Word: downturned
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Dates: during 1990-1999
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...agriculture has taken a real beating from the Asian meltdown, losing billions in exports," says Baumohl. "Some farmers are not going to survive the downturn. And those who do are going to have a difficult time in the next couple of years, because it will take at least that long before Asia feels comfortable buying U.S. agricultural exports again." Paging Willie Nelson...
...which only recently completed new plants in the country, had to cut production drastically. And the future could be grimmer still, according to the International Monetary Fund, which reported at its annual assemblage of world finance ministers last week that "the risks of a deeper, wider and more prolonged downturn have escalated" throughout the developing world...
...though an economic downturn might motivate us to start making a real mark on the world, it also introduces trouble on the horizon. And I'm not talking about the usual effects of a recession: the blow-dried reporters tromping through small-town cafes, trying to coerce a little vox out of the unemployed populi who glare suspiciously at them; nor am I alluding to eyeball-glazing newspaper business features led by headlines like, "Whither Textiles?" I'm referring to what happened the last time there was a burp in the economy, in the early 1990s: the transformation of harmless...
...says. "Now they're getting worried." And the funny thing about consumers is that when they start to fear a recession -- after, say, watching their stock portfolios grow sickly since July -- they end up creating one. "If people do indeed cut sharply back on spending, it could accelerate any downturn the U.S. has, in both speed and severity," says Baumohl. "Consumer spending accounts for two thirds of all U.S. economic activity." So be warned: If the recession comes, you'll have no one to blame but yourself...
...crisis demands a response on the scale of the Marshall Plan," says Baumohl. "But Japan is paralyzed, Europe is cautious and Clinton's presidency is weakened. They're unlikely to muster the political support for the spending required by such a plan." With the effects of the global downturn looming just over the U.S. horizon, Clinton's '92 campaign mantra sounds more current than ever...