Word: crunchingly
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...women and minority writers -- became a lightning rod for conservative attacks. Stanford faces a $95 million deficit in its two-year budget, even if the university avoids being forced to make a major repayment to the government. Kennedy plans to spend the next year focusing on this financial crunch. Faced with austerity, faculty members have their own grievances, and some even complain of Kennedy's emphasis on undergraduate education at the expense of research. William Spicer, a professor of electrical engineering, grumbles, "Don Kennedy has truly lost the confidence of the faculty, and that being - the case, everyone, including...
California's fiscal plight is rooted in explosive population growth. During the 1980s, the state's population swelled more than 6 million, to nearly 30 million; almost half of the new arrivals were immigrants, who put huge strains on welfare, health-care and education programs. The crunch was made worse by plummeting tax collections caused by the current recession and by the limits on new levies imposed by Proposition 13, the 1978 ballot measure that cut property taxes and shifted the lion's share of fiscal responsibility from local governments to the state. Wilson has suggested reversing that trend...
...losses mount, one of Lloyd's biggest problems -- the desertion of its names -- will undoubtedly grow. Lloyd's could then face a capital crunch that would diminish its capacity to take on new business. The number of names providing capital to the syndicates jumped from 7,000 in 1973 to 32,500 in 1988, but has fallen to 26,500 since then, largely because Lloyd's suddenly looks like a risky proposition...
Meanwhile, bankers laden with bad credit have remained reluctant to make new loans. That has helped perpetuate a credit crunch that began last year when bank regulators tightened loan standards to avoid a repeat of the savings and loan fiasco. Even the Fed's lowering of interest rates in recent months has scarcely encouraged bank lending to pick up. Asserts Hugh Johnson, chief economist for First Albany, a securities firm: "More than at any time in the past, banks are dragging their feet...
...President Bush's recent proposal to limit federal funding for financial aid could only increase the money crunch...