Word: lot
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Dates: during 1980-1989
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Journalists usually go about their jobs by chasing down rumors and interviewing sources. Sometimes, though, reporters learn a lot by gathering experts in one room and firing questions at them. If the mix of guests is right and the topic intriguing enough, the conversation can be as exciting to cover as a revolution or a natural disaster. In fact, revolutions and nature were on the agendas of two TIME-sponsored conferences that we report on in this week's issue...
Until recently, Newton's First Law was that home prices could only go up. Now residents of that Boston suburb -- and homeowners nationwide -- are having apples dropped on their heads. Suddenly a lot of people are talking about home prices going down. And I don't mean just in Houston (actually, they've begun to recover in Houston) or Billy Joel's penthouse on Central Park South, first offered at $2.8 million, then at $2 million, then $1.5 million, now $1.1 million -- and still unsold. Your average home may be affected...
...homes really is over, that's not all bad -- unless it gets out of hand. It's one thing to have prices trail inflation for a number of years, quite another to allow a stock-market-style 40% crash in prices. That would leave the banks owning an awful lot of houses and the Government owning an awful lot of banks, which is why the Government is unlikely...
...banks and the Government already own an awful lot of homes -- 250,000 would be a rough estimate -- which alone is reason to expect prices to be weak. The Resolution Trust Corp., set up to sell off the holdings of hundreds of failed S&Ls, is pledged to avoid triggering a price crash. Yet this is an arm of the same Government, after all, that actually lost money auctioning off confiscated drug loot...
...feeling that the way we clicked off our list of things that we wanted to accomplish didn't exactly disarm him, but it did show him that we were ready to move forward on a lot of things he wanted. He may have been pleased it wasn't going to take hours to drag them...