Word: 80s
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Georgia Congressman Newt Gingrich admonished the crowd of activists at the conservative convention "to recognize that the '90s are not the '80s and certainly not the '70s." He warned against wasting energy on waging "holy war" over differences within the movement. As a backbencher, Gingrich used to ) enjoy making jihad. Today, as minority whip, he talks soberly of "opposition conservatism" being passe: "We must invent governing conservatism...
...years we had dissidents, just like in Poland and Russia. Then, in the early '80s we began to live. There were individualistic and bohemian groups of all stripes: hippies, Maoists, anarchists, human rights groups, lesbians, gays. It was a very colorful mix. And somewhat deterring. My wife Eva and I felt like white crows in that crowd. Though they were all very friendly to us, they even attacked the church, which gave them shelter. There were a lot of fights, informers, subversion. They could not possibly become a real political force. What they did was very brave, but it couldn...
...Lester Beall's Depression-era posters for the Rural Electrification Administration are spare and abstract and unsentimental, the perfect brainy New Deal agitprop. Herbert Bayer's virtuoso, typography-driven ads for the Container Corp. of America from the '50s and '60s look like avant- garde work from the late '80s...
...hunters who have parlayed the business of profiting from failure into Wall Street's hottest growth industry. Ironically, many of the same financiers who loaded companies down with debt are now cashing in on the overleveraged firms' troubles. Not since merger madness first hit corporate America in the mid-'80s has so lucrative a financial field opened up so swiftly. Says Robert Miller, a Manhattan attorney who advises failing companies: "The buyout business of the 1980s has become the turnaround business of the 1990s." Concurs bankruptcy adviser Jay Alix: "To us, LBO means large bankruptcy opportunity...
...prime contributor to today's bankruptcy boom. Other improbable rescuers include First Boston, which advised Campeau to borrow more than $10 billion to buy Bloomingdale's, Jordan Marsh and seven other U.S. store chains. Some critics attack Wall Street firms for profiting from both the debt buildup of the '80s and the subsequent spate of failures. "There ought to be something unethical about cashing in on the way up and on the way down," says novelist Michael Thomas (Hanover Place), a former investment banker. "It's like a doctor who builds a trade infecting people and then purports to cure...