Word: crunchings
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...many hits can a movie mogul squeeze into a box office? The crunch of high- profile December releases, each intended to be a bonanza, will be more frenzied this year than ever. Rocky V and Home Alone started fast out of the gate. Here's the morning line on some of the hopefuls yet to come...
...economy: right in the middle. The staple of the business -- the standard two- or three-piece suit that fits around the average frame as trimly as a swath of burlap around 50 lbs. of Pillsbury -- has lost its allure: too drab, too ordinary and, in an approaching crunch, too superfluous. What's already in the closet is good enough for now, and if it's not -- if a man has the cash and a need for flash -- he's reaching way upscale, to Armani and Ralph Lauren and the heady heights of bespoke tailoring. The Europhile tailored look that belonged...
...will usually keep extending a company's debt, but often at higher interest rates on the new loans. At the moment, though, many lenders are pulling back because of rising defaults, so the refinancing option is becoming more remote. In fact, analysts warn that this has produced a credit crunch that could push many over-leveraged companies closer to failure. The situation is worst for firms that borrowed heavily by issuing junk bonds. The investment house that controlled most of the market for those securities, Drexel Burnham Lambert, has gone out of business, making the refinancing of such debt...
...crunch began with a dramatic falloff in earnings, particularly for blue- collar males. Between 1955 and 1973, the median wage of men leaped from $15,056 to $24,621. Then, quite suddenly, it started to drop. By 1987 the male wage, adjusted for inflation, was back down to $19,859, a 19% decline. To shore up family income, wives have flooded into the labor market, but their earning power is low. In 1988 the average family income was only 6% higher than in 1973, though almost twice as many wives were at work. In many households, one well-paid smokestack...
...expansion of the past decade are now pushing in the opposite direction. The U.S. and British economies are either in a recession or on the brink of one, and corporations are shrinking their office space. At the same time, developers are feeling the effects of a global credit crunch. Finally, banks are wary of assuming greater exposure in the real estate business. James Yasser, a senior vice president at Milstein Properties in New York City, sounds a familiar refrain: "Everything went right during the '80s, and now everything is going in reverse...