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Hard times are forcing some people to turn their back on the American Dream. In El Monte, Calif., Julio Toruno, the son of a Nicaraguan immigrant who prospered in Southern California after World War II, watched the revenues from his print shop nose-dive 20% last year. "I don't have the opportunities my father had," he says. Strapped by high housing costs, steep taxes and a declining income, Toruno and his wife recently bought land in Nicaragua and plan to move there in the spring...

Author: /time Magazine | Title: Recession: Why We're So Gloomy | 1/13/1992 | See Source »

...into focus as a misguided era of borrowed luxury, Americans got back to basics. They cut down on spending, started to pay off their debts and learned to make do with less. It happened just in time. The recession, which at first seemed quick and painless, took a scary dive for the worse. In the deepening economic chill, the yearning for simpler pleasures and thriftier ways became not only a virtue but a necessity...

Author: /time Magazine | Title: Attitude of the Year: The New Frugality | 1/6/1992 | See Source »

...Nagumo still had one carrier left, the Hiryu, and one carrier could still sting, fatally. "Bogeys, 32 miles, closing!" cried the Yorktown's radar officer. A dozen fighters from the Yorktown were circling overhead, and more than twice as many antiaircraft guns were firing, when the Hiryu's dive bombers and torpedo bombers struck. As the Yorktown's guns demolished one attacking bomber, its bomb exploded with a huge orange flash behind the carrier's bridge. Then another two bombs penetrated deep below decks, and the carrier's whole bow went up in flames. The Yorktown was doomed (though...

Author: /time Magazine | Title: Down but Not Out | 12/2/1991 | See Source »

...sooner had the Hiryu's torpedo bombers returned to their ship than they were ordered out again. But few were in shape to go -- five dive bombers and four torpedo planes -- and their crews were so exhausted that the commander ordered a break before the next takeoffs. The rice balls were just being served when the alarm sounded: "Enemy dive bombers directly overhead." Swooping down, planes from the Enterprise and the dying Yorktown started the fires that would destroy the Hiryu...

Author: /time Magazine | Title: Down but Not Out | 12/2/1991 | See Source »

...assigned to the aircraft carrier Junyo to train 18 bomber pilots. My mission was to attack Dutch Harbor in the Aleutian Islands at the same time as the attack on Midway. The commander didn't know anything about planes. Since he remembered the dive bombers' pinpoint strikes in the Indian Ocean, he wanted to use them. But it was not the kind of battle for dive bombers to fight. I lost four of my men. When we returned to Japan, I heard that the carriers Akagi, Soryu and Hiryu had been sunk by careless mistakes at Midway. Then I realized...

Author: /time Magazine | Title: Remembrance I Was Far from Confident | 12/2/1991 | See Source »

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