Word: makeing
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Dates: during 1990-1990
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...certainly think there is a severe business slump in our future, and I think what is so different this time is the recklessness of financial practices. That recklessness, if this does not sound too Calvinistic, will come to bear in the downturn, making it deeper than it otherwise would be. And the medium of that will be a shrinkage in the availability of credit. Just as the advent of ever longer maturities in car loans, for example, helped prolong and deepen the expansion, so will shrinkage in the terms of credit -- whether they be in car loans or mortgages...
...going to get your money back. I think you ought to be very aware of the credit condition of your insurance company. There are outfits that rate the claims-paying ability of insurance companies, and people ought to ask their financial planners or someone whom they trust to make sure that their insurance company's claims- paying ability...
Some economists fear that a sharp downturn could have a snowballing effect because of the high levels of debt the U.S. piled up during the 1980s and the shakiness of the financial system. Leveraged by buyouts and other takeover deals, many companies are already hard pressed to make their payments. At the same time, banks and insurance firms are tottering beneath huge portfolios of bad real estate mortgages...
...bailout that could cost $1 trillion and owes a national debt of $3 trillion. If more bailouts are needed, the U.S. would have to borrow so much money from the credit markets that interest rates would be pushed upward in the midst of a recession, which would make conditions even worse. "We are skating on what may seem to be firm ice," says Harvard political economist Robert Reich. "But it is thinning rapidly, and we really don't know how thin...
Even after years of belt tightening that was supposed to make companies more competitive, many firms are still cutting deeply into their white-collar work forces. The firings have thrown secretaries and managers alike into an increasingly hostile job market. "I was in shock," says a former top executive of a Midwestern men's clothing retailer who was laid off in August. The dismissal left the middle-aged breadwinner with six months' severance pay and three college-age children. "Right now, companies are paring down just to survive," he says. "But the fact that ((the economy)) hits home and strikes...