Word: glut
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Dates: during 1990-1999
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Because of an auto-production glut and a consumer hunger for bargains, the Big Three have become dependent on incentives to move merchandise. Result: even when car sales are decent, profit margins are thin. General Motors said it gave up $5 billion in incentives in 1989, or $900 for every vehicle it sold. Ford pegged its incentives at $1,000 per vehicle, Chrysler at $1,200. As part of its current restructuring, Chrysler last week announced the $825 million sale of its aircraft subsidiary, Gulfstream Aerospace, to a management-led group...
...seven months ago by American firms to compete in the Japanese-dominated market for memory chips. With such powerful backers as IBM and Digital Equipment, U.S. Memories planned to build a $1 billion plant to produce chips for everything from personal computers to missile-guidance systems. But a worldwide glut of memory chips, which has pushed prices lower, prompted many would-be investors to back out of the project...
...tech wizardry to Wall Street's takeover deals, the Northeast was on a roll during most of the Roaring '80s. But Wall Street launched a series of layoffs after the 1987 crash and the Massachusetts minicomputer industry went into a spin. The double whammy left the region with a glut of unsold houses and banks with billion- dollar portfolios of bad loans. The Massachusetts economy, which grew more than 7% in 1984, shrank about 1% last year...