Word: downturn
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...Iacocca was right on target. What really focused our attention during this downturn was the fact that all manufacturers brought their production in line with demand. Only one group, the Japanese, didn't do it that way. Only one group steadily increased its inventory of vehicles. I'm sure those vehicles aren't going to get thrown in the ocean -- they're going to get sold. And so there's no question about it, their penetration of the U.S. market is going to increase. We told the President and his people back last March that we could see the trend...
...executives have had a tremendous downturn in their earnings for the past two years. We did not pay any bonuses at GM last year, and the way earnings are headed I can't see any bonus on the horizon this year either. But I don't really feel sorry for any Japanese chief executive. He enjoys a very good life-style. I'll be happy to exchange pay with any Japanese...
...Whining" hardly captures the extent of the gloom Americans feel as the current downturn enters its 18th month. The slump is the longest, if not the deepest, since the Great Depression. Traumatized by layoffs that have cost more than 1.2 million jobs during the slump, U.S. consumers have fallen into their deepest funk in years. "Never in my adult life have I heard more deep- seated feelings of concern," says Howard Allen, retired chairman of Southern California Edison. "Many, many business leaders share this lack of confidence and recognize that we are in real economic trouble." Says University of Michigan...
Another factor that has aggravated unease in this recession is that there has been no sense of leadership, let alone prescience, from Washington. Consumers were blindsided by the failure of the White House and most economists to foresee the length of the downturn. "Everyone was told it was going to be mild," says Stephen Levy, director of the Center for the Continuing Study of the California Economy. "Coming out of the gulf war, people thought it would last just two quarters." But while the economy did manage gains of 1.4% in the second quarter and 1.8% in the third...
...maybe not just any recession. General Motors, that synonym for American enterprise, sounds a massive retreat with unprecedented plant closings and layoffs. Is this a metaphor for the American economy, for American destiny? We are seized with a sudden fear: maybe the current recession is not just a cyclical downturn, which would make it tolerable, but the harbinger of long- term decline. Maybe the bill for the cold war (or the Decade of Greed or the wages of sin -- pick your poison) has come due, and we are now beginning our inexorable descent. Maybe this is not America...