Word: go-go
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Ever since the go-go '80s gave way to the gone-gone '90s, a certain swath of the press has been itching for a revival of glamorous corporate takeovers. There's no business as sexy as show business, and this summer the wishful murmurs in New York City and Los Angeles have proliferated, become louder, zanier: Bill Gates is buying Whittle Communications, Disney is buying Whittle, Paramount is buying Viacom and its MTV Networks, Ted Turner is buying a movie studio . . . And, of course, Bill Cosby is buying...
...Mediterranean; in South Africa, Major Dad (the hilarious story of a retrograde white militarist outnumbered in his own home) is a big hit. And MTV is now second only to God in omnipresence: people in 232 million homes around the world may now watch snarling guitarists and half- naked go-go babes 24 hours...
CAPTION: STILL NOT THE GO-GO YEARS...
...like the Oliver North thing -- the full implications weren't brought out." Certainly, sour grapes and not simply righteous indignation plays some role: two years ago, ICM hired one of the Credit Lyonnais officials who was in charge of many of the bank's movie-industry loans during the go-go '80s, and it also happens to be making forays of its own in the ad game...
...persistent credit crunch has its roots in the go-go lending years of the 1980s, when banks and savings and loan associations issued an extravaganza of careless loans to real-estate sharks and corporate raiders, oil drillers and developing countries. "All you had to do to get a loan in the 1980s was have a pulse," says Jon Goodman, vice chairman of California United Bank. The resulting avalanche of bad loans forced the U.S. to allocate nearly $100 billion to bail out the S&Ls and set aside a $70 billion credit line for cleaning up the banks...