Word: bustingly
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...office glut is in some ways just another broken leg of the savings and loan crisis. Many thrifts went bust by tossing money into high-rises that never should have been built in the first place. As a result, few analysts expect a rebound soon. In the suburbs of Chicago, a virtual shutdown of new construction since 1989 has failed to budge the vacancy rate, now between 15% and 20%. "When will lenders lend again?" wonders Hugh Kelly, an economist and real estate consultant. "For some major markets, vacancy rates will have to fall well below 10% before the money...
...Treasury remained silent on the most pressing issue confronting banks: how to replenish the nearly broke Federal Deposit Insurance Corporation fund, which insures accounts. The beleaguered fund sank to a record low $8.5 billion after 169 banks failed last year. Without fresh cash, it could go bust by the end of 1991 if the current recession lasts all year. The Treasury left the details of rescuing the fund up to the FDIC and the banking industry. FDIC Chairman William Seidman later said that to rescue the fund, the agency might raise banks' insurance premiums 20% to 30% as of June...
...fairness could arise often this year if a prolonged Middle East war creates an oil-price shock and plunges the U.S. into a deeper recession. In a gloomy assessment of the banking outlook, FDIC chairman L. William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion...
...more neutral observers wonder whether Prime Minister Bob Hawke's Labor Party government in Canberra is the villain or the scapegoat. Agriculture is a notoriously boom-and-bust business. If any single factor is to blame, it is probably Australia's dodgy trading position in a rapidly industrializing part of the world...
...because the leadership of the health- sciences research community has addressed the problems on a short-term, piecemeal basis, essentially looking at the problem only as long as the one- year budget cycle of Congress. That style of leadership has led to a virtual roller coaster of boom and bust. We are now suffering from a vacuum in national leadership for science in general and health science in particular...