Word: boom
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Dates: during 1980-1989
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Even though superheated consumer buying has helped fuel the economic boom of the 1980s, the heedless lack of saving also poses serious dangers. With too few reserves to fall back on, consumers might have to restrict their spending severely during a recession and thus aggravate the downturn. Other harmful side effects have already shown up. Profligate consumer spending on imported goods has ballooned the U.S. trade deficit, while the dwindling national pool of savings has forced America to borrow from abroad to meet its financing needs. Says Investment Banker Peter Peterson, a former Commerce Secretary: "Correcting the current imbalance assumes...
Attitudes about saving differ strikingly between members of the baby-boom generation and their parents. Barton Goldberg of Delray Beach, Fla., a retired retailing executive, and his wife Rita recall saving a $1,800 nest egg in the 1950s on a salary of only $13,000 while living in New York City and rearing two children. When the family moved to Virginia, where living costs were much less, the Goldbergs were able to save nearly half of Barton's take-home pay. Says their daughter Jane Warden, 34: "My parents were very big bargain hunters. My mother would wait...
WILLIAM Hauptman's last play at the American Repertory Theater, the musical Big River,was a Big Winner, receiving seven Tony awards for its subsequent Broadway production. Can Gillette, his new play about the drifters and desperados in a Wyoming boom town, possible do so well? Will it boom or will it bust...
Tied in with the tragicomic tale of Mickey and Bobby is the story of the shocks that an oil boom puts on a small city's system. As Doreen (Priscilla Smith), a local girl who tends bar at the Silver Dollar Lounge, puts it: "Gillette used to be nothing but a wide spot in the road. Now we got two shopping malls, a Kentucky Fried Chicken, and a Cinema One, Two, and Three." They also got drugs, the local favorite being crystal meth, and their share of bar-room brawls...
...most crucial cost of the new environment may not be measurable in dollars. The past two years have seen a boom in alleged ethical lapses at even the bluest of blue-chip firms. New York's Sullivan & Cromwell found itself contesting no fewer than four accusations, notably one by an opposing firm that a partner bribed witnesses while representing the widow of Pharmaceutical Heir J. Seward Johnson in last year's estate battle. New York's Paul, Weiss discovered last year that a young associate, Michael David, had masterminded the "Yuppie Five" insider-trading scandal. Attorneys handling corporate mergers also...