Word: busting
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Dates: during 1990-1999
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...using computers to get the usual amount of work done and then surfing the Net for fun. This is critical because accelerating productivity allows an economy to pick up the pace of growth without stoking inflation. If Blinder's fears are true, we're probably on a classic boom-bust path--and guess what, we've already had the boom. But if Americans are getting a lot more done, the good times will last. Just don't ask the economists how long...
Because you are an American, and Americans know that nothing good can last. Every boom goes bust. Every heart gets broken. We have been conditioned to look for the lead lining in every cloud. "There's something about the mandarin class of America--they have a hard time taking yes for an answer," says Philip Burgess, president of the Center for the New West, a Denver think tank. "But after 15 years of hand-wringing about America's competitive decline, the national media [are] coming to their senses...
...sounds as if its members are still learning how to be a rock band; they rip through their songs with a gleeful abandon, as if they had just discovered their instruments behind some old tires in the garage--they didn't pay for 'em, so who cares if they bust a few drumsticks or break a few strings...
...publicly traded companies known as Real Estate Investment Trusts, or REITs. These stocks earned a nasty reputation in the '70s and '80s, when REITs loaded up with debt and used the proceeds to invest largely in the higher-yielding debt--junk--of developers. REITs collapsed when the developers went bust after building too many skyscrapers...
...exposure, noting that the stocks trade for 27% more than the underlying property they own. But that premium may be justified, given that REITs make it easy to buy and sell commercial real estate for any size portfolio. Besides, property values are rising from the ashes of the '80s bust, and rents are going up too. Biggs believes REITs will return 12% over the next 12 months. Steve Hash, an analyst at Lehman Bros., notes that profit from office rentals in Los Angeles is about $12 per sq. ft. It will go to $17 before any serious building begins...