Word: junked
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Dates: during 1980-1989
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...antiabortion legislation will be bruising, and many purely economic conservatives will want no part of it. But the question of Government funding of abortions unites laissez-faire and Old Testament moralists alike. Many other social issues, such as day care, lend themselves to similar cross-cultural anti-Government alliances. Junk-bond dealers and snake handlers agree in wanting Washington out of their lives. The Republican Party, of course, may turn tail on some or all of the social issues. But then, conservative diehards of every stripe have always regarded the G.O.P. as a painful necessity rather than an object...
...raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to $26 billion during the same period a year ago. "Investors are becoming more sophisticated and cynical," says Kingman Penniman, a Vermont-based investment adviser. "They are no longer willing to finance every buyer's fantasy of using somebody else's money to leverage and strip a company and get rich...
...Many skeptical eyes are turned on William Farley, the physical-fitness buff who acquired Northwest Industries, the maker of Fruit of the Loom products, for $1 billion in 1985. Last February Farley took over textile giant West Point-Pepperell in a $3 billion raid that included $1.6 billion of junk-bond financing. A fellow raider calls Farley's debt a "time bomb." While Farley once joked that "we're doing fine, except that the banks expect us to pay them back," he now refuses to discuss his finances or the subject of raiding. Says he: "I'm staying 180 degrees...
...thoughts and discussions of Harvard students in recent weeks. Still, it is likely that there has, indeed, been an effect. The actions have provoked some discussion in the campus press. And surely not every one of the 900 students who received draft notices shrugged it off as junk mail...
...what is done is done. The hard lesson of the past decade is that liquidity, to many people, may be all that art means. The art market has become the faithful cultural reflection of the wider economy in the '80s, inflated by leveraged buyouts, massive junk-bond issues and vast infusions of credit. What is a picture worth? One bid below what someone will pay for it. And what will that person pay for it? Basically, what he or she can borrow. And how much art can dance for how long on this particular pinhead? Nobody has the slightest idea...