Word: slump
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Dates: during 1980-1989
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...credits are combined with Government-guaranteed credits from private banks to lower the financing costs for foreign buyers of agricultural commodities. An additional $1 billion in loan guarantees has been provided to Mexico, which is a big buyer of grain but has run into financial problems because of the slump in oil prices. Other agricultural payments and loans have also been boosted. During fiscal 1982, U.S. farmers received $12 billion in price supports, three times as much as in 1981. The U.S. also pays a portion of the storage costs for some growers...
...trifling compared with Oregon's, which will be at least $400 million and could reach $1.6 billion (the latter total would be more than 50% of the state's $3 billion budget). Reason: Oregon's lumber-based economy has all but collapsed in the housing slump. With unemployment at 10.1% and personal income and business taxes plummeting (the state has no sales tax), legislators will meet in January, their third attempt in a year to devise emergency measures. Possible solutions: a stiff income tax surcharge and new "sin" taxes on cigarettes and liquor, coupled with deep budget...
...1970s proves that no lasting prosperity is possible in an inflation-ridden economy. Throughout the decade, surges of inflation kept undermining every economic advance, and the rates of both price increases and unemployment rose irregularly but seemingly inexorably. Democrats who assail the Republican President for inducing a slump conveniently forget that Jimmy Carter all but openly engineered a recession in 1980 as a means of reducing inflation. That downturn, however, was too short to accomplish much...
...what a bank would have left if it paid off its depositors and creditors. At the moment, Chase Manhattan's nonperforming loans amount to 48% of equity; for Citicorp the ratio is 32%. Though disturbing, these percentages are no worse than those that prevailed during the last banking slump in 1975. At Continental Illinois, however, nonperforming loans of $2 billion represent a stunning 121% of shareholders' equity...
...Democrats have been unable to convince voters that Reagan's policies caused the recession, the President has been even less successful in convincing them that he is bringing it to an end. A startling 77% of those polled by Yankelovich expect the slump to persist all through 1983, vs. 14% who believe that it will drag on only a few more months...