Word: auto
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Fear of a recession, almost endemic in corporate boardrooms, is also restraining new plant construction. Says Edward Irving, senior vice president of United Technologies, an automotive supplier: "Back in 1980 and 1981, we had to shut down 25 plants because of excess capacity in the auto industry. We said to ourselves, 'We're not going to face this again.' " That attitude is to be expected, says Fred Bergsten, director of the Institute for International Economics: "A reluctance to invest in new capacity is a natural reaction to years of meager profits...
...sleek lines of a sports car, and its original base price of $7,990 made it comely even to cash-conscious commuters, who did not mind that it had only two seats. A molded plastic exterior and an engine placed just behind those seats to improve handling gave the auto a justifiable reputation for innovative design. But last week parent company General Motors, citing decelerating sales, suddenly slammed the brakes on all future production of the Fiero (the Italian word for proud...
...conduct a reputation-denting recall of all 1984 models because of a defect that occasionally caused engine fires. Fiero's demise may also have been helped along by steep insurance rates, which ran as high as $5,000 in some states because the young unmarried men who favored the auto were generally considered high-risk drivers. Fiero suffered too from a surfeit of two- seaters. With as many as five other such cars seeking a chunk of a dwindling market, Fiero sales fell from nearly 102,000 in 1984 to 47,000 last year. This year analysts expected sales...
...toughening of the Government's lax rules on student loans. But many point out that Bennett's proposal could cut off job-training opportunities for the nation's legions of high school dropouts. "A diploma is nice, but you shouldn't turn these other kids away from becoming auto mechanics or secretaries," says Mark Williams, who investigates trade-school abuses for New York State. Reputable organizations like New York's Technical Career Institutes have successfully trained a large number of dropouts. Says California's superintendent of public instruction, William Honig: "It would be a mistake to blast the whole industry...
...cards are thus not being accepted at any Olympic ticket office or venue (though they find ready acceptance at Calgary hotels and restaurants). General Motors has the right to supply all the vehicles used by Olympic officials, and because GM cars are getting preferential parking at Olympic venues, many auto-rental agencies rushed to replace the Fords they had been using with Chevrolets, Buicks and Oldsmobiles...