Word: downturn
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...banks are generally suffering less than in other regions, Security Pacific Corp. last month projected a loss of at least $320 million for the fourth quarter. More than half the bank's problems stemmed from loans outside California, particularly to builders in Arizona. Experts are worried that a further downturn in California's slumping real estate market could cause a flood of red ink at the state's other big banks...
...Meaningful downturn...
...Americans must scramble to cope with hard times and keep up their hopes that the recession turns out to be no worse than a moderate one. Yet the downturn could have a silver lining if it forces Americans to confront the legacy of 1980s-style borrowing and spending, which threatens to stifle growth for years to come. "We simply cannot go on doing business as usual in so intensely competitive a world," Sinai said. "This downturn may be a catalyst that will wake up the nation." If the recession does help inspire the U.S. to face its long-term economic...
...Word Most Desperately Avoided Federal Reserve Chairman Alan Greenspan called it a "meaningful downturn." Chief White House economist Michael Boskin dismissed it as a "lull." President Bush described it as a "slowdown." But by the end of the year, everyone saw it for what it was: a recession...
...TIME panel of five leading economists foresees only a moderate U.S. downturn. But the experts warn that a bank crisis or a protracted Persian Gulf war would bring a deeper slump...