Word: gloom
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Neither snow nor rain nor gloom of night, it seems, will keep the House of Representatives away from scandal. Only last October came embarrassing revelations that some lawmakers had written rubber checks totaling more than $100,000 at the House bank and had tallied $300,000 in free meals at House restaurants. Last month the House named a six-member bipartisan task force to look into a new imbroglio at the House post office...
...LITTLE ADDENDUM: Last week, George Bushannounced his new budget proposals, complete withan unprecedented $400 billion deficit. It markedan unabashed return to the free-spending 80s, abold negation of the economic gloom-and-doomers, arevisionist affirmation of the culture of partyingnow and paying later. Good boy, George. Wilcome tozah Nahntees.Honest Abe and an honest (five) bucks...
...with the knowledge that its problems arise largely from its reabsorption of the former East Germany, where many of the old centrally directed enterprises stand idle and official unemployment nears 12% -- not counting another 2 million workers in part-time, make-work jobs. Few Germans seem steeped in the gloom that prevails elsewhere: the economic and social costs of unification will be paid off in due course, and opinion polls indicate most citizens think that will be soon...
...perceptual sense, the gloom is deeper because this time unemployment has hit an influential and vocal class of managers and other white-collar workers. "So many of us are seeing our peers thrown out of work," says John Rogers, who runs his own Chicago investment firm. "That's what's so frightening...
...many of our readers, a fair sample of TIME employees spent New Year's Day watching the back-to-back bowl games. We could do so confident in the knowledge that senior writer John Greenwald was hunched over his desk, writing this week's cover story on the economic gloom pervading America. Since 1981, ( John has brought diligence, common sense and level-headed analysis to TIME's coverage of a very turbulent economic period. Last week, though, he was struck that Americans feel the pain of this recession so keenly. "This one is different," he says. "The causes lie deeper...