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...prices in the U.S. has stunned energy-producing regions and hurt a wide range of industries, from real estate to banking. Last week alone brought several seismic shocks: the bankruptcy filing by LTV, a major steel producer; the failure of First National Bank of Oklahoma City, a large oil-patch bank; and the $640 million loss reported by BankAmerica, which is saddled with numerous bad energy loans (see ECONOMY & BUSINESS). The dislocations caused by plunging oil prices have become a drag on the entire U.S. economy. Since January, the level of industrial production has dropped...

Author: /time Magazine | Title: Ahead: Growth and Danger | 7/28/1986 | See Source »

...Oklahoma City (assets: $1.6 billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking company in the U.S. after Citicorp, announced a second-quarter loss of $640 million, the second-biggest on record for a financial institution. That brought the troubled bank's total deficits in the past 15 months to $914 million...

Author: /time Magazine | Title: Shaken to the Bottom Line | 7/28/1986 | See Source »

Jones is not the only beneficiary of such research. Paris Surgeon Alain Carpentier last year used a pacemaker-trained back muscle to patch a hole left in the heart of a 35-year-old woman after removal of a tumor. The woman has fully recovered. Says Carpentier: "It's exciting to see how flexible nature...

Author: /time Magazine | Title: Medicine: Stimulus for an Ailing Heart | 7/14/1986 | See Source »

...devil--is it hard to get that bottle back? I like to have something in my hand when I talk about the devil." And then he told a long tale or two that lasted till the pilgrims gained Jack Owens' yard. There were some goats tied up near a patch of broom sedge, and there was a white dog, thin as clothesline, tied to a dead Chevrolet Parkwood station wagon, and out back of the little house were 40 fresh-plowed acres. A dark, blustery front was coming in from the west. On the porch sat Jack Owens, a black...

Author: /time Magazine | Title: In Mississippi: Visiting Around | 6/9/1986 | See Source »

Selchow's value has fallen because Trivial Pursuit proved to be a fad. The manufacturer's annual sales of the game plunged from $400 million two years ago to roughly $50 million now, estimates Paul Valentine, a toy-industry analyst. In contrast, Coleco's Cabbage Patch annual sales rose 11% last year, to $600 million...

Author: /time Magazine | Title: Acquisitions: Q: What Was Trivial Pursuit? | 5/19/1986 | See Source »

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