Word: northeasterly
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Dates: during 1990-1999
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DRIVE 70 AND FREEZE A YANKEE. That popular Texas bumper sticker epitomized the bitter regional rivalry of the 1970s, when rising energy prices impoverished the Snow Belt and enriched the Sunbelt. With this summer's oil shock, those feelings could come flooding back. The Northeast is already in a recession, suffering from such maladies as plummeting real estate prices and rising unemployment. The Southwest, by contrast, is beginning to bask in the glow of resurgent economic health. Rising oil prices, coupled with a possible shift in wealth because of the savings and loan bailout, may only serve to aggravate...
...entire industry. Citicorp, the biggest U.S. banking company, announced last week that its profits for the second quarter fell 37%, to $248 million, from the same period a year ago. Citicorp attributed much of the decline to increased losses on real estate lending, particularly to developers in the troubled Northeast. Chase Manhattan, the No. 2 banking concern, reported second-quarter profits of $52 million, a 62% plunge from the same period a year...
...village of Deir Dibwan, northeast of Ramallah, the newer houses are made of rich blond limestone, with lemon trees in the front yards and, on the roofs, miniature Eiffel Towers to brace television antennas. The village has simultaneously the smell of goats and an air of affluence. It is a theme park of Palestinian authenticity, a once-was village sustained by money from America. Deir Dibwan has a population of 8,000. At any given time, some 4,000 are in the U.S. making money...
Despite the heartening figures, many consumers and companies across the U.S. remain mired in the economic doldrums. The gloom is particularly deep in the troubled Northeast, which has been reeling from tight credit and downturns in everything from computers to construction. In Massachusetts the unemployment rate has surged from 3% in 1988 to 5.8%. Meanwhile, the securities industry has laid off 45,000 employees, or about 10% of its work force, since the 1987 crash. The hard times caused home sales to slide 15% in the Northeast last year. "It's hard to see how things could get terribly much...
Whatever the political perils, taxes have become a subject that many state lawmakers cannot avoid. Slower economies, especially in the Northeast, have left more than 25 states facing deficits. Since every one of them but Vermont is required by law to have a balanced budget, deficits mean tax increases, spending cuts or both. Moreover, many states have been hiking taxes to make up for declining federal funds for clean water, job training, low-income housing and sewage treatment. Increased state and local taxes, as well as a larger Social Security bite, explain why, for all the ballyhoo over the Reagan...