Word: one
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Dates: during 1980-1989
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Only about one in five Bay Area homes was covered by earthquake insurance, and generally for only 85% to 90% of its value. (Earthquake insurance can cost as much as $800 a year for a $200,000 house.) Jack Byrne, chairman of Fireman's Fund, figures that insurers will eventually shell out $2.5 billion to repair earthquake damage. They stand to recover perhaps two-thirds of that from international reinsurers -- Lloyd's of London is the biggest -- which protect insurers against catastrophic losses. Still, the earthquake claims, coming less than a month after the devastation caused by Hurricane Hugo, could...
...somewhat surprising burst of honesty, agreed to count them as part of the budget deficit. Though New York Democratic Senator Daniel Patrick Moynihan asserted that the relief money will have to be made up by cuts in other programs, that is most unlikely, and no one in Washington will even whisper the T word. Most likely, the $3 billion, and more that California lawmakers warned they will request later, will be financed by simply running the money- printing presses a bit faster and making the budget deficit larger and more intractable...
...One way or another, and at whatever cost, the earthquake damage will be repaired. The bigger question is whether the Bay Area's prosperity will be affected over the long term. Though the region's economy is still growing, at least since 1983 it has fallen behind that of the Los Angeles area, and the Bay Area has lost relative importance as a financial, insurance and manufacturing center. It is too early to tell whether the earthquake will affect that trend, especially since the Los Angeles area is equally, if not more, vulnerable to the fearsome Big One...
...Area quake, officially known as the Loma Prieta Quake after a mountain perched almost atop the epicenter, was retrospectively upgraded last week to 7.1 on the Richter scale, vs. an original 6.9. Big all right, but still not the Big One...
...One reason Soviets have little use for their own currency is the shortage of consumer goods to buy. The result is that thegoods have become the storehouse of value rather than the money, as in hyperinflationary economies. A leading Soviet economic official told a visiting American that his neighbor had a seven-year supply of detergent in his tiny apartment...