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...precarious spot: they could suffer losses on their extensive securities holdings just when other major assets -- loans to overleveraged property developers -- sour. In Japan real estate can be used as collateral to buy stocks, and vice versa -- a cozy arrangement until values crumble. If losses were to mount, banks would be forced to cut their loans to businesses. Firms would in turn reduce capital spending, and a recession would soon be under...

Author: /time Magazine | Title: The Gulf: What's That Cracking Noise? | 9/10/1990 | See Source »

...quit a well-paying job as a Teledyne engineer to try to solve "the chip problem" out of a makeshift laboratory in the living room of his three- bedroom house in Reseda, Calif. He used all his $10,000 savings before he finally figured out a method to mount a series of tiny computer components on a silicon chip. "I had setbacks, but I never had any doubts," he recalls. "When the inventive drive comes, you have to follow it." Despite his continuing research and perseverance, Hyatt earned less than $40,000 last year as an aerospace consultant...

Author: /time Magazine | Title: Who Invented Microprocessors? | 9/10/1990 | See Source »

...Kuwaiti resistance movement, but its effectiveness is difficult to assess. A refugee in Saudi Arabia who identifies himself only as Hussein says Kuwaiti soldiers and police distributed weapons to citizens on the day of the invasion, but there is a shortage of bullets. Refugees say that resistance groups mount hit-and-run attacks by night, targeting small units of Iraqi soldiers and military convoys with Molotov cocktails and hand grenades. When Iraq's intelligence service arrived in Kuwait City with a list of names and addresses of Kuwaiti army officers, civilians went around the city removing house numbers and street...

Author: /time Magazine | Title: The Gulf: Where Shadows Are Dark | 9/3/1990 | See Source »

...young Mickey Rooney and Judy Garland were making a movie about stagestruck kids today, they probably wouldn't mount a musical in the backyard and wait for lightning to strike. Nor would they necessarily look for a summer-stock barn or tent, like so many fledgling players of times past. Instead, the tyro tap dancers, crooners and thespians would probably hie themselves to the nearest theme park or cruise ship to audition for a job. Theme parks may be more conspicuous for flume rides and cotton candy, and cruise ships may be best known for bingo and buffets. But they...

Author: /time Magazine | Title: Show Business: Where The Stagestruck Get Started | 8/13/1990 | See Source »

Tough punishment, perhaps, but Moses' fury was understandable. Before he could even get the Ten Commandments down from Mount Sinai, his people had already broken No. 2: Thou shalt not make for thyself a graven image. Although idolatry had been forbidden under Hebrew law since the religion's birth, the Israelites' faith had wavered during their wanderings through the wilderness, and they had built themselves a golden calf like those worshiped by the Canaanites, who shared their ancestral homeland...

Author: /time Magazine | Title: Science: The Return of the Golden Calf | 8/6/1990 | See Source »

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