Word: downturning
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Dates: during 1980-1989
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...board members agreed that the Dow's 121-point drop, to 1758.72, on Sept. 11 and 12 did not signal an economic downturn. Alan Greenspan, a Manhattan-based consultant who served as chief economic adviser to President Ford, estimated the Dow would have to go down another 200 to 300 points to have a significant impact on the economy. If stock prices fell that far, executives might curb their companies' capital investment and consumers might reduce their spending enough to trigger a recession. But the stock market steadied last week, rising 3.93 points to close at 1762.65. Investors took...
Stepping somberly to the podium in a blue-carpeted Washington briefing room last week, Commerce Secretary Malcolm Baldrige confirmed what many businessmen already knew through painful experience. The pace of U.S. economic growth, Baldrige revealed, took a sharp downturn in the second quarter, as American manufacturers continued to be hurt by a high level of imports. After expanding at a 3.8% annual rate from January to March, the gross national product increased at only a 1.1% pace between April and June, the slowest climb since the recession year...
...potential to retard economic growth and, at worst, lead to another recession." And if a slump comes, many debt-laden families could sink into insolvency. Says Henry Kaufman, chief economist for Wall Street's Salomon Brothers: "American households as a whole have never been more exposed to a downturn...
...that they provide little incentive for exploration. Only 1,671 drilling rigs are currently operating in the U.S., compared with a peak of 4,530 in 1981. Global was particularly vulnerable because it borrowed heavily to buy modern equipment. Said Jerry Martin, Global's senior vice president: "The downturn didn't surprise us, but we didn't think it would last this long...
...trillion corporate debt load is crippling, Rohatyn notes. Too much of the debt has been created by firms to finance takeovers with borrowed money. The result, he argues, is that many companies are particularly vulnerable to an economic downturn. In a recession, these corporations might be unable to make interest payments on their debt, and the result could be enormous loan defaults. Firms may already be unable to make needed investments in their basic business. Says Rohatyn: "At a time when we are trying to strengthen our important industries to make them more competitive, this weakens them by stripping away...