Word: l
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Dates: during 1980-1989
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...unreconstructed left wants an unapologetic bicentennial honoring the nation's radical roots. "France is still a country of class struggle," wrote historian Claude Mazauric in the Communist Party newspaper L'Humanite. "The message of 1789 . . . is to build a society unconstrained by multinational capitalism." SOS-Racisme, a civil rights group, for example, will celebrate with a rally for Toussaint L'Ouverture, a former slave who led an 18th century Haitian rebellion against French colonialism. A group of prominent Parisian socialists is agitating to rename part of the Rue St.-Honore after Robespierre. "All revolutions have excesses," explains former Health Minister...
...these properties, and tens of thousands more, is the U.S. Government. A federal stockpile of distressed real estate holdings is suddenly growing to an unprecedented and ominous size as Government regulators seize insolvent savings and loan associations and commercial banks. President Bush's plan to bail out the S & L industry, which won Senate approval last week by a vote of 91 to 8 and now faces House consideration, calls for the Federal Deposit Insurance Corporation to take over some 400 hopelessly ill thrifts and sell off their real estate in the next few years. During this huge liquidation...
...assets they still hold. The falling prices could put even more S & Ls in jeopardy by undermining their outstanding real estate loans. Already the impending sales have frightened real estate investors and kept a damper on prices, especially in the hard-hit Southwest. The federal holdings, says Dallas S & L adviser Richard Kneipper, are like a "tidal wave about to crush us all and drown everybody...
...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...
...sure just how much property the Government will be taking over. Stuart McFarland, chairman of Virginia-based Skyline Financial Services, which manages 8,000 repossessed properties in 21 states for the Government, estimates that the real estate might total $200 billion or more. The load of S & L properties is compounded by a growing stock of real estate that other Government agencies have taken over in recent years because of loan defaults. The Farmers Home Administration will have to dispose of 1.3 million acres of farmland, a territory roughly the size of Delaware. The Federal Housing Administration has about...