Word: crash
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Dates: during 1980-1989
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Even before the stock-market crash last month evoked fears of a recession, some 20 million people in the U.S. were going hungry on a regular basis. So says Hunger Reaches Blue Collar America, a report released last week by the Physician Task Force on Hunger in America, a public health advocacy group. Using government figures and its own survey of some 25 depressed areas in eight states, the task force concluded that despite steady economic growth, 32.4 million people live at or below the federal poverty level ($9,069 for a family of three), and many of them rely...
...shelve capital-spending plans. But many companies began taking a hard look at their operations, realizing that further market declines could bring on a recession. For companies that had been planning to issue new stock or for young firms hoping to go public, the impact of the Black Monday crash was immediate and devastating. Many were forced to put their plans on hold until stock prices rise substantially, and they faced the unsettling possibility that a renewed bull market might not occur anytime soon...
Anxiety was especially high in Detroit, where automakers feared the crash could deal a new blow to car sales, which are already slumping. Maryann Keller, a prominent auto analyst with Furman Selz Mager Dietz & Birney, a Manhattan-based investment firm, predicted that U.S. sales of cars and trucks would fall about 15% next year, to 9.5 million vehicles. One reason for her gloomy forecast, she said, was that the loss of wealth caused by the stock- market decline would have a "significant effect on consumer confidence and the ability to spend...
Most other companies were anxiously waiting to see how much fallout the stock crash would generate. "The dust hasn't settled," said Paul Jones, a spokesman for Westinghouse Electric in Pittsburgh. "Nobody knows what to do. You hear talk of recession, inflation, deflation, all kinds of things." But as the stock market continues to shimmy, many firms are already trying to assess the damage to customer confidence. Said Gerald Schultz, president of Bell & Howell, a Skokie, Ill., publisher and information-services company: "We're trying to sensitize our people to get their feelers out, with their customers, with their suppliers...
Similar despair was hitting small companies all over America. EZ Communications, a Fairfax, Va., broadcasting company with 15 radio stations, was expecting to raise $22 million in an initial public offering scheduled to take place the day after the market crash. Said Company President Alan Box: "These plans are now on hold for 60 days, six months, perhaps forever. We'll have to find other means of financing growth...