Word: downturn
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Opponents of the plan argue that preliminary data does not indicate that such incentives have an effect, leading a university to waste money on faculty already planning to retire. Supporters respond by saying a downturn in the economy is all that's necessary to make a difference apparent...
...42nd Street and Times Square, the driving force of which was to be four mammoth, nearly identical office towers designed by Philip Johnson and John Burgee as a kind of chilly Rockefeller Center South. Fortunately for fans of Times Square's higgledy-piggledy aesthetic, the late-'80s economic downturn pulled the rug out from under that plan. And there was this added benefit: the developers were obligated to cough up $241 million to the city and state whether or not they ever built. That kitty allowed planners to start condemning properties and evicting what they saw as undesirable tenants. Developers...
...slippery slope, the Dow Jones Industrial Average stands at 6,477.35, down 8.6 percent from its 7,085.16 high of March 11. It's not a bear market yet. But it doesn't look good. "I think we're in trouble," says TIME's Daniel Kadlec. "Usually during a downturn, people are tempted to buy, but this time they're afraid to step up." Right now, the reason for that fear is Friday's employment report. An unexpectedly high number, enough to spur Alan Greenspan to raise interest rates again, could send the markets reeling anew. "Greenspan surprised...
...downturn has been a brutal introduction to management for the young Nordstroms, who have learned the business from the ground floor up--first by sweeping out stockrooms and then by advancing through the ranks of buyers and managers. "We're very competitive," says Pete, who stands 6 ft. 7 in. tall and played junior varsity basketball while a student at the University of Washington. (His younger brother Erik joined him on the squad.) "There's a high sense of urgency to turn things around." Nordstrom points to some recent encouraging signs. Results in February were up "in all important categories...
...answer from TIME's experts was both yes and no. "The post-1982 American economy is significantly different from the pre-1982 one," said Robert Hormats, vice chairman of Goldman Sachs International. Since the bottom of the brutal 1982 recession, there have been but seven months of downturn. Previously, growth was interrupted on average every four years by long and deep recessions. Argued Hormats: "The business cycle hasn't been repealed, but volatility has been greatly reduced...