Word: downturned
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...Since the winter, Bush has relentlessly invoked the economic stimulus of tax cuts while making no structural changes in his tax cut - which, in its current House-approved form, provides only $5.6 billion in retroactive benefits for 2001, while the "downturn, baby" is actually happening. And Senate Democrats have finally gotten around to calling his bluff, planning Tuesday (before Bush speaks) to unveil a $60 billion retroactive tax cut that they say can go into effect immediately...
...when you consider the antimaterialistic attitudes of the people who drifted west in the '60s and '70s and helped shape the character of the city for the past four decades. For many of us, buying a house was the last thing on our mind. But despite the recent economic downturn, those who haven't already secured their turf are in danger of being priced out--of both the rental and sales markets. "I have several friends who are seriously considering moving to other places because the economic pressures are just too great," says Tales of the City author Armistead Maupin...
...almost always get a cell-phone circuit. Some of the signs are just that--vacancy signs dangling from buildings whose landlords until recently were demanding shares in the companies started by their tenants. And the blank billboards along Highway 101--the valley's main thoroughfare--mutely advertise the downturn. There are few tire kickers in the lots of the luxury-automobile dealers. Near my office, the people who sometimes paraded along the sidewalk bearing placards that said WILL WORK FOR EQUITY have mercifully disappeared...
Investors who see those falling stock prices and think "bargain" should think again. Few industry leaders expect business conditions to improve much this year. Phone companies "are really conserving their capital because of the severe downturn in the economy," says Clarence Chandran, Nortel's chief operating officer. Nortel is a one-company bear market. The world's No. 1 producer of fiber-optic systems, Nortel accelerated the industry's slide and NASDAQ's sell-off last month by abruptly slashing its 2001 forecasts and declaring that it would idle 10,000 employees, or nearly 10% of its work force...
They may have lost millions of dollars for investors and helped foment the market downturn, but dotcom dropouts are in demand on the speakers' circuit. The phones are ringing for executives from Internet losers such as Yahoo and Priceline.com--if they dump their success stories and share their woes. "In the past we didn't bring up failure. Now we make it a highlight of speeches," says Michelle Lemmons-Poscente, head of the International Speakers Bureau, based in Dallas. "The best way to learn is by someone else's failures, and if there's drama involved, all the better...