Word: 90s
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Baseball franchises have risen from the dead before. The Braves and Indians eliminated league-low attendance levels in the ’80s thanks to new stadiums and television revenue streams in the ’90s. The concrete monolith known as Olympic Stadium is among the dying breed of domed arenas boasting a stuffy indoor atmosphere, an artificial surface and a retractable roof that could never retract. But when team owner Jeff Loria, a New York city art dealer, decided against renewing his lease on the land earmarked for the new Labatt Stadium and failed to negotiate any English...
...through the '90s there flowed a rich and gaudy stream of sensational stories that were providentially suited to the purposes of 24-hour-a-day, seven-day-a-week cable television news. They were the tabloid equivalent of war - that is, in the absence of world-historical events or the fall of empires, they filled the news hole, they fed the many-headed media beast. Once the Soviet Union and the Cold War were gone, we have had Clarence Thomas and Anita Hill, the O.J. Simpson case, Waco, Oklahoma City, the death of Princess Diana, Colombine, the Icarus descent...
...PROPERTY WE TRUST Real estate investment trusts generate money from property holdings. REITs argue they're normal operating companies unrepresented in the S&P 500. Special tax laws categorize REITs as nonequity assets, but growth in the '90s--from a $9 billion market cap to $139 billion--may have changed that. S&P will soon decide the trusts' status. Separately, three investment firms last week tweaked their REIT accounting, saying they'd forecast results per share, as with equities...
...love borne of desperation. Since Japan's bubble economy kerploded in the early '90s, every indicator has plunged relentlessly downward. The stock market hit a 16-year low earlier this year. Real estate prices have plunged so far that many homeowners are stuck in houses they bought at four times what they're worth today. Unemployment hit a post-war high of 4.9% last month, more than twice the rate in the 1980s. Terrified of losing their jobs, people are saving more and spending less, thus tightening the screws on retail businesses. City parks are haunted by homeless people. Suicides...
...that we now feel guilty if we have "fun" in our working lives. Donkin reinforces these assertions by describing how employment and management theory have evolved since the Stone Age. He is especially persuasive about the re-engineering trend that scythed through middle management in the 1980s and '90s, turning shareholder value into the new corporate mantra and "temp" agencies into the largest private employers in the U.S. In Donkin's view, we are now at a stage where there is more work than ever, the work ethic remains deeply embedded in the Western psyche and our identities continue...