Word: busted
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Dates: during 1970-1979
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...bust-to-boom turnaround in Botswana began in 1967 with the discovery of the world's second largest diamond "pipe," a gem-rich geological formation nearly a mile across. The government's part ownership with De Beers Consolidated Mines, plus tax receipts from diamond exports, earned the country some $25 million last year, but that was only the beginning. Geologists reckon that the pipe may be good for 500 years of mining, and they have discovered a second one 30 miles away whose diamond deposits could be even more profitable...
...being sued for default. Says Admiral Kidd: "Subcontractors tell us that it is simply cheaper for them to renege on the or der with the prime contractor. Litigation for default will cost them $3 million to $5 million, but at least they will keep the company" - which might go bust if it sold at the originally agreed price...
...years since, Wichita and aviation have had a reputation of running on a steep boom-and-bust cycle. Explains Beech Aircraft's Bill Robinson: "When the rest of the economy coughed, general aviation got the first cold...
When the last bust cycle hit in 1969-70, the people of Wichita decided to do something about it. The city and county governments and the Chamber of Commerce joined with community leaders to recruit diverse businesses to take the burden of employment-and stability-off the aircraft industry. During the '60s about one in four employed Wichitans worked for either Beech Aircraft, Cessna, Boeing or Gates Learjet...
...that they can always count on the Government to intervene to prop up jobs, incomes and profit. Reflation now, they say, might produce a momentary upturn, but it would only lead to another round of price rises, another consumer panic, another slowdown in business investment-and a more devastating bust. They worry that...