Word: 80s
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...president of Chicago-based Rose & Associates, a real estate brokerage firm: "The fatal disease of this business is that developers love to develop. Real estate people simply lost control because there was so much money available." Concurs Richard Kateley, chief executive of Chicago's Real Estate Research Corp.: "The '80s were like a carnival, with foreign investors, banks and pension funds all competing to pour money into developers' pockets...
...same time, developers are feeling the effects of a global credit crunch. Finally, banks are wary of assuming greater exposure in the real estate business. James Yasser, a senior vice president at Milstein Properties in New York City, sounds a familiar refrain: "Everything went right during the '80s, and now everything is going in reverse...
Democrats are fond of blaming Reaganomics for the fiscal debacle without acknowledging that they voted during the '80s to raise regressive Social Security payroll taxes 30% while preserving such loopholes as the tax exemption on inherited capital gains. That exemption alone costs the Treasury $5 billion a year and benefits mostly wealthy heirs. The fiscal prestidigitation has not abated: the Rostenkowski plan would have socked it to middle-income families by delaying inflation adjustments for a year. That step was needed because the House scrapped a 9 1/2 cents-a-gallon hike on gasoline that would not only raise...
...Gopnik and Varnedoe write better than their critics. The next-to-last essay ("Contemporary Reflections," by Gopnik, covering a wide swath from David Salle and Cindy Sherman to the short- lived graffiti movement) is, on its own, the best summary yet written of American art in the '80s...
...considered worth writing about but not worth showing? You can see why MOMA might object on grounds of quality, since so much of the work was so poor. And you can't put lost subway graffiti in a museum anyway. But to restrict one's coverage of the '80s to Jeff Koons, Jenny Holzer and the admirable Elizabeth Murray is tokenism. If the media-obsessed art of the '80s was worth putting in the catalog it should have been on the walls, if only to illustrate how mass media became gradually exhausted as a topic of fine-art reflection...