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...sharply. At the same time, applications for first-time mortgages have tumbled nearly 15% since February. "The biggest threat to the recovery would be a surge in interest rates," says Lynn Michaelis, president of the National Association of Business Economists. "That would nip the recovery right in the bud...

Author: /time Magazine | Title: The Economy Which Way Is Up? | 4/6/1992 | See Source »

...colleagues are jabbing their fingers in the Speaker's direction, insisting that he had ample opportunity to reform House operations. Foley was told by investigators from the General Accounting Office in January 1990 that the banking operation needed cleaning up. The Speaker might have nipped the problem in the bud by firing sergeant at arms Jack Russ, who ran the bank, but critics say the wily administrator used his inside knowledge of Hill affairs to protect his position. Foley let Russ off with a warning, and asked an outside group of bankers to look at the system. Even though their...

Author: /time Magazine | Title: Congress Checkmate for the Speaker? | 3/30/1992 | See Source »

...most of us far less ideological folks, mention of class seems, well, borderline rude. We may not be class-conscious, but we're plenty status- conscious and capable of deconstructing the subtle difference between, say, Bud Light and Chardonnay or polyester and natural fiber. But where a European might see actual social classes, we tend to see only winners and losers, which is why any serious talk of class always has the sting of that ancient zinger: If you're so smart, why ain't you rich...

Author: /time Magazine | Title: Double-Talk: About Class | 3/2/1992 | See Source »

Energy Secretary James Watkins, who oversees the nation's problem-plagued government nuclear facilities, insists that employees who go public with charges of plant-safety problems are free to blow the whistle without fear of reprisal. Unfortunately, it didn't work out that way for Charles ("Bud") Varnadore, a technician at Oak Ridge National Laboratory in Tennessee. Varnadore, 50, suffers from colon cancer and underwent 52 weeks of chemotherapy. After he appeared on a CBS news program in March 1991 to talk about a study that showed suspiciously high rates of cancer among workers at the facility, his bosses assigned...

Author: /time Magazine | Title: Harassment: Now Go to Your Room: Now Go to Your Room | 2/17/1992 | See Source »

...clothing is selling faster than an extra-edition sex scandal. And you can forget about wearing the news discreetly under your suit. The $55 silk boxer shorts, like most of the other items, are already sold out. In just one week, sales topped $100,000. Says Nicole Miller CEO Bud Konheim: "These designs are much hotter than we expected. Since everything we do is limited edition, when we say sold out, we mean forever." Fear not, trendies: Nicole Miller is considering reprinting headlines from other newspapers, including USA Today...

Author: /time Magazine | Title: Haberdashery: All the News That Fits | 2/10/1992 | See Source »

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