Word: downturns
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Dates: during 1990-1999
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...that most private economists have declared that the U.S. is in a recession, top government leaders began edging toward the R word last week. Federal Reserve Chairman Alan Greenspan became the first to acknowledge that the economy is shrinking when he told a congressional committee that "a meaningful downturn" had occurred in October and November and the GNP would probably decline for the fourth quarter as a whole. But Greenspan stopped short of calling the downturn a recession, which is officially defined as two straight quarters of a falling GNP. Said he: "We won't know whether...
Turning to an international issue, Boskin said the President's handling of the crisis in the Persian Gulf has prevented a great downturn in the U.S. economy...
...Thatcher and the Tories who must govern without her, the downturn in the British economy is seen as a serious threat in the general election. It is expected that the Tories will call the election as late as possible, which could mean the spring of 1992. But the inflation rate, now running at 10.9%, is slackening, and the pound, linked to the E.C.'s Exchange Rate Mechanism, is strong. The next Prime Minister may be able to lower interest rates and even spend more money in the social areas Thatcher was accused of neglecting so badly -- education and health services...
...bankers were among the first to lose their jobs. Psychiatrists report that Wall Street patients feel guilty about the easy money they made in the booming 1980s and are convinced they are being punished for earlier good fortune. These people are busy lowering their financial sights, and as the downturn rolls across the U.S., the rest of the country may have to do the same. That is just what the economists fear. The trouble with recessionary psychology, they say, is that deflated expectations become self-fulfilling prophecies, for both the individual and the economy as a whole...
Continental was particularly ill-prepared to weather the downturn. The carrier accumulated more than $2 billion in long-term debt in the process of building itself into one of the five largest U.S. carriers. Rival carrier Delta confirmed last week that it may buy some of Continental's assets. At TWA, market share has slipped from about 10% in 1985 to 8% currently. Since TWA boss Carl Icahn failed to move quickly enough to replace his aging aircraft, the airline is stuck with a fleet that is particularly thirsty and costly. New Boeing and McDonnell Douglas passenger jets...