Word: modigliani
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Dates: during 1980-1989
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...borrowing, because they replace virtually all of a company's equity with IOUs that must be repaid. A sudden downturn can thus put a firm heavily in hock out of business. "High leverage is unsafe, not just for a company but for the entire economy," says M.I.T. economist Franco Modigliani, a Nobel laureate. Modigliani adds that while the debt mountain has not yet grown perilously high, "LBOs are reducing the safety. Management loses the power to do many things. It has no margin for error and less margin for additional risk...
American business is built on a rock of lawfulness and trust between companies and those who hold a stake in them. But when avarice grows out of proportion, cracks start to appear in the foundation. "Greed can be good," says M.I.T.'s Modigliani, when it spurs profitable and productive growth. "But it can also be bad," he warns, when it outpaces all other considerations...
...Petersburg up to 1910, he came under the wing of Diaghilev's designer Leon Bakst; an enlightened Jewish patron, Max Vinaver, sent him to Paris that year. He took a studio in a rickety building near the slaughteryards and found that his neighbors were Soutine, Leger and Modigliani. Back in Russia by 1914, Chagall waited out World War I (and was plunged into the Revolution) in the company of Tatlin, Malevich and Kandinsky...
...pensions and profit-sharing accounts. But the money that companies contribute to these plans on behalf of their employees is not counted by the Government as personal savings. Moreover, some economists point out, consumers are big savers in comparison with the free-spending Federal Government. Declares M.I.T. Economist Franco Modigliani, who won the Nobel Prize for his research on the behavior of savers: "It is the Government that is gobbling up our savings with its huge budget deficits...
...seeing that remain central to Berger's imaginings. His eye ranges widely, from Rembrandt to Modigliani to an obscure Russian named Pirosmanishvili, who wandered from tavern to tavern a century ago painting pictures of food as inn signs. Berger begins one brilliant essay by describing how peasants in the Haute-Savoie spend winter evenings carving white wooden birds to hang in their kitchens. This leads him to analyze why the wooden birds are works of art, which leads him to wonder why certain things in nature are beautiful...