Word: slump
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...economy that relies on products of the land for export earnings, the rural crisis is especially painful. Former Prime Minister Malcolm Fraser, now retired to his sheep and cattle ranch in the state of Victoria, warns that the slump could be the worst since the Great Depression 60 years ago. According to the New South Wales Farmers Association, its members are selling out and leaving the land at the rate of one every two hours. Says Daryl Reading of Gowrie: "It makes you mad. We're good at what we do, but we still can't make a living...
Hardly anyone bothers to deny it. After a record eight years of peacetime economic expansion, the most widely predicted recession in recent U.S. history is finally at hand. No longer confined to the beaten-down Northeast, the slump has brought hard times for many Americans, ranging from Boston bankers to Atlanta autoworkers to California aerospace engineers. The big questions now: How far will the economy slide into misery, and how long will the slump last...
...economy is also especially vulnerable to shock waves from overseas. A panic in Japan's superheated real estate market would shake Japanese lenders and help trigger a global slump. So could the chaos that would ensue if the Soviet Union's restive republics plunge that country into civil...
...TIME panel of five leading economists foresees only a moderate U.S. downturn. But the experts warn that a bank crisis or a protracted Persian Gulf war would bring a deeper slump...
Some people are calling the current slump the yuppie recession because investment bankers were among the first to lose their jobs. Psychiatrists report that Wall Street patients feel guilty about the easy money they made in the booming 1980s and are convinced they are being punished for earlier good fortune. These people are busy lowering their financial sights, and as the downturn rolls across the U.S., the rest of the country may have to do the same. That is just what the economists fear. The trouble with recessionary psychology, they say, is that deflated expectations become self-fulfilling prophecies...