Word: 80s
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...quick-buck '80s, even staid mutual life insurance companies were lured by high-yield, high-risk investments. Now many are looking for sources of cash to buy their way out of trouble...
Though the business is increasingly global, the domestic entertainment industry is still the backbone, and it is still thriving. The enormous profits of the '80s are being reduced by the recession. But the amount of time and money the average postadolescent American spends in the thrall of entertainment remains astounding: 40 hours and $30 a week, if industry statistics are to be believed. By the time U.S. culture goes overseas, it has been tried, tested and usually proved successful at home...
...when advocates were pressed for a solution, they answered the congressional committees and task forces and think tanks with a sharp demand: "Housing, housing and housing." And in a way, they were right. It was no secret that a main cause of homelessness in the '80s was the poor being squeezed out of the housing market. In the 1970s and '80s, the average rent grew twice as fast as the average income. Manufacturing jobs disappeared: of the 12 million new jobs created since 1979, more than half pay less than $7,000 a year, and many provide no health insurance...
When people began to compete fiercely for affordable housing, the ones to lose out were the least resourceful: the teenage mothers, the addicted, the abused, the illiterate, the unskilled. The explosion of crack use in the '80s did immeasurable damage; once people were addicted, what employer or landlord would touch them? "Ronald Reagan and the housing cuts are a convenient way to look at the homeless problem," says Mike Neely, an engineer in Los Angeles, who squandered all he had, including his home and family, on cocaine before he turned his life around and founded the Homeless Outreach Project...
...that and anachronistic too. Proudly so. "We come from a weird generation," Hutchence explains. "We were born on the cusp between the '70s and '80s, like U2 and Simple Minds. The whole live thing was very prominent in those days, before people made or broke their careers through video. We're an anachronism. But a good one. We're enjoying...