blues

and

jazz

) and information

(the

Pulitzer

family’s

Post-Dispatch

). Its sports teams have included the historic

Cardinals

(baseball

), the Blues

(hockey)

and the Rams

(football)

Yet, choked by burgeoning suburbs and

deindustrialization,

St. Louis’

opulation

declined 50 percent between 1970 and 1990, reaching 339, 316 in 1998 Census Bureau

estimates. The city and the more depressed and predominantly African American East St.

Louis, Illinois, have come to embody issues of dualization in post-industrial American

urbanism.

GARY McDONOGH

CINDY WONG

stocks and bonds

Stocks and bonds are the primary instruments for financing large corporations in the

United States. In contrast to many European companies which depend primarily on bank

loans for capital, American corporations rely heavily on public issuance of debt (bonds)

and equity (stocks).

Bonds are IOUs of a company or government body. They typically pay a fixed

(sometimes floating) rate of interest for a stated period of time. They may be backed by

specific revenues or the credit quality of the entity. At maturity, the initial investment, or

rincipal, is due to the investor. Stocks, on the other hand, represent a share of ownership

in a company. Stockholders are entitled to a portion of any distributions and proceeds

from a liquidation. Bonds are generally safer than stocks because interest on bonds must

e paid before stockholders may receive any distributions. If a firm goes bankrupt,

bondholders are paid before stockholders.

With added risk goes reward and thus stockholders stand to benefit more from success

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of the issuing company. A successful bond investment will provide little more than the

stated interest and return of principal, while a stock investment’s return is only limited by

the growth prospects of the company. Historically stocks have produced after-inflation

returns of 7.2 percent, while bonds have earned just 3.7 percent (Henwood 1997:326).

Although stocks and bonds initially serve to finance an enterprise, there is an active

secondary market for these financial instruments. The NYSE (New York Stock

Exchange) and NASDAQ (National Association of Securities Dealers Automated

Quotation) dominate the market for stock trading, while a network of institutional dealers

dominate bond-market trading. The NYSE is an example of an organized exchange. In

this environment, orders are transmitted to a central floor where

rokers negotiate prices

for their customers using an auction process. The NYSE dominates trading in the largest

American companies. However, its conservative nature caused it to miss much of the

explosive growth of computerized trading. The NASDAQ market is an example of an

over-the-counter (OTC) trading environment. Here, brokers still represent customers, but

trades are negotiated by phone or computer. The NASDAQ market includes technology

firms such as Intel and Microsoft, as well as thousands of smaller firms that do not meet

NYSE requirements.

The concept of “making a market” also defines exchanges. On the NYSE, “specialists”

are charged with keeping an orderly market by providing liquidity, but most activity is

between two customers. In the over-the-counter market, “market makers” hold

themselves out as willing to buy

and

sell a security at almost any time. Thus, transactions

take place between a customer and a market maker. The latter earns a spread—the

difference between the price at which he or she will sell and that at which he or she will

uy. While there are numerous regional exchanges, the NYSE and NASDAQ dominate

US trading.

In the US, bonds are traded over-the-counter. Trading is led by financial institutions

specializing in government debt. The yield on the thirty-year US Treasury Bond or “Long

Bond” is a benchmark upon which numerous other rates such as savings-account and

loan rates are set. Annual trading volume exceeds $100 trillion per year (Henwood

1997:25), but is primarily the domain of institutions using the market to manage their

interest-rate exposure.

Investments in stocks and bonds were traditionally dominated by large institutions

which managed pension plans, endowments and foundations. An acclaimed book,

Where

re the Customers’ Yachts?

(Schwed 1940), highlighted the fact that individuals faced an

uphill battle in achieving investment success. The investing industry has seen broad

changes since 1980. Greater

tax

incentives for investing, the growth of deep-discount

(“do-it-yourself”) stockbrokers and the advent of the 401k retirement savings plan

spurred heightened interest in investing and fueled the great bull market of the 1980s and

1990s. By 1983, 19 percent of households owned stock and over one-third owned mutual

funds. This explosive growth has come on the heels of a decades-long bull market,

meaning most new investors have never weathered a downturn in financial fortunes.

The tremendous growth of mutual funds has contributed to the democratization o

Encyclopedia of Contemporary American Culture 1078

investment. A mutual fund is an investment company that pools money in order to invest

in a diversified portfolio of securities. This arrangement allows for professional

management, economies of scale and exposure to a wide variety of investments, reducing

overall risk (diversification). From its infancy in the 1970s, US mutual-fund assets have

mushroomed from less than $100 billion to $4.5 trillion in 1997. Mutual funds hold 19

ercent of all US stocks and a similar percentage of US bonds. They have become the

primary vehicle for individual investment through the growth of defined-contribution

(401k) plans.

Further investment democratization is coming in the form of

Internet

access to trading

markets and greater individual control over pension assets (perhaps negatively affecting

mutual funds). Brokerage commissions have plummeted as fullservice stockbrokers are

threatened by deepdiscount brokerages that offer limited investment advice, but rock-

bottom commissions. Do-it-yourselfers have embraced Internet trading as an inexpensive

way to gain exposure to surging equity markets (some firms even offer commission-free

trades).

At the same time, traditionally defined benefit pensions managed by corporations are

being replaced with defined-contribution plans that put the investment decision-making

in individuals’ hands. While these developments have meant increasing control by

investors over their savings, experts are concerned with the individual’s ability to remain

calm during extended market downturns, the likes of which investors haven’t seen since

the early 1970s.

Further reading

Graham, B. (1973)

The Intelligent Investor,

New York: HarperCollins.

Henwood, D. (1997)

Wall Street,

New York: Verso.

Malkiel, B.G. (1990)

A Random Walk Down Wall Street,

New York: W.W.Norton &

Company.

MARC BALCER

Stone, Oliver

b. 1946

Controversial and powerful

director,

writer and

producer

whose movies since the

mid-1980s have probed some of the most sensitive issues of contemporary American

domestic and global politics. Stone’s work confronts history, often through profound

male struggles with temptation and conspiracy, amid complex atmospheres charged with

violence. His initial films,

Salvador

(1985) and the Oscar-Winning

Platoon

(1985),

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scored the moral dilemmas of involvement in

Latin America

and Vietnam, where Stone

returned with the powerful transformations of

Born on the Fourth of July

(1989) and

eaven and Earth

(1989). Equally controversial revisions of domestic issues emerged

from the greed of

Wall Street

(1987), the shadowy powers of

JFK

(1991) and

Nïxon

(1995) and the violence of

Natural Born Killers

(1994).

GARY McDONOGH

CINDY WONG

Stonewall Riot

On the evening of June 27, 1969 a routine police raid on a homosexual bar, the Stonewall

Inn, in

New York

City, NY’s

Greenwich Village

turned into what the New York

Mattachine Society newsletter called “The Hairpin Drop Heard Round the World.” The

gay liberationist movement, officially organized by the Gay Liberation Front (GLF), now

had an historical marker for its birthplace. According to John D’Emilio, “[w]ord of the

Stonewall riot and GLF spread rapidly among the networks of young radicals scattered

across the country, and within a year gay liberation groups had sprung into existence on

college campuses and in cities around the world” (1983:233).

Further reading

D’Emilio, J. (1983)

Sexual Politics, Sexual Communities,

Chicago: University of Chicago

Press.

DAVID GERSTNER

Strasberg, Lee

actors

Strategic Defense Initiative (SDI)

Nicknamed “Star Wars” by its critics, SDI was first presented by President

Reagan

1983 as a system to defend against a nuclear missile attack. Influenced by Edward Teller,

Encyclopedia of Contemporary American Culture 1080

a scientist involved in the development of the hydrogen bomb and a model for the war-

crazed advisor in

Dr Strangelove

(1964), Reagan announced the missile system on

national television without full discussion with his military advisors. Development o

such a defense system was unrealistic, though the multi-

illion dollar expenditures that

were forthcoming from

Congress

produced some scientific advances. The goal was

impractical because the defense system was in-tended to keep intercontinental ballistic

missiles (ICBMs) from striking the United States by intercepting them once they left the

Earth’s atmosphere. Since the Soviet Union was developing new cruise missiles, which

remained in the atmosphere, the system could never be a foolproof defense.

Recent developments have renewed the popularity of SDI: the much exaggerated

success of the Patriot Missile during the

Gulf War,

which suggested that anti-missile

systems might work (though striking a nuclear missile within the Earth’s atmosphere

might be as disastrous as letting it strike its target); and the growing fear that the end o

the

Cold War

may have made the world’s nuclear arsenals less secure. The fact that a

terrorist organization, which might be a possible source of a nuclear incident, would be

unlikely to attach a nuclear device to an ICBM has not been factored into the budgetary

equation. Hence, it emerged anew as an initiative of the Clinton administration and an

issue in the 2000 election.

ROBERT GREGG

street vendors

Small-scale, non-corporate entrepreneurs in kiosks, mobile carts or specialized vehicles

who sell

food,

periodicals, cigarettes and other sundries in urban areas. They add color

and life to plazas where office-workers and other citizens pause to eat or drink outdoors

(a more accepted activity than in many European public settings). Certain specialties—

hot dogs, knishes and chestnuts in

New York,

City pretzels in

Philadelphia, PA,

ethnic specialties in other neighborhoods—also demarcate territory and identity. Other

vendors specializing in books, art, jewelry and illegal reproductions of designer clothes

represent more problematic agents of street life—some, for example, appear only at night

when police surveillance is lax. Here, regulation of access to public space through

licensing, limited locations and taxation have raised questions about rights of free speech

in the 1990s, as cities balance vitality against middle-class

consumers

and established

stores. This has been an especially acid debate under Mayor Giuliani in New York, but

other controversies about changing street life have emerged on the Washington, DC mall

and with regard to food trucks serving collegiate campus life. In the end, these debates

are not only about commerce but also about public space and citizenship.

GARY McDONOGH

CINDY WONG

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Streisand, Barbra

b. 1942

Streisand’s appearance in

Broadway

’s “I Can Get it For You Wholesale” (1960)

showcased her to New York City audiences as a singer of intensity and a comedian who

utilized her Jewish upbringing for her persona. After a short-lived

television

show in the

1960s, she went on to a major career as an actor, beginning with

Funny Girl

(1968).

Streisand is now also a

director

and

producer

(

Yentl,

1983;

The Mirror Has Two Faces,

1996), but has maintained her presence as a singer of ballads with a distinctive

interpretation, never shying away from the sentiment of the song. This quality has made

her not only a favorite among New Yorkers, but has also helped her keep her devoted gay

following.

EDWARD MILLER

stress

Stress, often described as America’s number one health problem, has become so

revalent in American culture that many health professionals argue that we are currently

in the throes of a “stress epidemic.” Despite this increasing awareness, definitions o

stress are sometimes ambiguous. The term is simultaneously used to describe the external

stimulation that causes strain on the system, the resulting internal damage and the rate o

this damage. There are also different types of stress, including acute stress (short term),

episodic acute stress (frequent acute stress) and chronic stress (long term). Symptoms o

high stress include emotional distress (anger, irritability, anxiety and

depression

insomnia, substance abuse, headaches, muscular problems, stomach and bowel problems,

high blood pressure, heart palpitations, chest pain, shortness of breath, sweaty palms,

cold hands or feet and dizziness. Over the long term, stress has been associated (directly

or indirectly) with a number of serious conditions including cardiovascular disease,

cancer,

accidental injuries and

suicide

. Stress also aggravates many preexisting health

problems.

Researchers have attempted to pinpoint exact causes of stress, but this has proven

difficult since all individuals have varied levels of tolerance. A stressful event that

exhausts one person may actually invigorate another. American culture has often been

associated with high-stress lifestyles due to efforts to attain the “American dream,”

Encyclopedia of Contemporary American Culture 1082

researchers argue that this dream may quickly turn into a nightmare if high-stress

warning signals (including those mentioned above) are not addressed. One measure used

to determine stress levels is the Holmes-Rahe scale. In the 1950s, psychiatrist Thomas

Holmes and psychologist Richard Rahe tried to determine causes of stress by asking

5,000 people to rate the amount of stress associated with various “life-change events.”

The top five most stressful events in the scale include

death

of a spouse,

divorce,

marital

separation, imprisonment and death of a close

family

member. Other researchers have

argued that the everyday hassles of life (such as rushing to meet deadlines, waiting in

traffic, excessive paperwork, etc.) actually contribute more to illness than major life

changes. The truth is probably somewhere in between. In either case, it is important to

note the “ripple effect”: very often, one highly stressful event—such as the end of a

significant relationship—may gradually spiral out of control and lead to problems in

many areas of life.

As a result of the increasing awareness of the problems associated with stress, more

Americans are becoming interested in various forms of stress management. Researchers

have discovered that many techniques used to promote relaxation have consistently high

success rates. Meditation in particular has been strongly correlated with a reduction in

stress-related disorders. Muscle relaxation, music therapy, biofeedback, rhythmic

reathing, proper nutrition and regular exercise are all highly effective methods o

managing stress. A strong, trustworthy support system and the commitment to

maintaining a balanced lifestyle are also crucial elements of any stress-management

program.

Further reading

Foxman, P. (1996)

Dancing with Fear: Overcoming Anxiety in a World of Stress and

Uncertainty,

Northvale: Jason Aronson.

NICOLE MARIE KEATING

strikes

There are several categories of strikes. In the United States, the most prevalent is the

wage and working-conditions strike. Here,

labor unions

negotiate for better wages and

an improved quality of life. Strikes related to disagreements over contract terms are less

common. Occasionally workers strike to force an employer to recognize a union that will

represent its employees. Closely related to the strike is the lockout, an employer imposed

closing used to bring economic pressure on disenchanted workers.

The industrial and political characteristics of the United States provide fertile ground

Entries A-Z 1083

for labor strife. Favorable laws guarantee the right to strike for most non-

ublic

employees, although there are restrictions against strikes that may significantly affect the

life of the nation. While firms may hire replacement workers or scab labor, this is

commonly a last resort because it results in strained relations between replaced workers

and the employer. Other types of labor disturbances, such as slowdowns, sitdowns and

sympathy strikes, are generally illegal.

While strikes by public employees are forbidden, they have become increasingly

common. A milestone in this area was the 1970 strike by US postal workers. The strike

was resolved to the benefit of the workers. In the early 1980s, however, President Ronald

Reagan

squashed a national

air-traffic controllers’ strike,

permanently banning strikers

from work in the traffic-control industry.

By nature, strikes by skilled workers are most effective. This is because replacements

are not easily found. Thus, the primary successes of the labor movement have been

realized among professional unions such as teachers’ unions. These strikes are usually

settled quickly with strikers demands at least partially met. Interestingly, all of the four

major professional sports have seen lockouts or strikes in the past two decades. The

strikes normally oppose efforts by team owners to restrict player salary escalation by

imposing caps or taxes. These strikes have had a significant impact on attendance and fan

interest, but salary growth has not slowed.

The most prominent trend in industrial labor strife is the opposition to part-time and

subcontracted labor. US labor laws require that most fulltime, permanent employees be

covered by extensive benefit packages, including

healthcare,

pension and disability

insurance. To control rising labor costs, many firms have sought to outsource tasks or

hire temporary workers. A 1997 strike by UPS package deliverers, 1998 strikes by transit

workers in

Philadelphia, PA

and

automobile

strikes across the country have brought

these issues to the forefront.

Large work stoppages have declined from pre1980 levels. According to the Bureau o

Labor Statistics, the US averaged over 300 stoppages involving more than 1,000

employees per year from 1947–79. Since 1980, the average has declined to just fifty-

eight such work stoppages per year.

The term “strike” has additional applications. Hunger strikes and student strikes have

been undertaken to oppose political undertakings such as the

Vietnam War

investment in South Africa under Apartheid, as well as socio-economic conditions such

as the plight of the

inner cities

Further reading

Zieger, R. (1994)

American Workers, American Unions,

Baltimore: Johns Hopkins

University.

MARC BALCER

Encyclopedia of Contemporary American Culture 1084

Student Non-violent Coordinating Committee

(SNCC)

Civil-rights organization formed in 1960, following the success of the

sit-ins

. Ella Baker,

executive director of

SCLC,

convened a group of student activists at Shaw University in

Raleigh, NC. Encouraging them to maintain their independence of SCLC, Baker helped

establish one of the most radical organizations created by the

Civil Rights movement

. At

first including

white

and black members, the organization remained largely committed to

the

King

vision of non-violence, supporting the

freedom rides

and carrying out

registration drives. With the election of Stokely

Carmichael

as chairperson to replace

John L. Lewis, the organization became increasingly radical. Carmichael adopted

Black

Power

as his slogan, leading many white members to leave the organization. Following

the election of H.Rap

Brown,

SNCC was renamed the Student National Coordinating

Committee, shedding its last connections with the civil-rights movement. Under Brown’s

leadership the organization became virtually defunct.

ROBERT GREGG

Students for a Democratic Society (SDS)

In 1962, forty American college students gathered in Michigan to discuss some of the

gravest problems facing the nation, and in this meeting Students for a Democratic Society

was born. SDS confronted the nation’s presence abroad, especially in Vietnam,

challenged racial discrimination at home and asked serious questions about the nation’s

commitment to participatory democracy. Among its most significant contributions was

leading the free-speech movement. Significantly, members of SDS and the “New

Left

”

were raised in an era of relative affluence; having experienced neither depression nor

war, they were in many ways liberated to focus on issues both on

college

campuses and

in the larger society.

SUSAN SCHULTEN

suburbs and edge cities

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