Word: credited
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Dates: during 1980-1989
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...CREDIT: TIME Chart...
...CREDIT: M.J. GELLER, J.P. HUCHRA, E. FALCO, R.K. MCMAHAN...
...real democracy does come to East Germany, much of the credit should go to Leipzig (pop. 567,000), which has emerged as the driving force for reform. Through more than a month of spontaneous, peaceful demonstrations, which often brought more than half the city's population into the streets, Leipzig's workers precipitated the ouster of repressive party leader Erich Honecker and helped inspire the historic breach of the Berlin Wall. "They call us 'the Leipzig Miracle,' " says Alfred Richter, 38, a supervisor in a hotel kitchen whose wife and two small children joined in the protests...
...done. The hard lesson of the past decade is that liquidity, to many people, may be all that art means. The art market has become the faithful cultural reflection of the wider economy in the '80s, inflated by leveraged buyouts, massive junk-bond issues and vast infusions of credit. What is a picture worth? One bid below what someone will pay for it. And what will that person pay for it? Basically, what he or she can borrow. And how much art can dance for how long on this particular pinhead? Nobody has the slightest idea...
...beauty of the loan system, from the point of view of the auctioneer, is twofold. It inflates prices whether the borrower wins the painting or not: like a gambler with chips on house credit, he will bid it up. Prefinancing by the auction house artificially creates a floor, whereas a dealer who states a price sets a ceiling. And then, if the borrower defaults, the lender gets back the painting, writes off the unpaid part of the loan against tax, and can resell the work at its new inflated price...