Word: go
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Dates: during 1980-1989
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...Johnson's, but when one has been looking forward to a Howard Johnson's hot dog and a dish of Howard Johnson's maple walnut, anything that Big Boy has to offer is, well, not the same. And if one inquires politely how far down the superhighway one must go to find the next Howard Johnson's restaurant, the polite answer is that there aren't any there anymore...
Poor Wall Street. In a slide that began with the stock-market crash 18 months ago, the get-rich-quick go-go years have faded into memory. No longer do brokerages open branches in every mall or freely lavish six-figure salaries on young talent. Gone are many of the yachts and the black-tie dinners -- along with more than 8% of the 260,000 employees who worked in the U.S. securities industry before the collapse. And despite the cost cutting, a fresh wave of gloom rolled through investment houses last week. Even as the Dow Jones industrial average surged...
While Drexel's case is extraordinary, other investment houses are going through wrenching changes in their corporate culture as executives search for ways to cut the fat. In Chicago brokerages are passing up the chance to rent $55,000-per-season "skyboxes" in Wrigley Field, even though treating clients to a Cubs game is a traditional way of bringing in new business. Many superstar brokers now make their own telephone pitches to court new clients, and brew their own coffee, after losing the assistants who handled those chores. Even senior partners are being laid off when their sales volume dwindles...
...cannot afford to go too slow in selling off the real estate, because the Government needs the proceeds to pay off S & L depositors and carry out the bailout, which is expected to cost more than $150 billion in the next ten years. Moreover, the Government has never proved to be an entrepreneurial manager of property, so the real estate it owns is likely to keep diminishing in value. Says thrift consultant William Ferguson: "Bad assets don't usually get better, they get worse. Buildings and sites deteriorate...
...properties are hitting a real estate market that is generally far weaker than during the go-go days of the 1970s and early 1980s. The overbuilding of offices and condos has produced a huge surplus of such structures all across the Sunbelt, and some excess properties even in Northeast states like Massachusetts and Connecticut. "What you're dealing with is the aftermath of , a massive speculative excess. It tends to drive down the value of all real estate," says Austin-based banking analyst Alex Sheshunoff. To make matters worse, mortgage rates have risen a full percentage point in the past...