Word: overbuilt
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...indexes (airlines, railways, busses, boats), more people went to Florida this year than ever. But less big money went there, or at any rate was spent there. That portion of Miami, Miami Beach and kindred spots which was built for and catered to the big-money trade found itself overbuilt (Miami Beach alone had 42 new hotels), spreading a rich business too thinly among too many hungry operators. Favorite explanation : the defense boom had kept many a well-heeled businessman at home, minding his contracts...
...white herd's favorite watering hole. Its Jumbo was the Stevens, "World's Largest Hotel." Built in 1927, the Stevens has 3,000 rooms (one man could spend eight years in it without twice sleeping in the same room), 1,500 employes, 40 miles of carpets. Overbuilt and overcapitalized (cost: $28,000,000) by its promoters, Ernest J. and Raymond W. Stevens, the Stevens began to totter in the first tremors of 1929. Panicky, the Stevens brothers began sluicing funds from their father's insurance company, Illinois Life. But this was just a bag of peanuts...
...slugs at the New Deal are sudden, savage, singleminded, are concentrated mostly on the New Deal's failure to put the unemployed to work. Single-minded is his answer to the U. S. economic problem: the New Deal belief that the U. S. productive plant has been overbuilt leads naturally to the belief that the new adventures, the new plants, the new industries, are unnecessary. The aspirations that would normally flower are frustrated...
...basic premise the statement "the New Deal misunderstands economic America," the report smashed at what it termed defeatism and reaction in the New Deal, suggested that the passing of the frontier, the slowing-up of the birth rate did not necessarily mean that the nation's plant was overbuilt, nor that industrial and fiscal stagnation must follow...
...based this assumption on four grounds: 1) that the frontier, with its free lands was gone, 2) that the rate of our population growth was slowing down, 3) that the economic plant of the nation was built if not overbuilt, and 4) that there were no new industries in sight of enough potential size to provide the basis for a new phase of prosperity...