Word: crunchings
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...allowed an amazing 427 total yards, 321 of those on the ground. But Harvard held Penn to just 21 points--and, more importantly, came up with every big stop in crunch time...
...Crunch...
...persistent credit crunch has its roots in the go-go lending years of the 1980s, when banks and savings and loan associations issued an extravaganza of careless loans to real-estate sharks and corporate raiders, oil drillers and developing countries. "All you had to do to get a loan in the 1980s was have a pulse," says Jon Goodman, vice chairman of California United Bank. The resulting avalanche of bad loans forced the U.S. to allocate nearly $100 billion to bail out the S&Ls and set aside a $70 billion credit line for cleaning up the banks. To prevent...
...credit crunch has hit some regions particularly hard, notably the Northeast and the West. California's 460 banks took a bad hit when property values nose-dived. Nearly 60% of the bank loans in the state were backed by real estate, in contrast to an average of 46% for the U.S. "No one is even going to a bank here because they know how hard it is to get a loan," says Goldinger. "The loan demand is there, but people are so tired of being turned down...
...result will be a federal effort that will rank as, to quote Jimmy Carter's response to the energy crunch, "the moral equivalent of war." Much more money will be funneled into public schools to upgrade them physically and boost teachers' salaries dramatically. Teaching will become, as it was in the past, a hero-like profession that lures some of the brightest college graduates. A massive public relations campaign will promote teaching as a career and learning as a central theme of national life...