Word: downturns
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Dates: during 1990-1999
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...that a financial downturn has arrived, cabbies are feeling the backlash of that period of prosperity. "When the recession finally hit it really took a bite out of the industry," Anastasio says...
...William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion by the end of 1991, as an estimated 180 banking firms fail...
...banks are generally suffering less than in other regions, Security Pacific Corp. last month projected a loss of at least $320 million for the fourth quarter. More than half the bank's problems stemmed from loans outside California, particularly to builders in Arizona. Experts are worried that a further downturn in California's slumping real estate market could cause a flood of red ink at the state's other big banks...
...Meaningful downturn...
...TIME panel of five leading economists foresees only a moderate U.S. downturn. But the experts warn that a bank crisis or a protracted Persian Gulf war would bring a deeper slump...