Word: downturns
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Dates: during 1990-1999
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...downturn has been a brutal introduction to management for the young Nordstroms, who have learned the business from the ground floor up--first by sweeping out stockrooms and then by advancing through the ranks of buyers and managers. "We're very competitive," says Pete, who stands 6 ft. 7 in. tall and played junior varsity basketball while a student at the University of Washington. (His younger brother Erik joined him on the squad.) "There's a high sense of urgency to turn things around." Nordstrom points to some recent encouraging signs. Results in February were up "in all important categories...
...shibboleth: a proposed constitutional amendment to mandate a permanently balanced budget. The idea, which enjoys support among a smattering of Democrats, is opposed not only by Rubin and the President but also by Greenspan. They point to the rigidity of the notion in the event of an economic downturn, and argue that it is inappropriate in the Constitution. "As strongly as I favor fiscal responsibility," says Rubin, "I oppose a balanced-budget amendment, because of the real risks it poses...
...answer from TIME's experts was both yes and no. "The post-1982 American economy is significantly different from the pre-1982 one," said Robert Hormats, vice chairman of Goldman Sachs International. Since the bottom of the brutal 1982 recession, there have been but seven months of downturn. Previously, growth was interrupted on average every four years by long and deep recessions. Argued Hormats: "The business cycle hasn't been repealed, but volatility has been greatly reduced...
...that process could take two years and the union calls it a delay tactic. Working now on a contract negotiated when American was in poor financial shape, the pilots haven't had a raise since 1993, and demand an 11-percent raise over four years. Crandall, fearing another downturn in the cyclical airline business, feels that giving too much now may cost the airline dearly later. But a strike could cost more -- the airline stands to lose more in the first week than it stands to gain by winning the contract dispute. In any event, industry analysts don't expect...
...credentials to get good jobs from those individuals, many of whom live in inner cities, who lack the basic education to cash in. Significant regional variations apply too. Beyond Wall Street and Boston's high-tech belt, the Northeast has barely begun to recapture jobs lost in the last downturn. And the fear of downsizing still sends shivers through offices and factories at Fortune 500 companies everywhere, destroying any sense of job entitlement and dampening employee wage demands. "It's almost a paradise for job seekers in the U.S. right now," says John Challenger, executive vice president of Challenger, Gray...