Word: boom
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Dates: during 1980-1989
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...estimated $1 billion a month. The drop in spending has slowed construction projects across the country, created an exodus of foreign workers, and overwhelmed the Islamic court system with bankruptcy proceedings. Only interest-free government deposits have kept many banks from failing. Says a top Saudi official: "During the boom, the country generated tremendous wealth. Now the cycle is reversed. Every time we cancel a project, the ripple effect washes over the entire economy...
There are signs, both serious and frivolous, that the good life is not what it used to be. Rolls-Royce and Mercedes automobiles are appearing in used-car lots. In boom times, the skies over Houston during rush hour were filled with helicopters ferrying executives; today the choppers are a rare sight. Last week, in an effort to cheer its customers, the tony La Colombe d'Or restaurant offered a four-course lunch pegged to the price of a barrel...
...those citizens of the oil patch with long memories, boom and bust cycles are as natural as Texas tumbleweeds and summer windstorms. What is different about the current collapse, though, is the speed with which it struck. Says Historian Fehrenbach: "Nothing in the past has come on as fast as this." For the moment, then, people can do little more than hold on, hoping that the cycle will one day turn again...
...Society is currently experiencing a boom--the monastery is absolutely full, and there's a waiting list for prospective postulants. Even if one is accepted as a postulant, the community has a long trial period--men who want to join must spend three months as a postulant, then five years as a novice before taking final vows...
...know how big a drop it was. It might have been 500 feet. We just went boom," John Shaughnessy, 43, a passenger from Flushing, Mich., said after Flight 534 landed without incident here shortly after...