Word: downturning
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Dates: during 1980-1989
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...forecasts on a mix of esoteric formulas and offbeat indicators like hemlines: the return of the miniskirt, he said, was a sign of a peak in the market. Prechter issued a warning on Oct. 5, advising his subscribers to sell their stocks. But he did not predict the downturn's severity, which disappointed some followers. "New business has virtually disappeared," Prechter concedes, but he is philosophical: "Going through the valley is something I've done before...
...years to take over companies in risky deals known as leveraged buyouts (LBOs). "It's almost like a national pastime to have as little of your own money in your business as possible," complains a bank regulator. Repaying the debt from LBOs could prove particularly difficult during an economic downturn. Already the 21 top American banks hold an estimated $17 billion in LBO loans, or just under one-fourth of their exposure to Third World loans. First Chicago's LBO portfolio amounts to 55% of shareholder equity. Says a former executive at a major bank: "If the crunch comes...
...former Tennessee Governor is the newest hot prospect. Like Dukakis, he has a reputation as a competent state executive. He kept Tennessee's economy healthy during a downturn, and he is popular with black voters. He could cement Bush's base in the South and bring clout on the education issue. But Tennessee has only eleven electoral votes, and Alexander enjoys little national recognition...
...narrow that gap over the next few years, relying on income from premiums and other sources. The FSLIC estimates that it will have $20 billion available for bailing out thrifts over the next three years, an amount it deems adequate for the task provided there is no economic downturn. Yet some experts, including Bert Ely, a Virginia-based financial consultant, believe the cost could exceed $50 billion. They fear that the FSLIC will need a multibillion-dollar infusion from taxpayers to restore the thrift industry to health...
...company is prepared to weather a downturn, Ford is. The bleak years of 1980 through 1982, when it lost $3.26 billion, taught the company how devastating a recession can be. Philip Caldwell, Ford's chairman at the time, was forced to cut costs drastically and boost productivity. When Petersen took over as chairman in 1985, he oversaw an equally relentless slashing of expenses...