Word: downturn
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Dates: during 1980-1989
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Young also considers the Soviet game far less important than the match against Dartmouth, now that the Crimson's fortunes have taken a downturn from the euphoric ending of last year's season...
Investors had expected the junk-bond market to soften during an economic downturn. But they have been taken aback that defaults are rising and junk- bond prices are plunging during a time of relatively stable growth. The implication is that any serious industrial slump could give the junk-bond market a full-fledged nervous breakdown...
While no more than 5% of LBOs have so far been failures, an economic downturn could sharply raise the number of casualties. Warned Manuel Johnson, vice chairman of the Federal Reserve Board, in a June speech: "If there were a significant negative shock to the economy, high debt levels could lead to a succession of bankruptcies, causing a crisis of confidence." Johnson estimated that roughly 40% of all leveraged deals are in cyclical industries that are "more likely to run into trouble in the event of a severe slump...
Leveraged buyouts could be in trouble during a downturn for many reasons. Investors in some LBOs may simply have paid too high a price or accepted overly rosy projections about their ability to repay debt. Other buyouts might flounder because investment bankers arranged the deals with more concern for the fat fees they produced than for the soundness of the transactions, according to critics of Wall Street. Some studies in LBO failure...
...much of the criticism of Dukakis has been unfounded. Instead of really analyzing the state's problems--and putting them in the context of a regionwide downturn--the reaction has been centered on Dukakis, the man, and Dukakis, the perceived failure. The attacks are simply the result of his having been a big loser...