Word: recession
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Dates: during 1980-1989
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...this year's club sees only the positive aspects of its long recess...
...award. Journalists, high-priced lawyers, Wall Street traders and more than 200 onlookers last Tuesday squeezed into a cramped fifth-floor room in the Harris County Civil Courts Building, anticipating a decision. Casseb's verdict was expected at 1:30 p.m., but after taking the bench he called a recess so Pennzoil and Texaco could conduct last-minute discussions. Finally, at 5:17 p.m., the judge read his ruling: the jury's decision will stand. On top of the award would go $3 million a day in interest payments. Total amount now owed to Pennzoil: $11.1 billion...
...addition, some Congressmen, particularly Southern Democrats representing textile-producing areas, got their ears burned when they went home during the August recess. In Sycamore, Ala., Congressman William Nichols convened a gathering in the spinning room of a closed mill. A constituent who said he was a Korean War veteran complained, "I had no way of knowing that when I put my life on the line back then, I would be fighting for a country that was going to put me out of a job." He was referring to heavy textile imports from South Korea...
Many Congressmen returned from the August recess convinced that stopping imports was the cause of the hour. Democrats in particular thought that they had hit on an issue that might at last win back the blue-collar workers, especially Southern whites, who had been deserting them in droves. Some read great significance into a special congressional election in the First District of Texas in August. Democrat Jim Chapman, an advocate of protection, defeated Republican Edd Hargett, who said that he did not understand "what trade policies have to do with bringing jobs to east Texas." Later analysis suggested that many...
Less heartening were the noises coming from Washington, where a steady procession of Congressmen complained that tax reform is the wrong issue at the wrong time. Returning from the barbecues and fish fries of the August recess, the lawmakers insisted that voters were more worried about America's mounting trade woes and the federal budget deficit...