Word: thrifts
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Dates: during 1980-1989
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...Cincinnati's Home State Savings, Maryland's full-blown panic started with trouble at just one institution. The run began when press reports revealed that Old Court's president and part owner, Jeffrey Levitt, had stepped down under pressure from the insurance fund, which was worried about the thrift's sloppy management and overly rapid growth. In three years, Levitt had pushed the thrift from $140 million in assets to $873 million. Old Court made that leap with risky real estate deals and flashy Government securities trades, but faltered when some of those ventures fell through...
...panic spread to Baltimore's Merritt Commercial Savings (assets: $339 million) following news reports that state regulators had asked the thrift to bolster its cash position by selling a 39-story downtown skyscraper it is constructing. Maryland authorities tried to restore confidence by placing both institutions under the wing of state conservators, but that failed to stop the runs from spreading to other privately insured thrifts...
Since 1980, the thrift industry has been struggling to pull out of a slump caused by an interest-rate spiral that peaked with a prime rate of 20.5% in 1981. Competitive pressure forced the thrifts to pay 10% or more to bring in deposits, but their income remained far below that level because it was largely dependent on old, fixed-rate loans paying interest rates...
Does anyone remember underwear? The boldest of the Wanna Be's prowl thrift shops looking for ancient, bulletproof black lace bras and corsets, which they wear slapdash under any sort of gauzy shirt or found-in-the-attic jacket. They tie great floppy rags in their frazzled hair, which when really authentic is blond with dark roots...
CLOTHES. I like to combine things but in a humorous way, like a uniform skirt and fishnets. Sometimes I like really expensive things. I like Vivienne & Westwood, Commes des Garcons and Jean Paul Gaultier. But I get a lot of stuff in thrift shops too. I really love dresses like Marilyn Monroe wore, those '50s dresses that were really tailored to fit a voluptuous body. A lot of stuff made now is for an androgynous figure, and it doesn't look good on me. I have always sort of elaborated with my dance clothes. I used to live...