Word: downturned
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Dates: during 1990-1999
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...lack of growth in salaries for finance jobs comes as the entire banking industry is experiencing an economic downturn. In recent weeks, a number of the country's largest investment firms have announced layoffs,fearing the consequences of a severe recession...
...certainly think there is a severe business slump in our future, and I think what is so different this time is the recklessness of financial practices. That recklessness, if this does not sound too Calvinistic, will come to bear in the downturn, making it deeper than it otherwise would be. And the medium of that will be a shrinkage in the availability of credit. Just as the advent of ever longer maturities in car loans, for example, helped prolong and deepen the expansion, so will shrinkage in the terms of credit -- whether they be in car loans or mortgages...
Some economists fear that a sharp downturn could have a snowballing effect because of the high levels of debt the U.S. piled up during the 1980s and the shakiness of the financial system. Leveraged by buyouts and other takeover deals, many companies are already hard pressed to make their payments. At the same time, banks and insurance firms are tottering beneath huge portfolios of bad real estate mortgages...
...downturn is even starting to rearrange where Americans live. In Massachusetts an estimated 18,000 more people fled the state than moved into it this year as unemployment climbed past 6%. Some favored destinations: California, Texas and Florida. Nearly a quarter of the state's 93,000 layoffs occurred in such high-tech companies as Digital Equipment and Data General, which have been caught by the double whammy of economic stagnation and technological changes that passed them...
Clapprood cited the beneficial effects of welfare on her own family as an example of why the state should not cut such spending even though its economy is on the downturn...