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Visions of Champale haunted young financial types as they mentally prepared themselves for a world with less Taittinger. "I used to shop at Chanel," says M.J. Caldwell, a Wall Street broker in her mid-20s. "Now I'll be doing my shopping at Labels for Less." Caldwell, who majored in art history at Barnard, earns a salary in the low six figures and she spends accordingly. "I have every credit card known to man, but this morning I cut some up," she admits. Caldwell plans to keep the mink coat she bought last month, but forget about those $100 dinners...
Markham, reports Lovell, was a high-fashion beauty who strode about three continents in slacks. She was tough and unusually strong and could ride anything. More practically, she understood horses. In the '20s and again in the '50s and '60s, she was the pre-eminent race trainer in East Africa. She flew her own bush-taxi service for only a few years, in the '30s, but was a & fearless pilot who was the first to scout elephants commercially from the air, over country where a forced landing generally meant death. In 1936 she became the first person to fly solo...
...20s, the distribution of income has tended to wind up unevenly slanted toward the rich. In 1929 1% of U.S. families held 36.3% of the wealth; the proportion fell as low as 20.8% in 1949 but rose back to 34.3% by 1983, Economist Batra notes in The Great Depression of 1990. That disparity is dangerous, he contends, because banks with idle money are tempted to make shaky loans to financially strapped customers, while the rich tend to make increasingly risky investments in search of ever larger returns...
...American people are hooked on the same spending habits as their Government. Consumer installment debt, as a proportion of after-tax income, has risen from 14% in 1983 to 20% last year. Just as consumers during the '20s splurged on such newfangled products as radios and roadsters with rumble seats, today's shoppers have gone into deep hock for compact-disc players and Honda Preludes. The difference is that consumers in 1987 can choose from many more enticing borrowing vehicles, most notably an array of credit cards with huge credit lines at high interest rates. Potentially the most dangerous...
...real world. Another influence has been the advent of people meters, the new ratings technology that is expected to mean higher ratings for shows watched by younger, upscale viewers. Most important may be the fact that TV writers and producers -- mostly well-paid men and women in their 20s, 30s and 40s -- are simply creating shows about what they know. They don't know much about autoworkers in Detroit...