Word: tailspinning
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...economy shrank at an estimated 4% annual rate. Last week a barrage of grim statistics underscored the situation. Housing starts fell 13.3% last year, to the lowest level since the 1981-82 recession. Industrial production declined at a rate of 8% during the final quarter of 1990, and the tailspin showed no sign of a letup. Domestic auto sales during the first 10 days of January were more than 31% lower than during the same period a year ago. "Nobody is selling anything. Times couldn't be worse," said Robert Lutz, the blunt-spoken president of Chrysler. "The only people...
Given the threat of recession, a mouse is all that could have been hoped for. Any attempt to cut the deficit to $64 billion, as the Gramm-Rudman- Hollings law requires, would have sent the economy into a tailspin. The $40 billion in deficit reduction the plan is supposed to achieve this year -- half from spending cuts and half from tax increases -- amounts to 0.5% of the nation's total output of goods and services. Once the costs of the S&L bailout and the Persian Gulf mission are factored in, the real reduction for 1991 will probably be closer...
...corporate chains. Four papers -- the broadsheet New York Times (circ. 1.1 million) and three tabloids, the Post (504,000), the New York Daily News (1.2 million) and New York Newsday (230,000) -- managed to make it through the booming 1980s. But now the city's economy is in a tailspin, and the tabloids are being dragged down with it. "I don't think there's room for more than two papers in town," says Gary Hoenig, editor of News, Inc., an industry trade magazine...
...with catastrophe. On a small budget, writer Craig Lucas and director Norman Rene (who teamed just as productively on the Broadway comedy Prelude to a Kiss) have created a beguiling panorama. It spans the '80s, a decade that, for gay men and those who love them, took a fatal tailspin from high camp to tragedy. The film is a juggling act -- of characters, attitudes and moods -- that never loses it balance...
...Washington Mayor Marion S. Barry Jr. is arrested on drug charges. Barry is checked into a rehabilitation program. Washington's mayoral race is thrown into a tailspin...